High Net Worth Financial Advisors Near Me — PillarWM

Investors face difficult choices every day, including where to invest and which strategies to implement to safeguard their wealth. They may possess plenty of financial knowledge, but they may still reach out to high net worth financial advisors for assistance. Such advisors are equipped with the knowledge and experience needed to navigate investment challenges and future plans. At Pillar Wealth Management, we offer services for clients with $5 million to $500 million in liquid investment assets. Learn about some of the specialized strategies we use by requesting a free copy of our new book, 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning.

Table of Contents
What are the Primary Challenges High Net Worth Individuals Face? How High Net Worth Financial Advisors Can Help How are Financial Advisors Paid? Is It Worth Seeing a Financial Advisor? What Are the Qualities of a Good Financial Advisor? Why Choose Pillar Wealth Management?

What are the Primary Challenges High Net Worth Individuals Face?

Individuals who have accrued a high net worth are in a prime position to grow their wealth at a rapid pace and achieve their financial goals. However, they still face numerous challenges that could jeopardize their portfolio and savings. Please speak with one of Pillar Wealth Management’s expert wealth advisors to learn about overcoming high net worth challenges.

These challenges include:

Managing a Portfolio

High net worth investors that have built up their wealth via investments generally possess large portfolios with numerous assets. Such assets are likely of many types spread across various industries. Having numerous diverse assets may protect your wealth in the event of a market crash. However, it also makes the process of monitoring each asset’s performance more challenging.

Monitoring each asset’s performance is vital if you wish to spot danger signs early on. Any red flags that indicate an asset may be at risk require immediate attention and action. This can be challenging for investors who would prefer to look ahead and acquire new assets instead of focusing on existing ones. Investors with $5 million or more can learn about the challenges of investment management by reading our special guide.

Protecting Your Savings

Investors with a high net worth need to take steps to protect their savings. An unexpected life event such as a health emergency may leave you with far less wealth than you imagined. For example, an emergency intestinal transplantation costs over $1.1 million. This can place a significant dent in your savings and force you to downgrade your lifestyle.

Investors can shield their savings during such events with the help of the right insurance coverage. Please get in touch with Pillar Wealth Management to learn about the insurance plans available for high net worth individuals.

Achieving a Sustainable Retirement

Retirement is the finishing line that most working professionals look forward to. Many investors envision their dream retirement from an early age and sculpt their career to ensure their vision becomes a reality. However, it is easy to forget the challenges of retirement.

Once you bring your career to a close, you will likely rely on your savings to keep your lifestyle afloat. However, you may eat through these savings faster than expected if you intend to maintain a luxurious lifestyle.

Investors who intend to downgrade and live a more humble lifestyle post-retirement may still run into high medical bills or emergencies that deplete their savings. All these unexpected factors make it difficult to maintain a comfortable retirement. The best way to overcome such challenges is with the right retirement plan. You can learn about the best financial planning strategies by reading our special guide for investors with $10 million or more.

Passing On Your Wealth

If you intend to pass your wealth on to your family and dependents following your passing, you should be aware that this process can be quite complex. For example, passing away without a comprehensive will or estate plan will make it more difficult for your family to receive the wealth you promised them.

In such situations, it may be the courts that decide how to distribute your wealth. This may lead to delays in the distribution process as well as high legal costs. If you want to ensure your family receives this wealth in a timely manner, it is vital to set up an estate plan that includes a will. You can learn more about the various challenges of estate planning by reading our special guide for investors with $5 million or more.

Minimizing Taxes

One of the biggest drawbacks associated with building wealth via investments is high taxes. It’s no secret that investors are among the largest taxpayers in the country. Taxes eat into your profits and may discourage you from expanding your portfolio. You may then need to find ways to improve your portfolio performance to compensate. Learn about some portfolio performance improvement strategies in our special performance guide.

Investors should note that it is possible to minimize their tax burden with the help of tax planning strategies. This includes restructuring your portfolio and changing your state of residence.

How High Net Worth Financial Advisors Can Help

High net worth financial advisors can assist investors with each of the challenges mentioned above. For example, they can manage their clients’ portfolios and monitor their assets’ performance. This gives their clients more free time to research new assets to add to their portfolios.

