Finding the best wealth management near me is not a simple task. It can be made simple if you understand wealth management. Once you know the answer to the questions “who is the best wealth manager?”
and “how to hire wealth manager?” you will be in a good position to find the best wealth manager near your location. On a side note, if you have $10+ million in liquid assets, then download this detailed guide on how to choose the best financial advisor.
Table of Contents
Wealth management is something that can enhance your financial situation. It is a service that is highly personalized and consultative.
If you are someone with a sizeable amount of liquid assets, you know that your decisions and financial issues are also complex. They are not the same as the ones facing someone with $500,000. If you feel the need to have a professional voice that guides you through these complex decisions, then wealth management is definitely something to consider.
At Pillar Wealth Management, we have been managing wealth for clients with $5 million to $500 million in investible assets. We offer a unique approach to wealth management that is different from the one adopted by “big name” firms. Therefore, you might consider the option to hire PillarWM.com to protect your ultra-high net worth assets.
Understand wealth management
Wealth management is a form of financial advisory that is geared towards affluent clients and high net worth individuals. For example, at Pillar Wealth Management, we specialize in financial advisory services for clients with $5 million to $500 million in liquid assets. Every wealth management firm will have a range or threshold in terms of the account size that it caters to. But before we get into all of that, and in order to know how to find the best wealth management near me, it is first important to understand wealth management.
As you can imagine, the financial life of someone with $100,000 is very different from another person who has $10 million. However, someone with $100 million will have a totally different situation than the first two individuals. Most people would think that having more wealth equals an easier life. Sure, money can buy comforts. But, with more money comes more responsibility.
The more wealth one has, the greater is the amount of planning that is needed to protect and grow that wealth. As the stakes are much higher, every decision can potentially create an impact worth millions of dollars.
As explained in this downloadable guide on improving portfolio performance for investors with $5 million to $500 million in investible assets, simply choosing between an active and passive fund can have major cost implications for high net worth portfolios.
The primary goal of every wealth manager is to find out everything about a client’s financial life, what is important to the client, and why it is important. Wealth management is a very client-centric service. A wealth manager cannot come in with a pre-determined set of products or solutions in mind.
Every high net worth individual’s financial situation is unique. Each one gets motivated by different things. Each client has different life goals. The job of the wealth manager is to help the client achieve those goals within whatever timeframe the client desires.
If the client wants to buy an estate in Florida and retire there after 10 years, then the wealth manager has to figure out how funds can be ready for purchasing the property. If the client wants to hand over his/her business to the next generation, then the wealth manager has to work on a succession plan and the legal/taxation aspects of the entire handover process.
As you can tell, wealth management is not a cookie-cutter operation. Every single individual is unique and the advice given to that individual is also unique.
And because the amounts involved are in millions, every angle and impact of every decision needs to be carefully studied. Wealth management for high net worth individuals has to be broad-based, holistic, and highly personalized. Feel free to reach out to Pillar Wealth Management to discuss the topic of wealth management or whether it can be a good fit for you.
Wealth management may not be suitable for everyone. Even among high net worth individuals, wealth management makes sense only for those individuals who have diverse aspects of their financial situation playing out and need professional help on multiple issues. The size of the account alone does not determine the need for wealth management services.
Who is the best wealth manager?
Wealth management isn’t simply about your risk tolerance. Many wealth managers focus disproportionately on how much risk a client is willing to take with his/her investments. They tend to then bucket clients into different “risk groups” like high-risk, medium-risk, and low-risk and invest their assets into pre-collated portfolios.
Not only does this limit the number of investment options for the clients (in this case, only 3 options), but in reality, risk tolerance is only one aspect of wealth management.
For the best wealth management near me, there are so many other things to consider. When you ask yourself – who is the best wealth manager, the answer is the one who thinks about what your goals are, what kind of vacations you want to take in the future, how involved do you want to be with your grandkids, and so on.
You can read this guide on choosing the best financial advisors for portfolios sized between $5 million and $500 million to learn how the top advisors measure progress.
The best wealth managers measure progress in terms of whether their wealth management decision-making allowed you to get closer to your life goals. They do not measure performance in terms of the rate of return.
Because let’s face it, talented investment managers can beat the market and give you a high rate of return, but at what cost? If they constantly churned your portfolio, then you will have substantial short-term capital gains taxes to pay. Wealth becomes a benefit only when it allows you to achieve all the things that you want to achieve in your life.
