Wealth Management Chattanooga: Investing Wisely – PillarWM

Table of Contents
Understanding Wealth Management Chattanooga Tax Planning Why You Need Private Wealth Management Why Choose Pillar Wealth Management?

Understanding Wealth Management Chattanooga

Wealth management is a broad collection of services offered to individuals with a high net worth or ultra-high net worth. This includes assistance on matters related to finance, investments, wealth transfers, and retirement. You can learn more about our wealth management services by signing up for a free consultation.

At Pillar Wealth Management, we help clients by offering the following services:

• Investment Management
• Estate Planning
• Retirement Planning
• Wealth Transfer
• Risk Management
• Insurance Planning
• Tax Planning

Investment Management

At Pillar Wealth Management, we define investment management as a comprehensive method for managing your investment portfolio. Our clients rely on our investment management services to make decisions that are in-line with both their short term and long term financial goals.

Effective investment management is all about following the wealth management Chattanooga plan you have created. We use a multifaceted approach that takes taxes and risk management into account. This helps ensure that your assets are secure and that your portfolio remains resilient during unexpected market shifts.

We discuss the importance of asset allocation in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

Estate Planning

You may have heard about estate planning services from different financial advisors. Every high net worth, as well as ultra-high net worth individual, will need to create a comprehensive estate plan at some point in their lives.

An estate plan encompasses many different tasks related to the distribution of your wealth and settlement of taxes following your demise. Nobody enjoys thinking about their passing. However, without a proper estate plan in place, your wealth may not be distributed to the right people or organizations once you are no longer around.

We encourage all our clients to create an estate plan as soon as possible, as you never know when an unexpected tragedy may occur. You can use our estate planning services when creating a financial trust, choosing a charity to donate to, and planning the distribution of wealth between your children and spouse.

Our wealth managers have experience creating estate plans for clients at different life stages. You can trust them to build a plan that keeps all parties satisfied.

Retirement Planning

Retirement planning is one of the more overlooked aspects of wealth management Chattanooga. High net worth, as well as ultra-high net worth individuals, may believe they are protected from many of the challenges that less wealthy retirees face. However, retirement creates unexpected hurdles for just about anyone.

When you retire, you are essentially giving up on your primary source of income. This usually means your wealth will stop growing and may shrink, as you will be living off your savings.

Many investors with high-value assets will continue receiving passive income from their investment gains. However, the wealth generated from these sources could be much smaller than you imagined.

By using our retirement planning services, you can ensure that you have enough savings to last you for several decades. We can set up a retirement plan that saves you from having to downgrade your lifestyle. Our wealth managers can also help you choose investments for growing your wealth. Get in touch with our experts for assistance on creating a secure retirement plan.

Wealth Transfer

Many people conflate wealth transfer with estate planning. Wealth transference is indeed one component of an estate plan. However, a wealth transfer plan helps you chart out wealth succession during your lifetime.

There comes a point in every high value or ultra-high value investor’s life where they need to hand over the reins of their business to their children. However, without the right wealth transfer plan in place, you may be charged high taxes during transference.

By transferring your wealth to your children during your lifetime, you can avoid inheritance taxes. Planning your wealth transfer in advance also allows you to discuss your wealth distribution choices with your children. This is important, as your adult children may question or be displeased with how your wealth is to be distributed.

At Pillar Wealth Management, we can help you create a wealth transfer plan that minimizes taxes and keeps each of your children satisfied.

Risk Management

Every business or portfolio is susceptible to certain risks. Market conditions are controlled by numerous factors we cannot control, and this often results in unexpected shifts. We discuss the risk of market fluctuations in our special guide for investors with $10 million or more.

The 2008 financial crisis and the Coronavirus pandemic have demonstrated how quickly markets can change. You can reduce the financial impact of such events by following the right risk management strategies.

Risk management refers to a collection of strategies to minimize financial losses during unexpected events. We can help you protect your wealth by repositioning ownership of your assets, and also by setting up the right insurance plans.

Insurance Planning

Individuals with a high net worth or ultra-high net worth can cover the cost of medical procedures with greater ease compared to those with average net worth. However, the cost of certain medical procedures can be much higher than one would expect. A heart transplant or a double lung transplant may set you back by over a million dollars.

In addition to this, certain medical procedures are not covered by most health insurance plans. If you require one of these surgeries, you may need to pay out-of-pocket. Such an event may not bankrupt high net worth individuals, but you may be forced to sell off some of your assets and downgrade your lifestyle in order to pay the bill.

At Pillar Wealth Management, we understand that medical bills can leave a significant impact on your retirement savings. Our wealth management Chattanooga experts can help you get set up with the right insurance plans that keep you covered during unexpected medical emergencies.

Tax Planning

If you are someone with a high net worth or an ultra-high net worth, you may already be paying a much higher percentage of taxes than the average person. This is inevitable given tax laws in the country. However, that doesn’t mean there aren’t ways to reduce the amount of taxes you owe.

Our wealth managers can study your portfolio in detail and create strategies to make your assets more tax efficient. This ensures that you do not pay more in taxes than you absolutely need to.

Why You Need Private Wealth Management

The aforementioned services can help you maintain your wealth, and possibly even grow it. However, there are many other reasons why you should choose private wealth management. Chattanooga residents with $5 million to $500 million in liquid investment assets should consider Pillar Wealth Management for the following reasons.

Gaining Better Insight into Your Finances

Many individuals with high net worth and ultra-high net worth usually remember the first few assets they invested in. However, as your portfolio grows with time, it becomes more complicated and difficult to track. After a certain point, you may stop looking back on your past investments and simply focus on looking ahead.

If you intend to protect your wealth and help it grow in the future, you will need to possess a good understanding of your finances. This process can take a substantial amount of time and effort. In addition to this, many investors do not have a background in finance.

In these situations, you can rely on wealth managers to offer assistance. Our wealth managers can study your finances closely and identify the various income sources and expenditures affecting your wealth. By doing this, you can determine which direction your finances are headed in.

Reaching Your Financial Goals

At Pillar Wealth Management, we understand that each individual has their unique financial goals. Some are simply looking to maintain their financial security in the long run, whereas others are interested in growing their wealth over time.

Similarly, some are interested in setting up passive income sources for their retirement, while others simply want to hand over their assets to their children. Whatever your financial goals may be, we can help create a plan that makes it happen.

We customize each of our plans to fit your financial background and needs. Our wealth managers are there to help you during the planning process and also during the implementation of each plan.

You do not need to have an in-depth understanding of finances to be able to reach your goals. Our plans may include some advanced strategies, but we ensure that they are still simple enough for our clients to understand. You can learn about some of our portfolio growth strategies in our special guide.

More Services Than a Financial Advisor Can Provide

You may be tempted to seek out the aforementioned services from any financial advisor. However, ordinary financial advisors do not offer the wide range of services a wealth manager does. Learn how to choose the right financial advisor with the help of our guide.

This also means that wealth managers are knowledgeable and experienced in certain areas that financial advisors are not. As a result, the plans created by our wealth managers are more comprehensive than those provided by financial advisors.

In addition to this, our wealth managers maintain regular communication with clients. We strive to keep them in the loop regarding each update to their portfolio, as this is one of the most important aspects of expert wealth management. Chattanooga residents with $5 million to $500 million in liquid investment assets should sign up for a free consultation at our website.

Clear Cut Fees

Many individuals with high net worth and ultra-high net worth are reluctant to seek out financial planning advice regularly because their financial advisor charges them for each consultation.

At Pillar Wealth Management, we charge our clients a fixed annual fee with no hidden charges. This means you can seek advice from our experts without having to pay a fee each time.