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Atlanta, according to a 2018 report, is one of the top 10 American cities when it comes to ultra-high net worth individual count. High net worth and ultra-high net worth individuals have diverse situations when it comes to personal finance. Managing $50 million is very different from managing $1 million. Plus, the higher the amount involved, the more far-reaching is the impact of every decision.
Diverse situations call for adept management skills to manage such high net worth and ultra-high net worth wealth. If you are someone with $10 million or more in investible assets, then this guide on choosing the best wealth advisor talks at length about these financial issues. Wealth management is a broad field in financial advisory. It is a segment that specifically focuses on the needs of affluent individuals and families.
If you are a high net worth individual in the Atlanta area and are thinking about wealth management, then this article is the perfect guide. Below, we talk about wealth management for ultra high net worth individuals, investment consulting, finding integrity and trustworthiness wealth management firms, and options for high net worth wealth management firms. We also talk a bit about Pillar Wealth Management’s way of managing wealth for individuals with $5 million to $500 million in liquid investible assets.
Time is money. So, without any delay, let’s begin!
Table of Contents
Wealth management for Ultra High Net Worth
If you are a high net worth or ultra-high net worth individual, then you may have a host of financial advisory needs. The popular perception is that the more money you have, the easier your life is. However, you would appreciate that more wealth equals more complexity when it comes to decision making. Pillar Wealth Management appreciates the intricacies of wealth management for ultra high net worth folks as it has decades of experience in handling accounts ranging from $5 million to $500 million.
You must probably be having multiple things on your mind as far as your wealth is concerned. You may be thinking about retirement planning, selling your business, preparing the next generation for succession, optimizing your tax outgo, the performance of your portfolio over the last few years, being able to work with an ethical and committed wealth manager, and so on. You may be considering buying a property in Florida and retiring there, or maybe selling your vacation home, or planning your finances so that you can give away some money to your grandchildren for their education. You can always schedule a free consultation with Pillar Wealth Management to discuss anything related to your financial situation.
Giving away is an important topic for high and ultra-high net worth families as they are often passionate about specific causes. Leaving behind the right kind of legacy is important and requires careful decision-making. Handling all of these “moving parts” requires expertise that an experienced wealth management firm can bring in. We have discussed some important non-negotiables in wealth management in this comprehensive book called The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets.
The Benefits of Wealth Management Atlanta Firms for High Net Worth Individuals
As a high net worth or ultra-high net worth individual in the Atlanta area, you want to manage your wealth in the most time and cost-efficient manner. Those two things are precisely one of the major benefits of working with a financial advisor atlanta.
An experienced and accomplished wealth advisor will bring multiple skill sets to the table. Whether you need help with succession planning, retirement, real estate, philanthropy, taxes, or anything else, a wealth management firm may have these areas listed under the list of services that it offers. Of course, you have to look for a wealth management firm that deals with the areas that you are interested in.
By having multiple focus areas in one place, a wealth management firm saves you time. You don’t have to visit a tax professional, an accountant, a portfolio manager, and other professionals for every single decision. Everything happens in one place and you deal with one wealth manager. Feel free to give Hutch Ashoo a call to discuss the various areas covered by Pillar Wealth Management and how he can help streamline your wealth management process.
Working with a wealth manager can also be cost-efficient. A good wealth manager will connect your goals to your financial decisions. It may be the case that your goals do not require aggressive investments. Rather, you might do just fine investing in low-cost passive investments for the long term. Not only do you save on expense ratios, but you might also save on taxes (long-term vs short-term). We have discussed what we call the 5 critical shifts needed to maximize portfolio growth in this complimentary guide written specifically for families worth $5 million to $500 million.
Many wealth management Atlanta firms offer investment management. However, wealth management isn’t just about investment and portfolio management. There are many other aspects involved like tax planning, financial planning, etc. All the decisions that are made in investment management need to be linked with taxes, financial goals, and other aspects of a high net worth individual’s financial situation. Feel free to start a conversation with Pillar Wealth Management to learn how it approaches investment management while committing to saving $100,000 for every $10 million in assets that a client brings in.
Investment consulting can be a standalone service offered by wealth managers or part of the overall package. However, the basic principles of investment consulting remain the same. It is about the net returns that the client receives after deducting all expenses and taxes. It is also about matching the desired investment performance to the financial goals of the client. We have discussed these two issues at great length in this useful downloadable guide on improving investment performance for individuals with $5 million to $500 million in investible liquid assets.
