To Have or Not to Have – How It Should Feel for Ultra High Net Worth And High Net Worth Families to Have a Wealth Manager
How should it feel to have a wealth manager?
So often, people try to answer this question with the left brain. With lists and analysis and data, breaking down a person’s situation to figure out their best options. And that’s a great approach, one that Pillar uses to an extreme degree in a uniquely innovative and customized process.
But what about the other side of your brain?
Sometimes, in making big decisions, we overly neglect the emotional side of ourselves, believing (falsely) that it’s unreliable and prone to impetuous recklessness. The truth is, sometimes we need to feel and think before making a decision.
Strategies For Families Worth $25 Million To $500 Million
The Art of Protecting Ultra-High Net Worth Portfolios and Estates
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
- To Have or Not to Have – How It Should Feel for Ultra High Net Worth And High Net Worth Families to Have a Wealth Manager
- How It Feels To NOT Have a Wealth Manager
- Overwhelmed By Decisions with Unknown Ramifications
- Fumbling In the Dark Toward an Unknown Future
- Pressured to Perform on Your Investments
- Stressed and insecure.
- How It Feels to HAVE a Wealth Manager
- Informed and Empowered to Make Wise Decisions
- Liberated and Secure No Matter What the Future Brings
- Relaxed and Free of Worry about Investment Performance
So, day to day, month to month, how will your life feel different with a proactive wealth manager on your team? How will that differ from having a typical advisor, or even worse, no one at all?
Because let’s be clear: A wealth manager is distinct from a financial advisor. For high net worth families, a conventional financial advisory firm will fail to provide you the specialized help that people of your financial caliber always end up needing. Conventional advisors are for conventional families. High net worth and ultra high net worth households like yours are – by their nature – not conventional.
This article will explore how it feels for high net worth families to live without wealth management help, and how it feels to live with it.
Consider this strongly as you narrow down your search for investment planning help – there’s a reason half your brain is wired toward this way of processing the world.
How It Feels To NOT Have a Wealth Manager
Without a wealth manager, here are three feelings you’ll experience with increasing intensity the longer you try to go it alone or use a conventional financial advisor.
Overwhelmed By Decisions with Unknown Ramifications
Take a look at your non-cash assets. Perhaps you have real estate holdings, or have been planning to acquire some later in life. Perhaps you own a business you started a while back.
If you own real estate and you’re in your 50s, how long do you want to hold on to your properties? The decision of when to sell looms large, and will affect your life in significant ways. You’ll lose out on the passive income stream and perhaps some tax advantages. But by selling, you’ll also (hopefully) get a nice cash windfall.
What’s right for you and your family in this situation?
What’s the optimal timing and why?
Do you have anyone to talk to about this?
Can that person offer you ironclad, data-driven counsel that goes beyond gut instincts and past experiences?
Facing decisions this large can quickly become overwhelming.
The same holds true with deciding when and how to exit your business. Should you exit completely? Withdraw from portions of it but retain some control for longer? Pass it on to your heirs?
Decisions like this cannot be reversed. Once done, it’s final. No turning back.
Moving beyond hard assets to your cash and investment capital, you might one day be approached by venture capitalists, friends, or other people who want you to invest in something they’re starting.
Suppose you have $10 million saved up. At age 55, how do you make an informed, impartial, reasoned decision to part with $4 million of it to invest in a startup of some sort? How can you do that and feel confident it was the right move?
Again – do you have a qualified expert who has your best interests at heart to talk to about this?
Very few people do. And it’s overwhelmingly stressful.
Fumbling In the Dark Toward an Unknown Future
With age and an ever-growing extended family come an increasing number of planned and unplanned large expenses.
Are you able to withstand those unexpected expenditures?
Can you persevere through major financial setbacks and retain your strong financial health?
How can you find out, especially when there’s no way to know the future?
And what about estate planning?
You may have a particular amount of your wealth you hope to leave to your heirs. But how can you be sure you’ll still have that much when you die? Suppose no one in your family has ever lived past 80. But what if you make it past 90? Are you counting on living ten years longer than anyone in your family has lived? Or the reverse scenario – what if you don’t live as long as others in your family have made it?
How will you plan for that?
On your own, the future is like a dark staircase. Step carefully, or you can go tumbling down.
Pressured to Perform on Your Investments
It’s so easy to get sucked into the comparison game.
Mike and Margaret got 11% last year in their IRA. What are we getting?
Ahmed and Faiza invested in a new technology-focused hedge fund. Should we get into something like that?
Jaime’s advisor says gold is about to make a huge comeback and now is the time to buy into it. Should we consider doing that too?
The pressure to keep up with friends, relatives, co-workers, and people you hear about in the media can easily leave you grasping at straws, paralyzed in your decision-making, and fearful of doing the wrong thing (or not doing the right thing).
Without a wealth manager, you’ll be vulnerable to these winds and waves tossing you about. You’ll be unable to settle on and commit to an investment approach that provides you with absolute security, because you won’t know what that looks like or if it’s even possible.
