Best Wealth Management for High-Net-Worth Portfolios Between $5 Million and $500 Million

High-net-worth individuals with portfolios between $5 million to $500 million in liquid assets have unique financial needs and goals that can’t be fulfilled by just anyone. Their challenges and goals are on an entirely another level and very different from the average American. Accordingly, they need someone of the same caliber to help them manage their wealth and meet all their financial targets, and so, they need to find and partner with the best wealth management firms. However, this is easier said than done. That’s why we suggest reading our exclusive guide on choosing financial advisors for investors worth $10 million or more to learn about the intricacies involved in finding the right advisor for yourself.

One of the best wealth management firms out there for high and ultra-high-net-worth individuals and families is Pillar Wealth Management. We are a private firm offering a range of financial advisory and financial planning services. These include investment management, risk management, retirement planning, tax management, and much more. Our highly skilled wealth managers and financial advisors have been exclusively offering these services to wealthy clients for more than three decades. We are always committed to helping each of our clients meet their financial goals to attain financial security and success in life. Schedule a free consultation with the advisors at Pillar Wealth Management today.

In this blog, we’ll be discussing what the best wealth management firm does, how to choose one, and how to hire one. Let’s get started.

What Does Wealth Management Do?

For affluent individuals who have $5 million to $500 million in liquid assets, making financial decisions isn’t easy. For starters, even a small mistake or misjudgment can cause them to lose millions or billions of dollars. This can throw off all their financial plans or even put their retirement at risk.

Similarly, it’s hard to find someone you trust enough to consult regarding all your financial goals, challenges, and even life aspirations. For such affluent individuals, the solution lies in the best wealth management firms. They can help you make smarter financial decisions and establish an open and honest relationship so that you can attain financial serenity.

So, hiring a wealth management firm is crucial for wealthy individuals and families. Here are some of the major services that most wealth management firms offer.

Financial Planning

This is one of the most major aspects of wealth management and critical financial service. There are certain types of financial advisors out there who exclusively offer this service. Wealth management firms offer extensive financial planning services where they map out your entire financial plan according to your goals and targets in life.

Furthermore, they also help amend and adjust the plan as your goals change or as the market changes so that all your financial decisions always have a direction and your wealth management stays efficient and effective.

Investment Management

Designing the perfect portfolio to reap high investment returns still remains a big challenge for wealthy individuals. They might allocate their assets right but not diversify the portfolio or vice versa. Similarly, they might make their entire investment strategy ineffective by incurring high transaction costs or capital gains taxes.

Either way, investment management is one of the most critical, if not the most, aspects of any wealth management strategy. It can be hard to sustain your wealth, fulfill all your goals, and lead a worry-free retirement without investment management. Therefore, avoid risking your assets by handling them yourself and work with a wealth management firm.

At Pillar Wealth Management, our advisors and managers test portfolios against around 100 years of market data to accurately predict its performance in various situations. This way, we help our clients design the most secure portfolios that reward them with high returns at low costs. Learn about the other strategies we employ from our extensive guide on portfolio performance.

Best Wealth Management

Retirement Planning

A major mistake that many high-net-worth individuals or even ultra-high-net-worth families tend to make is to wait till they reach their 40s or a later stage in life to start planning for retirement. As you will learn when working with the best wealth management firm, retirement planning should be started in your 20s only.

The earlier you start, the better are the chances of meeting all your retirement goals. Accordingly, your wealth manager will draft the right retirement plan for you depending on which stage of life you are in.

Moreover, they will help you revise the plan as you grow older as well. For instance, as you grow older, your investment strategy will grow less aggressive, you will take lesser risks, and you will shift to safer and securer investments. Get in touch with Pillar Wealth Management for a free chat about your retirement planning.

Risk Management

Wealth management firms also help employ the appropriate risk management strategies. High-net-worth individuals may have vast amounts of wealth, but they also face that many risks as well. These could be internal risks or external risks, or even risks that they had never even thought of.

Any changes or volatility in the market, a marriage, divorce, or even an illness, all pose a risk to the financial health and security of such individuals. That’s why wealth managers and financial advisors will help you with comprehensive insurance planning, legal assistance, and portfolio and asset diversification strategies to neutralize any risks.

Read more about it from our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.

Tax Management

While it may seem simple and straightforward, tax management is another crucial financial service that requires a high level of expertise and experience. You have to be aware of the tax implications of each financial decision.

