Wealth Management Chicago

Table of Contents
Why Clients Seek Wealth Management Services Wealth Management for Business Owners Financial Planners in Chicago – Wealth Management Chicago Investment Brokers in Chicago Fiduciary Wealth Management Chicago, IL Wealth Management Firms in Chicago

Your goals can range from buying a second or third home in your dream location, investing and saving to support your family, or even taking an expensive yacht for a vacation in exotic locations.

But how can you achieve these goals while protecting your wealth? This is where a wealth manager comes to deliver financial planning and advice as to your solutions. This article will cover what wealth management in Chicago is and how to find the best wealth manager locally. If you have investable assets of $10 million or more, get our free resource; The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. It will help you find the best wealth manager in Chicago and help you build your investment portfolio. If you’re looking for a specific $10 million portfolio investing solutions, take a look at our guide here.

The article was created by Pillar Wealth Management LLC, a wealth management firm that caters to the needs of affluent clients who have between $5 million and $500 million in liquid assets and are looking for guidance to protect and increase their wealth. If you would love to get professional investment advisory services from experienced financial experts, you can book a free, no-obligation session with Chris Snyder and Hutch Ashoo, the co-founders of the firm.

Why Clients Seek Wealth Management Services

As a high net worth or ultra-high net worth business owner in Chicago, how do you manage your considerable wealth? Perhaps you have noticed that you need some help to manage your finances. But how do you know when it is time to hire a wealth management service? Here are a few indicators of when you need the services of a wealth manager or financial advisor.

During Times of Personal Change

As a human being, you will encounter times of change in your life. If you are getting engaged, married, having a baby, or preparing for your kids to go to college, these are times of personal changes, and you likely need the help of a wealth advisor to navigate these periods and free up your time. If you are contemplating getting into a serious relationship or just got engaged, you should start having financial conversations with an advisor and your partner as a high net worth individual. This is because money mistakes, mismanagement, and disagreements can affect the relationship negatively. If you’re expecting a baby too, a wealth manager can help you adjust to that reality as a neutral third-party. A wealth advisor can also assist with financial decisions like the kind of plan to use when it’s time to start planning for your kids’ college or your retirement. If you need professional financial advice in times of personal change, you can schedule a free consultation call with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.

You Don’t Have a financial plan

If you don’t have a plan for how best to utilize your finances, or your spending is becoming reckless, then it might be time to hire a wealth advisor. One of the basic principles of financial planning is to have a financial plan that you work with and stick to it. If you’re having trouble creating a financial plan that takes all your goals into account by yourself, you might want to talk to a wealth manager and seek advice.

A comprehensive financial plan is the foundation of good investment management. As a high net worth or ultra-high net worth individual, it may seem like overkill because you have enough money to last multiple lifetimes. However, it is important to have a financial plan that covers all your financial goals and remains flexible enough to account for the changes you might want to make in the future, especially if you want to plan for generational wealth. If you need more information about how to choose a financial advisor, our team at Pillar Wealth Management, LLC, created this valuable resource for you. Receive your copy of The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets.

You don’t know how to manage your Investment Portfolio.

As good as a financial plan is, it must be implemented for your goals to be achieved.

Investing is one of the ways that you protect, manage, and increase your wealth, so it is vital that your investment portfolio is appropriately managed. If you are a high net worth individual in Chicago with an investment portfolio of $10 million and above, then you might need more than a regular investment broker. Our free guide specifically tailored to you may be of use. This is because most regular stockbrokers are not equipped to handle the complexities that come with large investment portfolios. Wealth managers can be specially trained and experienced in handling the challenges that come with a sizeable investment portfolio – they will help you invest your capital in the best way they can to generate maximum gains.

You need help with Taxes and Insurance.

As a high net worth individual, your taxes and insurance might be more complex than those of the average person. Your taxes and insurance must be handled properly, or it can prove dreadful to your net worth. The help of a financial advisor in Chicago comes in handy here. They are usually experienced in handling tax, insurance, and other financial matters that are peculiar to high net-worth and ultra-high net worth individuals. If you’re interested in finding out how your assets and estate can be better managed, request your free 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.

Our team at Pillar Wealth management will ship it to your home for free.

Wealth Management for Business Owners

As a wealthy business owner in Chicago, how can you manage your wealth properly? What are your options for ensuring that your considerable wealth is protected and invested well?

Obviously, the first option would be to try and manage it by yourself. It might even look easy, as you don’t have to search for a wealth manager or pay a financial advisor for their services. But is it really the best option?

When it comes to managing assets between $5 million and $500 million, specialized knowledge will always be needed. You would need to be knowledgeable in investing, accounting, tax planning, and estate planning. You would also need to develop many other fiscal management skills. If you lack these skills, you can lose out on opportunistic strategies, or make incorrect investment decisions that can be substantial. For example, if you are not good at investing and invest your money incorrectly, your financial legacy could run into extreme volatility without protection and lose hundreds of thousands, if not millions in your portfolio. Therefore, managing your finances personally might not be the best idea unless you have the required knowledge and skills.

