Retirement Advisors Near Me For Wealthy Investors – PillarWM

Pillar Wealth Management has vast experience in assisting affluent clients with estate planning as a fiduciary, fee-only, private wealth management firm. Our wealth managers understand how estate taxes affect high-net-worth individuals. They will assess which estate tax reduction strategies are appropriate for your specific financial situation. If you are seeking to invest between 5 million to 500 million dollars while mitigating your taxes, you can reach out to us for expert advice. You can schedule a talk with us today to get started!

By working with a professional, you are granted the advantage of being informed of the new rules for estate and tax planning, learning about the strategies used intax estate and financial planning for the elderly, and receiving answers to numerous CFP tax and estate planning questions.

What Challenges Do Wealthy Investors Face During Retirement

Retirement gives you a chance to pursue hobbies and interests you never had time for before. Some people use retirement to brush up on their golf swing. Others like to travel to exotic countries and partake in food tours. However, achieving a comfortable retirement can be tricky given the many challenges retirement brings with it. You can learn about some retirement challenges by speaking with our wealth managers.

Some common retirement challenges include:

Sustaining Your Savings

Retirement is the stage of life where you are no longer working. This gives you time to enjoy various activities. However, it also means you will no longer be earning an active income and rely on your savings instead.

You may have built up a significant quantity of savings before retirement, but these savings will eventually deplete over time. This depletion process could be even faster for wealthy investors who wish to maintain the high-spending lifestyle they enjoyed before retirement.

If you wish to stretch out your savings for as long as possible, you will need to cut down on excessive spending or find ways to grow your savings. However, these options require extra effort that few people would like to do after retirement.

Wealth Protection Difficulties

The unfortunate reality is that your assets and savings are sitting ducks during retirement. You may occasionally draw from your savings, but your assets are still exposed to many risks. Market fluctuations or a market crash could leave you with far less wealth than before. Without an active source of income, you may not be able to invest in other assets to compensate. We discuss some of the challenges of wealth protection during retirement in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

Footing Medical Bills

Many individuals who enjoyed good health in their youth develop severe or chronic health problems after retirement. It is difficult to predict what health complications you will experience in the future. However, the cost of treatment or emergency surgeries can be incredibly high for certain conditions and diseases.

If your current health insurance plan does not cover these treatments and surgeries, you will need to pay for them out-of-pocket. This means digging into your precious retirement savings and forgoing some of the wealthy comforts you enjoy. Please speak with one of our premier wealth managers to learn how to manage medical bills during retirement.

What is a Retirement Advisor?

Many of the retirement challenges mentioned above can be overcome or avoided with a retirement advisor’s help. You may be wondering, “what is a retirement advisor?”. A retirement advisor is a financial advisor who specializes in services related to retirement.

This typically includes offering retirement advice. However, some retirement advisors may also create retirement plans for clients to help them meet their retirement financial goals.

When Do You Need a Retirement Advisor?

So when do you need retirement advisors? It’s easy to assume these professionals are only helpful when you’re approaching retirement age or have already crossed over into retirement. However, the truth is that you can reap the most value from a retirement advisor when you are still many years away from retirement.

This is because retirement advisors can help you get on track with meeting your future retirement goals by making lifestyle or investment changes early on. This will help ensure you can achieve your dream retirement.

Benefits of a Retirement Advisor

Wealthy investors across the country use retirement advisors to help with retirement planning. Some of the benefits of choosing a retirement advisor include:

Understanding the Challenges of Retirement

As mentioned earlier, wealthy investors face numerous challenges before and during retirement. You can try researching these challenges yourself. However, you may still encounter challenges that are unique to you due to your financial background.

A retirement advisor can highlight these unique challenges so that you can prepare for them accordingly. For example, wealthy investors may need to set up certain investments to provide passive income during retirement. A retirement advisor can offer advice on expanding your portfolio so that it fits with this strategy. We discuss many portfolio expansion strategies in our special guide.

Help With Planning Ahead

You will need to plan far ahead of time if you wish to achieve your dream retirement. However, you might not know when to perform each activity related to your retirement plan. For example, retirement advisors recommend creating a budget and following it as soon as possible. This will help you build up a high quantity of savings by the time you hit retirement age.