You have to stay aware of the tax laws and regulations of a particular state or within the financial sector, you’re operating in. Additionally, you have to stay updated with all changes in tax laws as well. As you can imagine, this is not something that anyone can do.

You will need the best wealth management firm for expert and effective tax management. At Pillar Wealth Management, our wealth managers and advisors have been helping wealthy clients with their taxes and other expenses for more than six decades now.

Estate Planning

As an affluent individual with $5 million to $500 million in liquid assets, you must be concerned with securing your wealth for your heirs and other loved ones as well. That’s why you need estate planning. This isn’t as simple as drafting a will and putting your signature on it.

There are numerous factors to consider to ensure a smooth transfer of wealth. There can be legal disputes, family conflicts, and even major tax charges. A wealth management firm can help you avoid all this trouble and ensure that your assets go to your intended beneficiaries.Start your estate and legacy planning today by scheduling a free consultation with Pillar Wealth Management.

Choosing the Best Wealth Management Firm

Now that you know how vital it is, you might be wondering, how do I choose wealth management? This is a vital question because you will only succeed in your financial goals when you have the right wealth management firm for you.

You can’t simply search for the best wealth management and choose the first one that comes up. Here are a few things wealthy individuals can evaluate wealth management firms on to determine if they are right for them.

Experience

Experience matters a lot in this industry but also within wealth management specifically. More experience usually indicates a higher level of skills and expertise. Their years on the job equip them with special knowledge, which then helps them in developing better wealth management strategies for you.

Sometimes, at large wealth management firms, they will pair you with a new wealth manager who has only been offering financial services for two or three years. However, someone of your caliber needs a wealth manager that has at least a couple of decades of experience.

Credentials

Another thing you need to check is their credentials. They should have all the credentials and certifications which allow them to provide the services they are offering. Certain types of financial advisors are not allowed to advise affluent clients and can only help them execute their financial decisions because they lack the right licenses.

Therefore, make sure you check their credentials to ensure they have the necessary training and knowledge, and they are allowed to provide the services they are providing.

Standard of Care

As mentioned earlier, trust and good faith are crucial for working with the best wealth management, and this only comes from the right standard of care. Your wealth manager or financial advisor should offer fiduciary services. This ensures that they will always prioritize your interests before their own.

They will always be committed to helping you. These advisors will always act in good faith and with the utmost honesty and integrity. Read our guide on choosing financial advisors for investors worth $10 million or more to learn why fiduciary advisors are so important.

Money Management Style

This is another significant consideration that you need to take note of before time. Many financial advisors tend to adopt a money management style that focuses heavily on active money management.

While this does help reap high returns in the short run, it also leads to high costs and expenses in the long run. That’s why at Pillar Wealth Management, we rely on an ideal balance between active and passive money management.Learn why this is important from our handy guide on portfolio growth strategies.

Customized Financial Plans

You should also make sure the wealth management firm offers customized financial services and plans, which is often hard to find at large wealth management firms.

At such institutions, you might be forced to follow a standard investment package that works for the firm but has no relation to you. That’s why you need to work with private wealth management firms where you have a dedicated advisor drafting personalized financial plans according to your unique circumstances.

How Do I Hire Wealth Management?

Using those factors, you might have narrowed down your list of potential wealth management firms. But there’s still the most important step left: hiring the best wealth management firm. Here’s what you need to do.

Step 1: Background Check – Do a background check to ensure they have the right credentials and offer fiduciary services.

Step 2: Set Up a Meeting – Set up a meeting so that you can gauge their skills and abilities better. You can schedule a free consultation with Pillar Wealth Management as well.

Step 3: Ask the Right Questions – Ask them the right questions, such as about their investment philosophy, range of services, customization, etc.

Wrapping Up

While it is definitely hard to choose the best wealth management firm, it is also worth it. If you find the right firm and advisor according to your needs, they will be working for you for your entire life and perhaps even after that to attain financial serenity.Read our exclusive guide on finding financial advisors for high-net-worth individuals seeking financial serenity.

Pillar Wealth Management can help you attain that financial serenity through its experienced advisors, extensive services, and utmost dedication and commitment. We work closely with all our high-net-worth clients to understand all their needs and formulate the most effective solutions for them. Plan a free consultation with our fiduciary financial advisors today.

Authors

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.

More from authors.

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