Best Wealth Management Firms for 2022—Pillar Wealth Management
Are you a high or ultra-high net worth individual looking for the best wealth management firms for 2022? Pillar Wealth Management offers the services of qualified wealth managers with years of experience in managing high-profile portfolios of high-net-worth individuals.Here, our experts at Pillar Wealth Management will share some key insights with you so that you understand what wealth management entails and how you can benefit most from it. If you need more clarity on managing a high net worth between $5 million and $500 million, you can get a free copy of our book 7 Secrets to High-Net-Worth Investment Management, Estate, Tax, and Financial Planning.
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.
Our wealth managers have decades of experience managing the wealth and assets of affluent individuals who have $5 million to $500 million worth of liquid assets. If you’re ready to seek expert guidance, then visit our website to schedule a meeting with one of our wealth managers at no cost.
You may be wondering,“Which bank has the best wealth management?“ or ‘Which is the largest wealth management firm?” Not to worry because we will cover all of this in this quick guide. Keep reading below to learn how to find the right wealth management firm and how to best benefit from its services!
Table of Contents
What Does Wealth Management Entail?
Before diving deeper, we need to understand what wealth management is all about. Wealth management services are utilized by high and ultra-high net worth individuals. Anyone with at least $1 million in liquid assets is considered a high net worth individual.
If you meet that criterion, then you’re going to need the professional support of a wealth manager to deal with your intricate tax situation, ownership interests, business interests, complex investment portfolios, and other particularities that are unlikely to be faced by the average investor. Visit our website to schedule a free meeting with one of our best wealth managers at no cost.
Wealth management is certainly worth it for high net worth individuals because it helps secure and strengthen their financial standing. Wealth managers will invest their time in understanding your wealth goals and recommend strategies for investing accordingly.
Your wealth manager will craft strategies that boost your wealth portfolio. If you’re still unsure whether hiring a wealth manager for your high net worth would be beneficial, then read on for some of the key benefits that they offer.
1. Set and Achieve Financial Goals
At Pillar Wealth Management, our wealth managers can help you make vital investment-related decisions that will have a positive impact on your investment performance. You can make these decisions more confidently when they are recommended by a professional who has done their research and knows the market from the inside out. You’ll have more peace of mind when financial professionals manage your wealth because they bring deeper knowledge and experience to the table.
High net worth individuals don’t have the time to sit down and study the technicalities of wealth management. Even if they do, they don’t need to because hiring a professional is much safer and more economical in the long run. A wealth manager is a dedicated professional who helps you make the right investment decisions based on the goals you want to achieve.
You can schedule a free meeting with one of our experts to get in-depth insights into the strategies we use to safeguard your wealth from market volatility.
2. Lower Investments Risks
Wealth managers have the expertise and knowledge to assess risks associated with investments. Therefore, they are in a better position to devise strategies that minimize those risks. Your wealth manager will evaluate your investment profile and identify all the risk areas so they can work on eliminating them. To get a deeper insight into how to protect your wealth and the importance of risk management, get a free hardcover copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates— Strategies for Families Worth $25 Million To $500 Million
3. Protect and Grow Your Wealth
Volatile market conditions can harm an individual’s wealth dramatically. A wealth manager works on protecting your investment portfolio from such scenarios by designing and implementing security strategies.
They often do this by diversifying your portfolio to ensure that it doesn’t take as big a hit when one part of the market is affected. An experienced wealth manager also keeps sufficient liquidity safe in all circumstances in the form of real estate investments, trusts, and debt refinancing.
4. Reduce Your Taxes
High taxes are often part and parcel of investment management. This is particularly common if you have opted for active investing. This investing style focuses on timing the market to leverage new investment opportunities. The aim is to beat the market to earn high returns. Active investing is advantageous as it can improve your rate of returns. However, it relies heavily on short-term capital gains. The profit you earn here will be taxed as per the ordinary income tax rate. Consequently, you can end up with a pretty high tax bill.
A qualified wealth manager can help you balance between active and passive investing. Passive investing focuses on long-term investments that let you earn a steady return. These returns are taxed as long-term capital gains. The tax rate for these gains is comparatively lower.
At Pillar Wealth Management, we help our clients by using both investment styles to improve their returns while also reducing their tax bills. We also explore other avenues for tax planning that can help lower your tax payments.
To learn about tax planning and how we can help minimize your taxes, click here to talk to our wealth managers.
Remember, wealth management can be especially useful for all high net worth and ultra-high net worth individuals. It can be particularly helpful for managing your assets in the best way possible. If you are an ultra-high net worth individual with over $10 million in liquid assets and need to find a financial advisor, read our exclusive guide.
