Best Money Managers: What Do They Do and How Can They Help? – PillarWM
If you’re an individual with a high or ultra-high net worth, then the best money managers and investment strategy should take lots of your time and consideration.
However, when you hire experienced professionals, they do all the legwork for you and ensure that your money is well managed and goes to the right places.
It is essential for individuals with $5 million to $500 million in investment assets to seek the services of the best money managers at Pillar Wealth Management.
It ensures that their money is managed in a way that increases their net worth. If you want to learn about effective wealth management strategies, then check out our special guide for investors with $10 million or more.
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.
Table of Contents
- 7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning
- What are Money Managers?
- What Functions do Money Managers Perform?
- How are Money Managers Different from Financial Advisors?
- Why Should You Consider Hiring a Money Manager?
- Considerations for Hiring a Money Manager
- Why Should You Choose Money Management Services from Pillar Wealth Management?
- Final Thoughts
Developing an investment strategy that brings results requires assistance from highly experienced professionals. However, with so many services offered by wealth management firms, how does one choose which one fits their needs better? Before you can hire a professional, you need to have a clear understanding of what their services entail. If you want to make a well-informed decision about choosing the right kind of financial service, then we suggest you read our guide on choosing a financial advisor.
What are Money Managers?
Money managers are finance professionals that handle investment portfolios of individuals and organizations and offer personalized financial advice. Money managers are also called investment managers or portfolio managers because their services are focused on building an investment strategy and handling portfolios.
Money managers help their clients reach their financial goals by buying and selling securities. Additionally, the managers also take care of settling transactions, reporting to regulators, and measuring the performance of investments.
Money managers have the authority to perform all these tasks on their client’s behalf. In some cases, they are also assigned a fiduciary duty, which means that that they can take independent action if it’s in their client’s best interest.
Money managers charge their clients a fee instead of getting a commission on transactions. As a result, they are more dedicated to making their clients’ portfolios thrive. You can learn about managing portfolios and investment strategies in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
What Functions do Money Managers Perform?
Unlike other finance professionals, the services offered by money managers are very specific. Their primary job is to manage the investment portfolios of their clients. When you hire a portfolio manager, the first thing that they work on is developing an investment strategy for you. For that, they discuss your investment and overall financial goals in great detail and then devise a strategy in accordance with that.
Money managers discuss things like your risk tolerance and the goals you have for your investment earnings. Once you familiarize them with all those details, the manager takes charge of your investment portfolio that also includes selling and buying securities.
Moreover, money managers evaluate and analyze the client’s investments’ performance. The analysis helps them decide what the next best step would be. They keep up with the market performance and then advise you in the context of your goals and immediate needs.
Learning about all the services that a money manager provides, you may be wondering, “What are the types of Money Managers?” Well, the answer lies in the functions that they perform for you. Simply put, a money manager can perform the following types of functions for you:
• Manage your financial assets on your investment portfolio
• Track your investments and expenses
• Make budgets
• Evaluate your taxes
You can consult with our experienced money managers to help you minimize your estate taxes.
How are Money Managers Different from Financial Advisors?
There are a variety of financial services offered by individual professionals and firms today. Most of these services are closely related to each other, so it is common for people to confuse one for the other. For many, financial advisors and money managers are synonymous. However, there is a vast difference between the functions that they perform.
The major difference between a financial advisor and a money manager is that money managers offer specific services focused on managing a client’s investment portfolio. On the other hand, financial advisors help their clients with a variety of financial tasks.
They do estate planning concepts, tax planning, retirement planning, managing investments, and helping them achieve their savings goals. To put it shortly, financial advisors oversee the entire realm of finance management for their clients instead of focusing on one service.
Another major difference between financial advisors and money managers is the type of clients that they work with. While financial advisors work with both low and high-net-worth clients, money managers offer services exclusively to ultra-high net worth clients. Money managers work with clients that have a larger portfolio which is at least worth $1M.
The educational and professional experience is also different for both professionals. Many firms don’t have any special work experience requirements for financial advisors. On the other hand, a money manager is required to have relevant education and extensive experience in the field. Money managers usually have a bachelor’s degree in economics, finance, accounting, or business administration.
Whereas financial advisors usually come from different backgrounds. They do not have to follow a specific educational or professional career path to reach this position.On the other hand, experienced money managers often have a master’s degree in finance or have official CFA (Chartered Financial Analyst) certification so they can manage investment portfolios more effectively.