If you want to live a life that is enhanced by your wealth, instead of entirely focused on it, there is a better way than to do it alone. The right type of financial service provider can turn personal wealth into generational wealth. If you would like to receive information about improving your investment portfolio, get our free guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity. This guide was prepared by Pillar Wealth Management, a wealth management company that caters to high net worth and ultra-high net worth clients with $5 million to $50 million in assets.

Financial Planners in Chicago – Wealth Management Chicago

A financial planner is another option for managing your finances and achieving your financial goals as a wealthy business owner in Chicago, IL. The job of a financial planner is to help you develop a solid plan for your investment portfolio. This plan, when thoroughly created, will guide your savings, expenses, and investments. It can be likened to a financial blueprint that describes how you are going to achieve your financial goals and will include several things, such as the kind of insurance that you should get, risk tolerance to diversify your investments, and so on.

The major challenge of using only a financial planner is with the implementation of the plan. A financial plan for a high net worth individual with $5 million to $500 million in liquid assets is likely going to be complex. Most financial planners cannot directly invest, so implementing the plan becomes a major challenge. To know more about managing your investments, you can schedule a free, no-obligation call with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.

Investment Brokers in Chicago

Another way to manage your investment portfolio in Chicago is to use an investment broker. Investment brokers also called stockbrokers, help you purchase the investments and securities that you need to meet your plan requirements. Investment brokers understand stocks, bonds, and mutual funds and can help you diversify your portfolio. However, they are rarely involved with creating long term plans, so you will still need to work with a financial planner. Working with both a financial planner and an investment broker in Chicago comes with two major challenges. The first problem is that it might be hard to get both professionals to work together, which can be detrimental to your portfolio.

The second problem is that your stockbroker can decide not to act based on your interest, which should be one of your biggest concerns. Many stockbrokers get paid on commission, which means that they are paid when you buy or sell a security. The amount that they get paid varies from one security to another. This might seem simple enough, but it opens the door for your broker to advise you on securities that give them more commissions but are not beneficial for you. And this is acceptable by law. If the stockbroker provides you with advice that falls within the category of what you require, then it’s perfectly legal. This is another advantage that wealth managers have over other financial service providers. If you want to improve your portfolio performance, get a copy of our guide, 5 Critical Shifts For Maximizing PortfolioGrowth Strategies For Families Worth $5 million to $500 million. This guide will show you the shifts that your investment portfolio must go through to grow.

Fiduciary Wealth Management Chicago, IL

The last type of financial advisor that we’ll talk about is a wealth advisor. Wealth advisors are professionals that focus on constructing personalized wealth planning and specialize in investment management for high net worth and ultra-high net worth people. A good wealth advisor will provide the services of a financial planner and an investment broker. They’ll work with you to determine your investment priorities and create a plan that helps you achieve them. Then, they’ll help you put that plan to work by selecting the best possible investments to help you meet your financial goals. Hence, you could say that they are your guide when walking on the path to reach investment success. An investment advisor will work by implementing a personal approach to understand you better especially when it comes to your current financial circumstance. They will utilize your personal information as well as a thing like the name of your dog. In doing so, the advisor can come up with a personalized financial strategy for you. This is the reason why many investors tend to hire an investment advisor especially an independent one.

When selecting a professional financial service provider, it is important that they are fiduciaries, or bound by fiduciary duty. Fiduciary duty means that your wealth manager is bound by law to always act in your best interests. For a business owner to create a wealth management firm company, they must be a Registered Investment adviser (RIA). This designation is only given after the company owners have passed a financial management exam. They then register with the state that their firm will operate in or the U.S. SEC, depending on the size of the investment portfolio they are managing for their clients. Fortunately, most wealth advisors are bound by fiduciary duty, which means that your relationship with them is entirely in your best interests, and the advisor will always provide financial service in your best interests to the best of their ability.

For more information on how a wealth manager can assist you to manage your investments in Chicago, IL, you should schedule a free conversation with fiduciaries Hutch Ashoo and Chris Snyder, the founder, and CEO of Pillar Wealth Management LLC.

Wealth Management Firms in Chicago

Pillar Wealth Management LLC, All Rights Reserved, is one of the top firms in wealth management in the USA. They offer financial advisory and wealth management services to high and ultra-high net worth individuals in Chicago and all over the US, who own assets between $5 million and $500 million or have investment portfolios of $10 million and above.

With over 30 years of experience in managing the wealth of affluent clients, you can be sure to get the best possible investment and financial advice that they can provide. You can get started by scheduling a free, non-obligatory conversation with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth LLC.

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