Similarly, a financial advisor can help you plan for retirement. They can assess your current income level and estimate your retirement expenses. They can then craft a robust retirement plan to turn your dream retirement into reality. The advisor may also help you boost your retirement savings with the help of budgeting practices and by recommending assets that offer passive retirement income.

How are Financial Advisors Paid?

If you are seeking out a financial advisor for the first time, you may be wondering, “How are financial advisors paid?” Some financial advisors charge their clients an hourly rate, while others may charge a fee for each service they provide. However, financial advisors such as wealth managers tend to charge their clients a bit differently.

A wealth manager typically charges an annual fee based on a percentage of their client’s asset value. This means the fee could be higher or lower depending on the client’s net worth. Many investors favor such a fee structure as it frees them from paying each time they utilize wealth management services. Please speak with one of PIllar Wealth Management’s professionals to learn about our fee structure.

You may be wondering, “Is it expensive to hire a financial advisor?” The answer is no. The fee mentioned above is a very small percentage of your asset value, making it affordable for just about any investor.

Is It Worth Seeing a Financial Advisor?

You might be wondering, “Is it worth seeing a financial advisor?” After all, you may have built up most of your wealth without seeking assistance from a financial professional.

The truth is that many high net worth and ultra-high net worth individuals still reach out to financial advisors from time to time when they need a second opinion. This could be a quick assessment of their portfolio or finances before making a crucial investment decision.

Similarly, some investors may simply need assurance that they are on track to meet their long-term financial goals. If they learn they are not, they may ask the advisor to craft a better financial plan.

What Are the Qualities of a Good Financial Advisor?

If you are interested in using a financial advisor’s services, you may be wondering what qualities a good advisor possesses. Some of the main qualities to look out for are summarized below:

Lots of Experience

The best financial advisors are usually the ones who have been practicing for many years or even decades. Such advisors have learned much of what they know on the job and are willing to apply what they have learned to assist their future clients.

For example, the 2007–2008 financial crisis put many financial advisors to the test. They were tasked with guiding their clients through this disaster and helping them keep their wealth safe. Such financial advisors understand how fragile some markets can be, and keep such lessons in mind when offering advice to clients.

In-Depth Knowledge

Most financial advisors possess professional educational credentials related to business or finance. However, a wide knowledge gap may still exist between two advisors with the same credentials. As mentioned earlier, these advisors learn much of what they know on the job. Therefore, it is best to speak with the advisor and test their knowledge.

The best advisors offer swift answers to most questions without looking up solutions in guides and books. In fact, the best advisors are the ones who write these books.

Personalized Plans

Great financial advisors are also skilled at creating financial plans. So, if you need assistance with planning for retirement, an advisor should be able to draw up a retirement plan that fits your needs.

You should note that many financial advisors may provide their clients generic one-size-fits-all solutions for their problems. This approach fails to take the uniqueness and complexities of each client’s background into account.

With this in mind, the best financial advisors usually take the time to learn about each client’s financial background and knowledge. They then craft plans that offer them a straightforward pathway, taking their limited knowledge into account.

Fee Transparency

Fee transparency is another vital consideration when choosing a financial advisor.Most financial advisors are upfront about their fees, whether hourly, commission-based, or asset value-based. However, it is important to look out for fees that aren’t disclosed in the advisor’s contract.

Any advisor that charges their clients such fees should be avoided. The best advisors always strive to maintain transparency when it comes to fees because they do not want their clients to be hit with unforeseen charges.

Easy to Reach

The last consideration to keep in mind is reachability. The best financial advisors are often in high demand and likely have many clients chasing after them. This may make them difficult to get a hold of.

The best financial advisors respect their clients and offer different methods of keeping in touch. This means you can set up an appointment with such advisors on short notice and consult them on time-critical matters. If an advisor regularly ignores their clients or fails to take out time, they should be avoided.

Why Choose Pillar Wealth Management?

If you are seeking premier high net worth financial advisors, you can’t go wrong by choosing Pillar Wealth Management. Our wealth managers have accrued over six decades of industry experience and are knowledgeable in numerous financial areas. They always offer personalized plans for clients and are easy to reach. Please set up your first meeting with one of our wealth managers to get started with smarter wealth management.

Authors

Hutch Ashoo

Chris Snyder

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.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.