Investment management is not about gunning for the highest rate of return possible without taking into account the risks as well as the financial situation of the client. This happens a lot as big brand-name wealth management firms tend to get their asset allocation wrong and invest heavily in one sector or one asset class. When the market crashes, portfolios lose more than half their values. Another mistake many fund managers make is to focus only on returns without keeping an eye on the costs. They try to beat the market by trading frequently and churning portfolios way too often. In the process, they attract short-term capital gains taxes and high fees that the client ultimately ends up paying.
Integrity and Trustworthiness Wealth Management Atlanta
A wealth manager is someone who handles your money. Your hard-earned wealth is a very personal and sensitive matter. Therefore, you want your wealth manager to have the utmost level of ethics. We have listed numerous examples of how advisors fail the trust and confidence of clients in this complimentary guide on finding the best financial advisor for individuals with $5 million to $500 million in liquid assets. Finding integrity and trustworthiness wealth management Atlanta firms requires some preparation from your end. You first need to understand terms like fiduciary and what it means.
A successful wealth management Atlanta firm that tends to attract high net worth and ultra-high net worth clients is often a registered fiduciary. An investment advisor can consider himself/herself to be a fiduciary when he/she is registered with either the SEC or your state’s regulator. As a fiduciary, the investment advisor is then bound to always act in the best interest of the client. Whenever the advisor sees any potential conflict of interest, then as a registered fiduciary, it is the advisor’s responsibility to point out the conflict of interest situation to the client.Speak to Hutch Ashoo to know how Pillar Wealth Management’s fiduciary status helps it offer superior wealth management services.
When researching wealth managers, check background records. If the wealth advisor is also a certified financial planner (CFP), then a background check for any past or present legal proceeding or unlawful activity record can be done through the CFP Board, FINRA, and insurance/securities department within your state. You can also ask the question about past records directly to the wealth advisor whenever you conduct a face-to-face meeting (or video conference) with the advisor. That way, you can judge if the advisor is being honest with you and whether you can develop trust.
High Net Worth Wealth Management Atlanta
As you progress along in your journey to understanding wealth management as well as finding the best high net worth wealth management Atlanta firms, we would like to take a moment to present one option for you to consider. Pillar Wealth Management is a fiduciary fee-only wealth management firm focused on offering customized white-glove wealth management services to individuals and families who have $5 million to $500 million in investible liquid assets.
Unlike most wealth management firms, Pillar Wealth Management makes the unique commitment of saving its clients $100,000 for every $10 million in assets that it is asked to manage. Pillar Wealth Management fulfills this commitment by analyzing where its high net worth and ultra-high net worth clients are overpaying or overspending. It finds more efficient ways of managing investments, structuring taxes, and finding other points that can be improved upon.
Pillar Wealth Management also believes in constantly and regularly updating its clients on the progress of their portfolios. The firm believes that life changes, financial situations change, and therefore wealth management decisions have to be constantly revisited. The firm does not prepare a financial plan once and then stores it away in a drawer. It does regular stress testing on all client portfolios using 100 years of stock market data. Pillar Wealth Management simulates 1000 different high-impact events to see how the portfolio holds up amidst the volatility.
Lastly, Pillar Wealth Management works on a fee-only model which it believes is significant. A fee-only model is one where the wealth advisor earns only through pre-determined fees. There are no commissions involved. If commissions are part of the process, then there is a chance that certain investment products get “pushed” to the client in the hope of earning a commission.
Tips on finding a top wealth advisor
Before we end, we would like to point out a few things that can help you select the right wealth advisor. Firstly, you can begin your search by going to your favorite search engine and looking for wealth management firms in the Atlanta area. When you find results close to your location, explore the websites and see what kind of services are on offer.
After you shortlist a few firms, contact them directly and schedule a one-on-one meeting with the wealth manager there. The direct meeting will give you a chance to get a feel of the personality of the wealth manager, his/her background, what motivates him/her to manage high net worth wealth, and whether the required trust level can be established with the wealth manager. Trust, as we have pointed out above, is critical if you will work closely with someone who will manage your money.
It is also a good idea to speak with people you know and ask them if they are aware of any good wealth management firms or advisors. People in your personal network are more likely to give you honest ad unbiased reviews. Plus, if your friends, relatives, or work colleagues are also high net worth individuals, then they may be working with wealth managers who specialize in high net worth and ultra-high net worth accounts.
Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management. If you would like to speak with them or simply ask any questions about how custom and trusted wealth management advice is offered to highnet worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.
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