Wealth Management Beverly Hills– Find The Best– By PillarWM

Do high net worth folks use wealth management? You bet they do. Using wealth management Beverly Hills as a search is a good way to ensure you will meet all your financial targets as well as other personal goals through smart investment strategies and comprehensive financial plans. Some affluent individuals choose to manage their assets on their own, but often they lack the time and skills to do so efficiently and effectively. Similarly, some high-net-worth individuals and families opt to work with private banks and brokerage houses. However, all they get here is a cookie-cutter experience and face conflicts of interest that could hurt their financial position. That’s why we recommend you uncover the secrets to working with the best by requesting our thorough “7 Secrets” 80 page guide; it is specifically written for individuals with between $5 million and $500 million in liquid investable assets.

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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.

Pillar Wealth Management is a private firm. We have 100% fee-only fiduciary financial advisors who have been working in this field for more than three decades. We deal exclusively with ultra-high and high-net-worth clients with $5 million to $500 million in liquid assets and provide a range of financial advisory, financial planning, and investment management services. Our financial advisors work closely with all our wealthy clients to understand their needs and aspirations in life and develop tailored financial solutions accordingly. Set up a no-obligation conversation with Pillar Wealth Management today to get started on your wealth management needs.

In this blog, we’ll be discussing what is included in wealth management Beverly Hills, why you need it, and how wealth managers get paid. Let’s dive right in.

Wealth Management Beverly Hills

What is Included in Wealth Management?

Many high-net-worth individuals take on the duty of managing their wealth themselves as no one knows their goals better than they do. While this part may be true, managing $5 million to $500 million or even more worth of liquid assets is not easy.

It doesn’t simply require knowledge or experience of handling money or investments. It requires you to fully grasp how the market works, how the tax regulations work and how they impact your wealth, how to draft estate plans, how to come up with effective retirement plans, how to manage debt, cash flow, legal issues, and endless other things.

For the average affluent individual, it’s hard to have knowledge, let alone experience, of all these things. That’s why they find it so hard to accomplish their goals quickly. We suggest reading our brilliant guide on the best financial advisors to learn how they can help with your financial goals.

More importantly, that’s why they need wealth management Beverly Hills because it encompasses a range of services that the firm is experienced in. These are some of the services included in wealth management.

Financial Planning

Financial planning is one of the most crucial steps in wealth management. You might have a goal of accumulating $100 million or investing in a friend’s business, or leaving your heirs $50 million. However, turning that goal into reality is much, much harder, and that’s why you need extensive financial planning.

The financial advisors at wealth management firms will ask you about all your goals and targets in life, about any reservations you may have, your timeline and other details, and then develop a comprehensive financial plan based on that. This will be the road map to help you achieve all your goals as soon as possible.

Investment Management

Investment management is one of the tools used within wealth management Beverly Hills to help high-net-worth individuals grow their wealth and meet their targets. However, it’s easier said than done.

Effective investment management requires a deep understanding of how the market works and how to deal with market volatility while allowing you to reap high returns from your assets. It requires smart asset allocation as well as portfolio diversification.

It requires choosing the right management style to keep a balance between returns and costs. Learn about the different management styles and why they are so important from our eye-opening guide on portfolio growth strategies.

Retirement Planning

Ultimately, everyone is working to secure a financially successful retirement where they don’t have to worry about money and can simply live the retirement life they desire. However, while people know exactly what they want after retirement, they don’t know how to make it possible.

They would know that they want to travel the world, but they wouldn’t know how to start preparing for it from today. This includes figuring out how much to save vs. invest vs. spend. Wealth management can help you figure it all out and work towards a secure retirement.

Risk Management

Despite having $500 million in liquid assets or even more, high and ultra-high-net-worth individuals and families stand to lose all of it due to a number of factors. It could be market volatility that could affect their investments, pushing them towards bankruptcy.

It could be a divorce with complicated legal issues that could result in them losing a significant portion of their wealth. Similarly, it could be a medical issue or a number of other unforeseen circumstances that could threaten their financial health.

That’s why wealth management is always employing various risk management strategies to protect affluent clients’ assets. Discover other ways to protect your assets and wealth from our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.

