Wealth Management Advisor Near Me: Do You Really Need One – PillarWM

What is the Difference Between a Wealth Manager and a Financial Advisor?

Wealth managers and financial advisors provide the same financial services, such as retirement planning, investing, and portfolio management. However, wealth managers work with clients who have a high net worth, typically at least $1 million in investable assets.

Financial Advisor

Financial advisors provide an array of services, without always requiring a minimum investment amount. They will work with the client to develop a financial plan that acts as a framework for achieving the client’s financial goals. The advisor will provide advice and recommendations for savings and budgeting, retirement planning, investing, tax and education planning, business succession planning, and estate planning.

Wealth Manager

In contrast, wealth managers offer similar services but usually require a minimum amount of investable assets, typically at least $1 million.

Given the amount of accumulated wealth of the client, the wealth manager will be more involved in the complexities of estate planning, creating a trust or foundation, and charitable giving involving large sums, as well as more complex tax issues. Greater wealth gives the client access to more alternative investments, such as real estate and private equity.

Who is a Wealth Advisor?

If you haven’t heard of wealth advisor before, you must be wondering, “Who is a wealth advisor, and what do they do?”At Pillar Wealth Management, our wealth advisors are experienced professionals who specialize in assisting investors who have liquid investable assets valued anywhere between $5 million and $500 million.

How Wealth Advisors Differ from Other Advisors

As an intelligent investor, you need to know the difference between wealth management advisors and other advisors.

For instance, robo-advisors manage your investment portfolio using computer algorithms using limited or no human interaction. These advisory services have a standard formula that they use for every investor who opts for their services. On the other hand, a wealth advisor will interact with you to understand your needs and offer you a customized solution to help you accomplish your financial goals.

Next, there are financial advisors. These individuals help you plan your retirement, investments, taxes, and current finances. Most financial advisors will typically give you an investment plan without guiding you on how you have to have to execute it. Unlike financial advisors, the wealth management advisors at Pillar Wealth Management will not only create but will also help you follow through with such investment plans.

Lastly, there are investment brokers. They buy stocks, bonds, and other securities on their client’s behalf from financial markets. They charge a commission for every transaction incurred but don’t offer anything more than that.

So, who is a wealth advisor? Well, these are people who offer a variety of investment and financial advisory services. We will help you secure, manage, and grow your wealth as per your financial goals.

Services Offered by a Wealth Advisor

Our wealth managers have a 30+ year track record in assisting high net worth and ultra-high net worth individuals. At Pillar Wealth Management, a wealth advisor is someone who will assist you in the following areas:

1. Investment Management
2. Tax Management
3. Risk Management
4. Wealth Transfer
5. Retirement Planning

Register for a free consultation on our website to get more information about the services our wealth management advisors provide.

1. Investment Management

If you’re an investor who wants to increase their returns, you will have to allocate your assets carefully. While this might sound easy, it’s actually quite challenging to implement.

The wealth advisors at Pillar Wealth Management can study your portfolio and create a plan for you to maximize your returns. Our wealth advisors have a detailed understanding of the various financial markets and how they operate to help you make the best investment decisions. You can read our comprehensive guide to know more about how we can help you maximize your gains.

2. Tax Management

Filing taxes is an on-going process that can take a large portion of your energy and time. Plus, if you aren’t able to meet your legal tax obligations, you will have to face serious consequences ranging from heavy penalties to even jail time.

At Pillar Wealth Management, our wealth advisors will keep a check on your assets and notify you if you need to pay any taxes on them. This way, you won’t have to stress about delayed tax payments anymore. Moreover, our wealth advisors will also go assess your portfolio to see any areas where you could possibly save on taxes.

3. Risk Management

High net worth and ultra-high net worth individuals who invest their assets in several markets face several risks. For instance, market trends often change abruptly and can reverse your long-term gains in the blink of an eye. It can become quite difficult to know when a specific market is going to rise or fall.

Our wealth advisors can assist you in developing plans that will minimize the risk from such sudden market shifts. We can even study your portfolio and identify assets that are at high risk. So, if you seek to diversify the risks from your assets, our wealth advisors can help you choose the right places to invest. You know more about asset allocation approaches, read our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

4. Wealth Transfer

A large percentage of investors transfer a portion of their wealth to their children when they reach a certain age. Even though this process seems simple, there are several hidden risks that you may not know of.

For instance, if your wealth is linked to your business, you might want to transfer the ownership of your company to your heirs. But you will have to create a thorough exit strategy to make sure that the business continues to operate smoothly once you leave.

Our wealth advisors at Pillar Wealth Management will assist you in developing a transference strategy to ensure that your business stays secure. You can even register for a free consultation at our website to know more about wealth strategies.

5. Retirement Planning

Once you quit your profession and retire, you won’t have an active source of income. Thus, you will have to rely on the passive income you receive from your investments.

You might want to spend your retirement comfortably with your savings. Or you might wish to achieve some new financial goals. Whatever you wish to do, our wealth advisors have several years of experience to help you out.