How You’ll Feel without a Wealth Manager – Overall:
Stressed and insecure.
The cacophony of diverging voices and contrary opinions will fill you with the fear of missing out.
You’ll look at what your conventional advisor is doing, but it will never feel like enough. You’ll continue having new complications emerge in your life that you won’t feel prepared to handle from a financial perspective. You’ll face hard decisions your advisor will consider ‘outside’ their service package, or beyond their expertise.
The future will remain unknown and intimidating.
How It Feels to HAVE a Wealth Manager
Now, let’s look at the same three categories, and focus on the feelings you’ll experience if you have an experienced wealth manager on your team who works exclusively with high net worth families and individuals.
Informed and Empowered to Make Wise Decisions
How wonderful it feels to be understood. As a high or ultra high net worth person, that’s the first feeling you’ll have when you work with someone like you. Someone who understands and relates to your concerns and priorities, and who faces the same sorts of decisions you’ll face.
With a wealth manager – especially one that offers help in every financial aspect of your life, not just investments – you’ll be able to face big decisions like retirement, real estate, business sales, mergers and acquisitions, insurance, legal and opportunities to invest in other ventures, with confident empowerment.
Now, you’ll have someone in your corner with your best interests at heart.
More than that, if you have the right wealth manager, you’ll have someone who can offer specific projections and data-informed counsel that frames your decisions in clear ‘before and after’ terms. As in, before you sell this property, here’s how your wealth and investments are projected to perform and how long they’ll last. And after you sell, here’s the new scenario.
Any wealth manager worth your time will have a process that can provide you answers at that level of extreme specification.
A wealth manager will keep you constantly informed and updated with real data showing how these decisions will affect your life. And, they will empower you to make wise and safe decisions that grow your wealth and protect your long term financial security.
Liberated and Secure No Matter What the Future Brings
An estate planning attorney can fill in the blanks and create the forms.
But only a wealth manager can show you what you can confidently expect for the future, when the unexpected comes your way.
More than that, only an elite few wealth managers have developed their own innovative investment planning process that can project your future stability – and adapt as the situation changes. Pillar is one such wealth manager. We strive to provide you with freedom and security to live your life without fear, without worry.
How do we specifically do that?
If unexpected and extreme medical costs come your way, for example, we can recalculate your next 30+ years of financial projections, show you the specific effects of various targeted adjustments you could make, and thus keep your long term financial health strong and secure by helping you make the best choices.
You’ll continue to be free to live and enjoy life on your terms, without anxiety or uncertainty about how it will affect your finances. You’ll know how your finances will perform, because your wealth manager has shown you the data.
Relaxed and Free of Worry about Investment Performance
With a proactive, fiduciary, innovative wealth manager on your team, you no longer have to worry about keeping up with the Joneses.
Are they in a new hedge fund? Good for them.
Did their advisor get special insights about the hot new commodity to buy? More power to them.
Has their portfolio earned over 10% the last three years? Sounds great.
None of that will change a thing for you.
You’ll just keep relaxing. You need not be bothered with having to analyze charts and rates of return and mutual fund performance and equity dividends and bond fluctuations and new startup investment opportunities. You can bother with it if it makes you feel better. But none of that will cause you to worry or wonder about your money or your future.
Because you’ll know your investments are accomplishing what you need from them in order to keep living life the way you want to live it.
Isn’t that really what we all want?
When you know your investment plan is optimized specifically around your financial situation, your goals, and your future needs and lifestyle plans, you cease to worry.
When you can see numbers clearly demonstrating that your investments are performing such that you will exceed and surpass all your lifelong goals and plans, you lay back and relax.
Nothing else matters. You don’t have to change anything based on what other people are doing. Let them stress about missing out on the hot new company stock. Let them fret about which hedge fund manager has the secrets to explosive growth. Let them attend meetings, free lunches, presentations, and webinars, trying to divine the path to maximized returns.
With the right wealth manager, you’ll already have all that taken care of. And you won’t have to think about it.
How You’ll Feel Having an Elite Wealth Manager – Overall:
At Pillar, we talk about financial serenity all the time, because this is ultimately what we’re delivering to all our clients.
When you work with us, you’ll receive the targeted, high-performing, situationally-specific level of service you’ve just read about.
But the focus of this article is on how you’ll feel about it, not on the details.
If you want the details – set up a free Wealth Management Analysis meeting, and find out the projected security your money can achieve for you.
What you’ll feel when you enlist the help of a wealth manager like Pillar is something they always tell us money can’t buy. But in this case, it can: You will feel serenity. The absence of worry, care, or concern about your financial future, regardless of what comes your way.
It’s something only high net worth families and individuals can experience, because you have the assets to make it possible. But though you can experience this serenity, sadly, very few people in your situation actually do.
And that’s because they either have no wealth manager at all, or they have an inexperienced one who doesn’t provide the level of service and expertise that will deliver this feeling.
Want to experience financial serenity? Then click the button below to set up your Wealth Management Analysis meeting. I Want Financial Serenity
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