Tax Planning

Taxes play a major role in any American’s life, but for high-net-worth individuals, one wrong decision could cost them tens and hundreds of dollars in taxes every year. That’s why it is so critical and a crucial part of wealth management Beverly Hills.

While it’s hard to avoid taxes altogether, it is possible to minimize them so that you can retain a maximum portion of your wealth. Wealth management firms will carefully analyze all financial decisions and their tax implications to make sure you bear the least amount of taxes.

They might suggest certain strategies like moving to no income tax states or employing tax-loss harvesting strategies. Schedule a free session with our advisors, who hold decades of experience in tax planning and management.

Estate Planning

Over time, as your wealth, as well as your family, grows, you will have new goals and targets, and one of these will be to secure your children’s financial future. This can be done through proper estate and legacy planning. Drafting and signing a will might be the easier part.

Managing the conflicts and handling the legal disputes will be the harder part which is why you need wealth management. They will ensure the entire process of transferring your wealth goes smoothly and your assets go to your intended beneficiaries. They will also make sure that you don’t lose major chunks of your wealth to taxes.

Other Services

Besides these major financial services, most wealth management firms offer a number of other financial planning and financial advisory services as well. In comparison, if you go to other financial institutions, it will be hard to find all these services under one roof.

At Pillar Wealth Management, we offer accounting, banking, debt management, cash flow planning, legal assistance, and a wide range of other services. Plan a free chat with our financial advisors and wealth managers to learn about the full range of our financial services.

Why Do You Need Wealth Management Beverly Hills?

If you think that you can probably get all these services at other financial institutions, there are several things you need to consider. Working with different organizations for different services will first drive up your expenses as you will separately paying everyone.

More importantly, this way of wealth management will not be very efficient as your financial activities will not be aligned and integrated with each other. On the one hand, one advisor may be telling you to play it safe as you are near retirement, while your broker might be suggesting risky investments with high returns so that you can accumulate more wealth.

The lack of synergy will only take you further away from your goals. Besides that, here are a few other reasons why you need wealth management Beverly Hills.

Holistic Wealth Management

As you must have guessed from the broad range of services included in wealth management, it takes a more holistic approach to manage your wealth. Wealth management doesn’t just focus on growing your assets through aggressive investments.

Rather, it focuses on protecting your wealth as well and controlling costs, meeting short-term as well as long-term costs, and much more.

Fiduciary Duty

Most wealth management firms have fiduciary financial advisors. Such advisors are legally obligated to work towards your best interests. They can not have any conflicts of interest. They must always prioritize your interests above their own, even if they are facing any potential losses.

They have to always act in good faith and with complete honesty and transparency. This not only ensures a trustworthy relationship but also leads to better results.

Customized Financial Plans

Another important reason why you need wealth management is customized financial plans. Most other financial institutions tend to ask you basic questions about your risk tolerance and then offer you the same basic packages they offer everyone else.

But, things are different at wealth management firms. Wealth managers spend a lot of time understanding all your needs and then come up with customized financial plans accordingly. Read our exclusive guide on portfolio performance to see how customized solutions can affect your entire wealth management strategy.

How Does a Wealth Manager Get Paid?

When you choose to work with a wealth management firm, you will have a dedicated wealth manager who will be looking over your assets and accounts and managing them according to your wishes. But how does a wealth manager get paid?

Their compensation depends on various factors such as how they charge clients and the precise services they off. However, usually, most wealth managers charge a fixed percentage on the assets under management (AUM). This percentage is usually around 1% but can even go as high as 5% sometimes.

Final Thoughts

Partnering with the right firm for wealth management Beverly Hills can play a big role in whether a high-net-worth individual is able to achieve all their financial goals and attain financial success for themselves and their family. You already know why a wealth management firm is important. Now it’s time to focus on finding the right wealth management firm for you with the best financial advisors. Read our brilliant guide for investors worth $10 million or more to discover how to find such advisors.

Pillar Wealth Management is an independent wealth management firm that has been working with high and ultra-high-net-worth clients exclusively. We hold more than 6 decades of combined experience in helping clients with all their financial needs and gearing them for financial success and prosperity. We are continuously consulting with our clients to stay on top of their needs and desires and develop personalized solutions accordingly. You can plan a free chat with Pillar Wealth Management today to discuss your wealth management needs.

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.

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