Best Wealth Management Firms 2021
High-net-worth individuals with $5 million to $500 million in liquid assets face some of the toughest and most complicated financial challenges. This is why they require the best wealth management firms 2021 to provide them with specialized services and help them attain financial serenity. However, choosing to work with a wealth management firm can be a difficult decision. After all, you probably know what’s best for your financial health more than some stranger at some financial institution. While this might hold true for some wealthy individuals to some extent, you might also lack the time and skills needed to manage your wealth properly. That’s why you need to work with the best wealth management firms 2021, and we’ve got the perfect guide on choosing the right advisor for investors worth $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.
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When talking about the best wealth management firms, we can’t forget about Pillar Wealth Management. We are an independent firm providing various investment management, financial planning, financial advisory, and wealth management services. These include retirement planning, tax optimization, estate, and legacy planning, insurance planning, and much more. Our financial advisors have been offering these services exclusively to high-net-worth clients and ultra-high-net-worth families for more than sixty years in total. Our team is always striving to help our affluent clients overcome their unique challenges with the help of customized solutions so that they may attain financial success and security. Plan a free chat with Pillar Wealth Management today to get started on your wealth management.
In today’s blog, we’ll be discussing why wealth management firms are worth it for high-net-worth individuals, how much you should pay a wealth manager, and choosing the right wealth management firm for yourself. Let’s get started.
Our Wealth Management Firms Worth It?
You might think that you can manage your wealth all on your own or even go to a private bank or some other financial institution for wealth management services.
However, the truth is that as a high-net-worth individual with $5 million to $500 million in liquid assets, your financial concerns and needs are entirely different from the average American. They are much more complex, and there’s a lot more at stake. This is why you need the best wealth management services from the best wealth management firms 2021.
Here are a few reasons why such firms are worth it.
Extensive Financial Services
Unlike certain major financial institutions like private banks, brokerages, investment houses, etc., wealth management firms provide an extensive range of financial services.
This allows you to handle all your financial concerns and goals from one place rather than working with several firms and advisors. This only drives up your management costs and makes your overall management strategy inefficient due to a lack of synergy.
At Pillar Wealth Management, our experienced financial advisors and wealth managers can help you with the following financial services:
• Investment and portfolio management
• Retirement planning
• Tax planning
• Estate and legacy planning
• Risk management
• Debt management
• Cash flow planning
• Legal assistance
• Research and due diligence
• Liquidity management and more
Wealth management firms are also equipped with much more experience and expertise. You can find investment services at private banks, too, but they are not necessarily experts in that service. Their expertise lies in banking services. Similarly, when you need wealth management services, you need to consult the best wealth management firms 2021 as they are experts in such services.
More importantly, their expertise not only lies in these services but also in their clientele. They are experts at handling the unique challenges faced by high or ultra-high-net-worth individuals and families specifically. This way, they can provide much more effective solutions that are catered towards your specific concerns.
One of the most beneficial and critical reasons why you need to choose wealth management firms is because of their fiduciary services. This is a big factor for affluent individuals because handing over the decision-making over their vast wealth requires a lot of trust and honesty.
This can only come when you have fiduciary financial advisors and wealth managers working with you. They are legally required to always put your interests ahead of their own.
Any time they suggest something, they must disclose all its benefits as well as drawbacks so that you can make much more informed and better decisions. Schedule a free conversation with the fiduciary advisors at Pillar Wealth Management today.
Protection of Wealth
Despite having $5 million to $500 million in liquid assets or even more than that, high-net-worth individuals and families are always at the risk of losing all that wealth too. It could be market volatility, an economic recession, or even internal factors like going through a divorce or getting sick that could put your entire family at risk of bankruptcy and make your retirement uncertain.
Therefore, wealth managers are always trying to protect you and your wealth from that possibility. They evaluate the consequences of each financial decision and are always watching out for any external or internal situations that could put you at risk.
Learn other ways to protect your wealth by reading our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.
Holistic Wealth Management
Another great benefit of wealth management firms is that they offer holistic and comprehensive wealth management services. This means that they are not just focused on aggressive investment and portfolio strategies to grow your assets.