Another common thing that many wealth managers say is that the market has returned 8% during the last 30 years. Therefore, they will benchmark your portfolio with the assumption that it will earn 8% every year.
However, markets do not guarantee a specific return every year. Sometimes, it may be -20%, while sometimes it may be +35%. On average, over a long period of time, it may be 8%. But, is that long period of time in synch with your short, medium, and long-term requirements?
If not, then how does the wealth manager plan out your finances so that you get to your goals when you want to and not when the market situation suggests that it may be a good time to cash out. Life does not wait for anyone, it happens.
Not every financial advisor is wired to be a good wealth manager as well. Wealth management requires a certain degree of temperament and a skill to handle the issues unique to high net worth clients.
Since more money equals more complex financial issues, wealth management also involves coordinating multiple experts in order to holistically address every financial decision. Schedule a free conversation with Hutch Ashoo at Pillar Wealth Management to know how he coordinates multiple services areas under one roof.
Now that you understand wealth management and the qualities that make a wealth manager one of the best, you obviously must be thinking about how to hire wealth management. Luckily, starting the process of finding the best wealth management near me is simple. You simply need to run a search on your favorite search engine.
America has plenty of wealth management firms in various zip codes. You should be able to find a few options close to your location. Once you find a few, visit their websites, and have a look at all of the services that every wealth manager is offering. By going through the website, you will get some idea of what that particular wealth manager specializes in.
Generally speaking, the top wealth managers offer a host of services that span areas like retirement planning, portfolio management, estate planning, taxation, philanthropy, succession planning, and other financial planning.
If a particular service isn’t listed, then you will have to find out if the wealth manager is capable of bringing in outside expertise in areas where in-house expertise is absent. You can read about all the areas of 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.
Once you shortlist the best options, go ahead and speak to them directly. The point of a one-on-one conversation is to evaluate whether you can establish trust with the wealth manager. You also want to ask the manager important questions about wealth management philosophy, ethics, processes, and anything that may be important to you.
At Pillar Wealth Management, we encourage anyone with $5 million to $500 million in investible assets to connect with us and start a conversation. As we have pointed out throughout this article, wealth management is a personalized service and hence, conversation and discussion are important.
Another great way of finding and hiring good wealth management firms is by speaking to your family and friends. Some of them may also be high net worth individuals and have the same sort of financial questions that you may have. And chances are, they may have sought the help of professional wealth managers to plan their finances. You can also request them to connect you to wealth managers that they know.
Hire PillarWM.com to protect your ultra-high net worth assets
Since you have made it this far and are keen on learning more about best wealth management near me, we would like to briefly discuss how you can hire PillarWM.com to protect your ultra-high net worth assets.
Our founders, Hutch Ashoo and Chris Snyder, bring together a combined experience of more than 60 years. We specialize in wealth management for high net worth clients with $5 million to $500 million in liquid investible assets.
Our central guiding principle is helping the client achieve financial serenity. This core principle influences our entire way of working. To us, financial serenity means you achieving all your goals, being able to sleep peacefully at night, and enjoying the lifestyle that you always envisioned for yourself and your family.
In order for us to fulfill our core principle, we need to commit maximum time and resources in understanding each one of our clients thoroughly. It is the reason we only signed up 17 clients last year.
We believe in quality rather than quantity and know our clients and their family members by name. Such a high degree of commitment defines our white-glove wealth management services.
As we are a registered fiduciary, we are committed to doing everything that is in the interest of the client. We even engage the services of an independent custodian who actually holds all your assets.
We do not hold any client assets directly in order to avoid any potential conflict-of-interest issues. You can speak to us directly to know more about the governance and ethics part of our work.
Pillar Wealth Management works on a fee-only model. Our fees are a fixed percentage of the total assets that a client asks us to manage. We do not earn any commissions by recommending specific investment products.
A fee-only model means that there are no commissions involved. So, you can rest assured that we are not incentivized, in any way, to push or recommend products that our clients may not really need.
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 high net worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.
- Best Financial Advisor Firms – In order to evaluate whether a financial advisor is best for you and which are the best financial advisor firms,
- Family Financial Planning – The quality of life that your family enjoys can be dependent on how well your wealth is managed…
- Best Certified Financial Planner – As a high net worth or ultra-high net worth individual, maintaining and growing your wealth is an essential task...
- Wealth Management Firms Near Me – Are you a high net worth individual?…