Compared to financial advisors, money managers have to go through a set of extensive work experience and certification tests in order to get command over investing principles and offer specialized and personalized services to their clients.
Why Should You Consider Hiring a Money Manager?
Now, you may be wondering, “At what point should you get money managers?” Well, if you are an individual with a high or ultra-high net worth, then having a money manager can make your life a lot easier. Take a look at a few reasons why you should hire an experienced money manager:
1. You Have Multiple Investment Accounts
Hiring a money manager becomes extremely important when you have a high net worth with multiple investment accounts. You need someone to manage the specific requirements of each of them and monitor them individually.
Moreover, the higher your net worth is, the more complicated it gets to manage your finances and investment portfolios. Since your investment is spread across several accounts, you can’t manage them individually on your own.
A money manager has the knowledge and experience to help you make more profitable decisions based on current market situations. They’ll do the research legwork for you and provide expert advice on what your next move should be. A hiring manager not only manages your investment portfolio but they also help spread it to increase your net worth.
Money managers design a personalized financial and investment strategy that allows you to achieve your financial and savings goals quicker. They track and monitor all your investments and evaluate the financial outcomes of each of your accounts.
2. Expert Management of Your Funds
If you no longer enjoy the hassle of managing your own investments due to a large portfolio and multiple accounts, then hiring a professional is the best way to ensure that it is taken care of in your best interest. It saves you the stress of having to worry about where to invest your money and monitor all of them at once.
Moreover, the wealthier you are, the more complicated it gets to manage your investment portfolio on your own. Hiring a money manager saves you a lot of time that you invest in other activities and business ventures.
Considerations for Hiring a Money Manager
If you’re unsure whether hiring a money manager would be the right call for you, then get in touch and set up a free meeting with our money managers today.Meanwhile, here is a simple set of questions to help you make the right choice. If your answer is affirmative to any of the following questions, then it means that it is time to consider getting a money manager on board:
• Do you want a professional to manage your investments?
• Do you not have the time to manage your own money and investment plans?
• Do you not have the practical knowledge required to make the right investment decisions?
• Are you stressed about making wrong investment decisions and worry about losing your net worth?
• Does your personal or professional life keep you from investing time in your investment portfolio?
• Have you found a money manager with an excellent long-term record?
• Can you afford to pay the estimated fee of the money manager easily?
• Do you have a significant number of assets that you want a professional to manage?
• Are you better at making money elsewhere and need professional assistance in the investments department?
Why Should You Choose Money Management Services from Pillar Wealth Management?
When you begin searching for a money manager, you’ll come across several firms and professionals that guarantee the best solutions, but only a few deliver tangible results. However, at Pillar Wealth Management, we tailor our services according to each client’s needs and requirements and run the extra mile to ensure that your net worth is protected and increased.
Here are a few reasons why our firm makes the best match for individuals and organizations with a high or ultra-high net worth:
Decades of Experience
While many firms like to advertise themselves as experts in the field, Pillar Wealth Management has the experience and the track record to back up that claim. Effectively managing high and ultra-high net worth requires a deep understanding of the investment principles and extensive experience in the field. Pillar Wealth Management has both.
At Pillar Wealth Management, our experts have decades of experience managing investment portfolios of high and ultra-high net worth clients. We apply our practical knowledge to carve out personalized strategies to help our clients achieve their investment goals.
Our experienced money managers at Pillar Wealth Management understand that each client comes with their own unique goals and aspirations. Some clients want to expand their wealth and investment portfolio, while others simply want to protect their assets and safeguard them.
Our money managers personalize financial strategies in a way that meets those unique needs and helps clients reach their goals faster. Whether you’re new to investments or have extensive experience in the realm, we can help you take your investment portfolio to the next level. We offer expert advice at every stage and monitor your investments to capitalize on any and all earning opportunities.
Managing investment portfolios and designing financial strategies requires a deep understanding of the market. Investments can also be risky endeavors, and that is why it’s essential to put in time and energy to ensure that you make decisions that serve you in the long run.
Working with the best money managers gives you access to expertise and up-to-date information about investing. Your money manager takes off the burden of making and managing your investment profiles. So, get in touch with us at Pillar Wealth Management to set up a free meeting with our money managers today.
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