Instead, they take a much more holistic approach where they grow your assets but also try to minimize your costs, protect your wealth, meet short and long-term goals, and much more.
Tailored Financial Plans
One of the essential reasons why a wealth management firm is worth it for high-net-worth individuals is because they provide tailored financial plans. This is crucial for the financial success of such individuals.
If you go to big financial institutions such as banks and investment houses, you will only be offered fixed investment packages that are in no way tied to your goals and targets. As a result, even if you are able to achieve high investment returns, it will be meaningless for you in the long run.
In comparison, wealth managers and financial advisors, such as those at Pillar Wealth Management, will spend plenty of time with you to fully understand what you want in life. This could be financial goals or other more personal goals in your life.
Then, based on that, they will develop more effective and customized financial solutions that help you achieve all your life goals as soon as possible. You can find out why this is so crucial for the success of your investment and overall wealth management plans from our extensive guide on portfolio performance.
Managing Wealth During Major Life Changes
Additionally, they wouldn’t just make a financial plan and simply forget about it. Instead, they will keep monitoring your financial progress and health and keep adjusting your plan accordingly so that you are always striving towards your goals.
This can be especially beneficial when you’re going through major life changes. The birth of a child, marriage, divorce, all these are big changes that can significantly affect your wealth and financial goals. A wealth management firm can help you navigate those changes.
Most importantly, working with a wealth management firm can help you attain financial serenity. This isn’t just satisfaction or trust in your wealth manager. Financial serenity means you truly don’t have to worry about your financial security, your assets, wealth, or your future.
You have complete faith that your wealth manager is the best, and they will do anything and everything possible to help you with your targets and protect you from any risky situations. Check out our fundamental guide on finding the best financial advisors for families worth $5 million to $500 million in liquid assets.
How Much Should You Pay a Wealth Manager?
How much you will have to pay your wealth manager depends on several factors. For starters, most wealth managers that work on a fee-only basis will charge a fixed percentage for their services. This is usually around 1 to 2% of the total assets under management (AUM).
However, as your net worth increases, their rates can go down as well. For instance, if your net worth goes above $10 million, you might have to pay less.
Besides that, it also depends on their money management style. For instance, do wealth managers outperform the market? Do they follow the market index? If they adopt a more active money management style, they will charge you higher management fees as well.
That’s why you should always go for a combination of active and passive money management. You can read our guide on portfolio growth strategies to learn why this matters, as well as other critical shifts you must make for financial security and serenity.
Choosing the Best Wealth Management Firms 2021
Now that you are convinced that the best wealth management firms 2021 are the way to go, you have to decide which one is the best for you because that’s what matters. There are various large wealth management firms as well.
But as mentioned earlier, you might not get customized services. Therefore, private wealth management firms are your best bet. Here is how you should choose the one that is right for you.
Experience is one of the most important things you need to consider. Even if it’s an independent or private firm, they should have plenty of experience. This experience needs to be in the sector, in offering wealth management services, and most importantly, in serving high-net-worth clients exclusively.
You also need to check their credentials by doing a complete background check. Their certifications and licenses will reveal if they have all the proper training required to offer their services. Moreover, the background check will allow you to see if they have any major complaints against them.
Reputation and Reviews
What kind of reputation they hold in the market and what others are saying about their services can give you a direct idea of the level of their skills and abilities. You can also ask any friends and family who have availed their services for a detailed review.
Standard of Care
As mentioned earlier, fiduciary services are critical for establishing a good relationship and ensuring the best services. Therefore, make sure the advisors are registered investment advisors (RIAs) offering fiduciary services.
The best wealth management firms 2021 are critical for high-net-worth individuals and families. Such firms allow affluent individuals to grow their assets in a sustainable manner while also protecting their wealth and working towards all their financial targets and life goals. However, all this requires finding the right wealth management for you.Learn how from our complete guide for investors worth $10 million or more.
Pillar Wealth Management has been offering exclusive wealth management services to high-net-worth individuals for the better part of a century. Our wealth managers and financial advisors are highly skilled and experienced in providing a comprehensive range of services. As a result, we are able to assist our clients in meeting all their goals while attaining financial prosperity and serenity. Set up a no-obligation chat with Pillar Wealth Management today.
To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.
We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.
You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.
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