Other retirement strategies such as choosing low-return but steady investments may be better to perform later in life. Prior to this, they may advise you to invest in certain high-return assets that require close monitoring but will help you build wealth more rapidly. Learn how to improve your portfolio performance using our special guide.

Identifying Risks

Retirement advisors can also study your finances and let you know about the various risks your assets and savings are exposed to. These could be hidden risks that you were not previously aware of.

Once you understand such risks, they can help you avoid them or mitigate the damage they would otherwise do if left unaccounted for.

What Does a Retirement Advisor Look for in Their Clients?

You may be wondering, “what does retirement advisors look for in their clients?”. When you speak with one of these professionals, they may ask you many questions such as:

• What is your current net worth?

• What is your income?

• What types of assets do you own?

• Where would you like to live during retirement?

• What expenses would you like to maintain during retirement?

• Would you like to continue donating to charities or special causes during retirement?

These are essential questions that they use to understand your financial background and your hopes for the future. They can then use the information they have gained to offer useful advice and create a retirement plan for you. Please speak with one of our premier wealth managers to get started with retirement planning.

How to Choose Between Retirement Advisors Near Me

Wealthy investors that are interested in finding a suitable retirement advisor may need to choose between various options in their area. Choosing the right retirement advisor can be tricky if you have never sought out such services before.

Some qualities to look for in a retirement advisor include:

Experience

Experience is a retirement advisor’s most valuable asset. These professionals work with investors for many years to ensure they meet their retirement goals. This means they get to see the challenges they encounter first-hand and offer solutions accordingly.

A retirement advisor who has recently begun offering such services may not be familiar with all these challenges and the best ways to overcome them. If you need to choose between an experienced retirement advisor and one that has started only recently, it is better to go with the more experienced one.

Expertise

Many retirement advisors tout themselves as the “best” in the business. However, their service quality will depend on their expertise. Most of these professionals have degrees in finance or a related field. However, it is the additional knowledge they gain after they start working that is most valuable.

If possible, you should meet with the retirement advisor in-person and test their knowledge yourself. You can learn some great questions to ask a financial advisor in our special guide.

By vetting your retirement advisor’s knowledge thoroughly, you can determine if they are the right person for the job.

Reachability

A good retirement advisor should also be easy to reach. There’s no point hiring an advisor if you are redirected to their voicemail each time you try contacting them.

An advisor who is difficult to reach won’t be of much use when you need to make quick decisions that could impact your future retirement. For this reason, you should ensure your chosen advisor makes time for you and can offer advice on short notice.

Are Wealth Managers the Best Retirement Advisors for Wealthy Investors?

We have discussed the numerous benefits of hiring a retirement advisor. However, wealthy investors may prefer to use a wealth manager for retirement advice and retirement planning. Some reasons high net and ultra-high net worth individuals choose wealth managers for such services include:

Experience With Wealthy Investors

Ordinary retirement advisors offer advice to a wide range of clients from different financial backgrounds. This includes young graduates with low net worth who wish to get started with retirement planning early.

Wealth managers tend to be more exclusive in the type of clients they take on. For example, at Pillar Wealth Management, all our clients have between $5 million and $500 million in liquid investment assets. The retirement needs and goals of such individuals will be different from those of individuals with lower net worth. This makes wealth managers more experienced in these areas.

Additional Services

Retirement advisors are financial advisors who chose to specialize in retirement services. On the other hand, wealth managers offer a wide range of services that include asset management, portfolio analysis, tax planning, and estate planning.

These services can help you towards retirement planning and improve your chances of attaining your dream retirement. You can learn about some of the investment strategies we use in our guide for investors with $10 million or more.

Fixed Fee Structure

Wealth managers also charge their clients a fixed annual fee based on a percentage of their asset value. This is in contrast to financial advisors who charge their clients an hourly rate or a flat fee for their services.

A wealth manager’s pricing structure is straightforward and saves you from racking up any hidden or extra charges for their services.

Why Choose Pillar Wealth Management?

Wealthy investors across the country choose the wealth managers at Pillar Wealth Management for retirement advice. Our wealth managers have six decades of experience serving high net worth and ultra-high net worth clients. We offer personalized plans for each one and strive to provide helpful advice for each client based on their financial background and retirement goals. Please set up a complimentary free meeting with one of our wealth managers to get started with retirement planning.

 

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