High networth estate planning is no easy feat. Luckily, you won’t have tread the waters of maximizing and safeguarding your life earnings alone. What’s more, with the correct guidance, high net worth individuals and their families can minimize the possibility of conflict and escape ugly legal battles even after their demise to the hereafter.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.
Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.
So, if the thought “can I do estate planning myself?” ever crossed your mind, we suggest you to stop, take a step back and think again. High networth estate planning should only be managed by qualified experts. When high net worth individuals and families create estate plans with us at Pillar Wealth Management, we make sure that the assets and wealth they have accrued throughout their life stays with the right people and at the right time. If you wish to invest $5 million (or more) in liquid assets, we suggest you request a copy of our guide, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning. It will introduce you to the essentials of wealth management and financial planning, among other things and what you can expect from the high networth estate planning solutions.
Or you can get in touch with our team and speak to them in a one-on-one consultation. Pillar Wealth Management provides the services of qualified estate managers with years of experience in managing high-profile portfolios of high net worth and ultra-high networth individuals/families. Our experts share key insights to help clients understand what estate management entails and how they can benefit most from it. We are a fiduciary advisory firm with a collective experience of more than 64 years in wealth management, tax planning, estate planning, business succession planning, and more.
Remember, a good estate plan saves money on taxes, protects assets, prevents probate and enables high earners to choose someone to act on their behalf in case they ever turn disabled, physically or mentally.
Many clients ask, “Is estate planning only for the wealthy?” or “how do you handle high net worth individuals?” These are the questions that we’ll be addressing in this blog along with exploring how much money do estate planners make.
Table of Contents
High Networth Estate Planning: Overview
In the simplest definition, estate planning for high net worth and ultra-high net worth individuals/families refers to the process of entitling who’d eventually receive your assets and/or wealth and handle your financial responsibilities when you die or become incapacitated. Another core purpose of estate planning is to ensure beneficiaries receive assets in a manner that best reduce different forms of taxes, such as income tax, estate tax, gift tax, etc. Use our $10million financial guide to learn how you can save $100,000/$10 million in assets.
Estate planning is undeniabl
e a complex task. Nevertheless, it is something every high net worth and ultra-high net worth individuals and families must focus on. To ensure all your wishes regarding your hard-earned assets/wealth are respected, certain components must be a part of the plan. Generally, a good estate plan s involves the following elements:
- Power of attorney
- Beneficiary directives
- Medical directives
To learn more about the different estate plan components, do not hesitate to request a video meeting with our best estate planning specialist at your convenience.
Additionally, there is a common misconception that estate planning is just about your finances, but in reality, there is much more to it. In the following sections of this blog post, we’ve discussed whether estate planning is only for the wealthy and see how the best estate planners lucratively handle high net worth individuals.
How Much Money Do Estate Planners Make?
As of March 29, 2022, the average salary for estate planners in the U.S. is $101,762. However, the range generally lies between $84,352 and $120,239. Furthermore, how much money do estate planners make can also vary widely based on several important factors, such as education, specialization, certifications, supplementary skills, and the number of years spent in the industry.
Is Estate Planning Only for the Wealthy?
Short answer: No, estate planning is not only for the wealthy.
It’s worth noting that estate planning is important for everyone, irrespective of how small or simple the estate. However, it becomes more imperative for high net worth and ultra-high net worth individuals. Why? Because, once an estate nears $1 million (or above), the complexities increase since numerous states in U.S. levy estate and/or inheritance taxes on wealth. A comprehensive estate plan can facilitate high net worth individuals in making sure their wishes are followed whilst maximizing what inheritors will eventually receive. Give us a call to check whether estate planning is for you or not.
It is a natural phenomenon to want to financially protect yourself and your loved ones – both in life and death. After all, you’ve worked your entire life to achieve that financial
ly security. If you are a high net worth or ultra-high net worth individual and haven’t undertaken appropriate estate planning, much of your accumulated wealth can end up with the Internal Revenue Service (IRS) and taxing authorities.
4 Keys to Handling High Net Worth Individuals?
“How do you handle high net worth individuals?” is one of the questions we get asked most frequently by prospective clients. To answer this question, we have come up with certain practices to manage high net worth clients. These practices enable us to attract more clients and keep existing ones satisfied or to talk to an experienced estate planner, schedule your first free meeting today!
1. Always focus on value
Several folks mistakenly assume that the wealthy do not care about how much they spend on products/services. After all, they have so much money, why would they care? Meanwhile, there are those who think that high earners are penny-pinchers, always looking for a bargain – how else do they g
ot rich in the first place? Both of these notions apply to one high earning individual or another, however neither is true for the group as a whole. At Pillar Wealth Management, we believe that this investor category is more inclined towards appreciation for value and cost-effectiveness.
Financial consultants often go out of their way to provide special rates or discounted services when working with high net worth clients. However, research studies reveal that wealth managers who considerably undersell their services erode their perceived value to patrons. Consequently, they end up attracting fewer high net worth clients and thus manage lesser assets with retained one’s. Instead, wealth managers should charge a fair price for the value they deliver to clients. We believe in communicating the plans we have for our clients and their results, clarify the impact they have had on their wealth, discuss opportunities seized and challenges evaded. Because at the end of the day, these are the things that attract and keep high net worth clients.
2. Walk extra miles
All our wealth and estate planners know that managing high net worth clients’ wealth requires a great deal of time and attention. Not only are there more assets to handle, but they are also too valuable to treat like any other patron. That is particularly why you’ll see our estate planners communicating with high net worth clients more regularly and in greater depth. They will spend more time in thinking about how to best maximize and safeguard your wealth/assets for an improved financial footing. And if you call us in the middle of the night with some crisis, we’ll be there to
work address it. Feel free to contact our wealth planning specialist at your convenience to learn what you can expect from a good wealth planner.
3. Treat clients like family
Instead of serving our clients merely as wealth and estate managers, we believe in treating them as family to provide them an end-to-end service experience. At PillarWM, we aspire to facilitate every aspect of a high net worth individual’s financial life. Many firms even extend support in ancillary areas, such as property management, coordinating travel planning, career planning, conducting background checks for their staff personnel and more. All this indeed takes some work, but it can give the company an incredible amount of stickiness.
Remember, if a wealth firm is helping to not just handle your financial lives but also your property, travel, lifestyle, and more, dissatisfaction in any given area can be offset by the sheer utility offered.
4. Practice patience
When it comes to estate planning, it is crucial for wealth managers to be patient especially during the onboarding process. As discussed above, when serving high net worth clients, it requires a great deal of time for us to gain insights into the complete picture of their overall assets/wealth. Majorly because high net worth individuals simply have more assets to keep track of and thus the process will require more time. In addition to this, it is also possible that there is more than one financial consultant involved.
When you have as much wealth and assets as high net worth and ultra-high net worth individuals do, it is entirely normal for them to spread out the various facets of their financial life among different experts. For instance, they may have a company financial advisor, an investment manager, an estate planner for their wealth transfer plan, a CPA handling their taxes, and more. Due to this, it is important that wealth
managing firms (especially new ones) remain patient when dealing with high net worth clients to ensure a seamless process.
Remember, it will take some time for wealth managers and financial advisors who’ve recently acquired their first high net wealth client to build trust. Consider reading our free guide, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning to know what you must expect from the best advisors.
High Networth Estate Planning: Conclusion
High networth estate planning experts at PillarWM will provide you the security and peace that comes with knowing you’ve appropriately planned for the future of your nearest and dearest. Moreover, the constantly changing tax laws and the ever-present ambiguity of the financial industry fail to make it any easier for high earners to plan their own estate. This is where we can help.
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.