How to Find the Best Wealth Management Fund for You
Finding the best wealth management firms isn’t as easy as it may look. Here are a few things to consider when searching for a wealth management service.
1. They Offer Fiduciary Advisory Services
Working with a fiduciary advisory firm is essential for holistic wealth management. If your wealth manager has a clear conflict of interest and is utilizing your assets to increase their commissions, then you are in trouble. This type of approach can interfere with your investment goals. For instance, if your wealth manager opts for an aggressive investment strategy that goes against your goals, it could expose you to unprecedented risks. You might lose more money than you anticipated and fall behind on your goals.
The best wealth management firms for 2022 will make sure you get fiduciary advisory services that put your goals and interests at the forefront. They will not compromise your goals or manage your assets in a way that goes against your objectives.
To learn the importance of fiduciary advisory services, get a copy of our hardcover book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families, Worth $25 million to $500 million.
2. They Focus on Asset Allocation and Diversification
The best wealth managers understand the role of diversification and asset allocation. Asset allocation involves distributing your wealth across various asset classes, such as cash, bonds, and stocks. Proper asset allocation and diversification will minimize your risk and make sure you don’t lose a significant chunk of your wealth if the economy takes a dip.
Some wealth managers might assure you your assets are well-diversified by investing them across 20 different stocks belonging to different sectors. Unfortunately, this doesn’t necessarily mean your assets are diversified. Even though you have invested in different stocks from different sectors, your investment portfolio still has a significant percentage of stocks or equities.
If the stock market crashed, all of these stocks would reduce in value, some more than others. In the end, your wealth and projected income will be affected.
Now, consider a scenario where you have invested in 10 different stocks, ten bonds, and ten cash-based investments. In this case, even if your equity investments declined in value, the value of your bond and cash-based investments will remain intact. Even if these assets are impacted, the effect will be less pronounced. This is because these assets are influenced by different variables. Therefore, if something causes the stock market to crash, it might not hurt the bond market. This way, your investments remain secure.
If a wealth management firm utilizes the first approach discussed, we recommend looking for other options. You should make sure your wealth manager understands how diversification and asset allocation really work.
If you want to invest over $5 million in liquid assets, you can also request a copy of our new book, 7 Secrets to High Net Worth Investment Management, Estate, Tax, and Financial Planning.
3. They Have a Robust Approach to Risk Management
Risk management is essential for managing your wealth in a strategic manner. It helps you cut losses and prepare for any“unprecedented” event. Most wealth managers will emphasize growing your returns. However, they might not focus on risk minimization.
This type of approach can deliver short-term results. However, it can be detrimental in the long term. For instance, if the stock market crashes at some point, then depending on your asset allocation, this could hurt your portfolio.
While you can’t expect wealth managers to predict the future, it’s important to remember that the best wealth management firms for 2022 will have measures in place to prepare for such events.
For instance, at Pillar Wealth Management, we do our due diligence and conduct a thorough risk analysis on our clients’ investment portfolios.
We utilize several techniques here. First, we subject your investment portfolio to stress tests. These are carried out by seeing how your portfolio performs against 1,000 risk-based scenarios. Our team develops these scenarios with the help of historical data that goes back to 1925. If a similar event occurs, we will be prepared.
We also use something called the Efficient Frontier. This lets us ensure you are earning the highest possible returns while remaining within your preset risk thresholds.
4. They Understand the Costs of Wealth Management
When you are hiring a wealth manager, you’re likely to ask them about their service fee. There’s a catch, though. You see, the cost of wealth management isn’t limited to how much your wealth manager will charge you. There are several other costs that you may not account for and end up with a pretty expensive bill.
In most cases, this doesn’t occur because your wealth manager is withholding information on purpose. It usually happens because they simply don’t know all the costs. To help you out, here is a list of costs typically associated with wealth management:
• Capital gain taxes
• Costs of active vs. passive management
• Bond sale spread
• Internal expenses
• Tax-loss cultivation
• Advisor’s service fee
If a wealth manager doesn’t know about these costs, it’s likely they don’t have sufficient experience. You need a wealth manager who can offer clarity on your total costs versus your returns. This can help you make sure you are on the right track to achieving your wealth goals.
Schedule a meeting with our wealth managers today to learn about these costs!
Wealth management services are highly beneficial for high and ultra-high net worth individuals. If you want to invest liquid assets worth over $5 million, you can arrange a one-on-one session with our wealth managers by getting in touch with us 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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