We will assess your asset portfolio in detail and develop a practical strategy to protect your assets. Moreover, our strategies can even help you grow your wealth even after you retire. When you can enjoy a great retirement, there’s no point settling down for a good one! Read our guide to learn more about strategies that can increase your portfolio.

Do I Need A Wealth Management Advisor?

Now that you know who a wealth advisor is, you must be wondering, “Do I need a wealth management advisor?” Well, the answer to your query is simple – it depends on your net worth and your financial requirements! For instance, a specialized financial advisor will be suitable for your needs if your net worth is less than $1 million, and you only need assistance with investment management.

However, if you are looking for a more comprehensive solution and need assistance with liquid assets that lie between $5 million and $500 million, you should get in touch with a wealth management advisor.

In short, you do need the services of a wealth advisor at Pillar Wealth Management if you:

• Have anywhere between in $5 million and $500 million in liquid investable assets and are looking to secure and increase them
• Are aiming to save on fees, expenses, and taxes
• Are not satisfied with the services you’re getting from your current advisors due to poor performance, lack of communication/attention, and exorbitant fees
• Are going through a life-changing phase such as divorce, retirement, real estate or business sale, or the loss of a loved one.

How Do I Find A Wealth Management Advisor Near Me?

1. Experience
2. Thorough Communication
3. Personalized Service
4. Increase Your Wealth

If you’re a high net worth or ultra-high net worth individual, you must be thinking, “how do I find a find a wealth management advisor near me?” You might come across several wealth management advisors who charge you a lower fee but may not have the relevant experience. Or you might be tempted to avail the services of a private wealth management advisor who was recommended to you by a friend or family member. Thus, you can easily find several options that you can choose from.

However, you need to ensure that the one you select is most suitable for your needs. Read our special guide to know the steps you need to follow for selecting the right wealth management firm for your needs.

Here are a few things you should consider when looking for a wealth management advisor.

1. Experience

One of the most critical factors you need to consider when choosing a wealth management advisor is their experience. While this might sound obvious, many investors undermine the importance of selecting an experienced wealth management advisor. An amateur wealth advisor will not know much about sudden shifts in the market and how to handle them. Thus, if you hire them, your assets will be at very high risk.

At Pillar Wealth Management, we have more than 60 years of experience in offering wealth management services to our clients. We have assisted high net worth and ultra-high net worth individuals overcome many hardships and challenges in the past. For instance, we helped our clients during the 2008 Financial Crisis and are presently helping them in the COVID-19 pandemic.

Thus, the solutions, plans, and advice we offer are finely tuned over several years of experience. You can even register for a free consultation at our website and speak to our experienced wealth management advisors.

2. Thorough Communication

Wealth management advisors need to stay abreast of the latest developments in their client’s asset portfolio. This way, they can offer their clients the most appropriate plans and solutions. Unfortunately, several wealth management advisors fail to stay in contact with their clients and communicate with them only a few times every year. This lack of frequent communication can compromise your assets and wealth.

At Pillar Wealth Management, we know how important it is to communicate with clients throughout the portfolio management process. We will stay connected with you while studying your portfolio during your strategy creation and even afterward, to make sure that you are able to follow through on the strategy we have created for you. Moreover, we will also ensure that we provide our clients with regular updates regarding their investments and asset portfolio.

You can ask our wealth manager questions related to the services we offer, how we develop investment plans, etc. Our useful guide for investors with $10 million or more includes several other important questions you can ask a wealth management advisor before taking their services.

3. Personalized Service

We take immense pride in providing personalized service to all our clients. It is very important to us that we listen and understand all your specific needs and preferences before offering you any wealth management suggestions.

Our wealth management advisors dedicate a lot of time to review your assets and portfolio. We use a holistic approach for developing investment strategies that are unique to your individual requirements.

4. Increase Your Wealth

Several high net worth and ultra-high net worth individuals hire a wealth management advisor to protect their wealth. At Pillar Wealth Management, we not only prioritize the safety of your wealth but also strive to grow your current wealth.

This service is highly recommended for individuals who have retired and are now relying on their assets for income.

How Much Money Do I Need for Wealth Management?

Now that you’re a part of the millionaire club, you must be thinking what’s the right time for you to hire a wealth management advisor? Well, the answer to this depends on your current net worth. If you ask a wealth management advisor, “how much money do I need for wealth management?” their answer will lie somewhere between $1 million and $5 million.

At Pillar Wealth Management, we solely cater to clients who have $5 million to $500 million in investable assets. Unlike other wealth management and investment advisors, we only work with a limited clientele. This helps us ensure that we continue to deliver the kind of top-notch service that you want.

We don’t believe in providing standard, non-customized services to our clients. Rather, we create personalized wealth management and investment strategies that will help you accomplish your financial targets. Register for a free consultation on our website to know more about how our wealth management advisors can assist you.

Last Few Words

Selecting the right wealth advisors plays a key role in effective wealth management. At Pillar Wealth Management, our wealth advisors understand your financial goals and help you build strategies and plans to achieve those goals.

To learn more about how our wealth management advisors can help you secure and grow your wealth, get in touch with us TODAY!

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