Are you concerned about wealth management in Cincinnati? If yes, then you are not alone. You probably have questions about your finances, such as diversifying yourinvestment portfolio or increasing your second or third source of income. You might also have multiplefinancial goals, especially if you are a high-net-worth individual. The goals might range from buying your second dream home in Cincinnati to investing in your retirement or even taking a luxury vacation on your next yacht. But, how do you go about achieving those goals while ensuring that you protect and even increase your wealth? Well, that’s where a wealth manager comes in. In case you don’t know who a wealth manager is, this article will explain what they are and do and examine why you need a wealth manager and how to find the perfect one for your financial needs. If you have an investment portfolio of $10 million and above, check out this guide that Pillar Wealth Management LLC made specifically for you.
Here is everything that you should know about finding wealth management inCincinnati from Pillar Wealth Management, LLC , a leading wealth managementcompany that helps clients invest anywhere from $5 million to $500 million + in liquidassets. For more information on how to properly manage your assets, you can schedule a free, no-obligation consultation call with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.
Table of Contents
Wealth Management for Retirees and Pre-Retirees
As a high-net-worth or ultra-high net worth retiree or pre-retiree, your financial needs are quite different services from the average individual. This is why you need a wealth manager in Cincinnati that is familiar with the challenges that affluent individuals with $5 million to $500+ million in assets face. With a wealth management firm, you have access to some of the best professionals in the financial industry that understand how best to grow your wealth, protect it, and pass it on to future generations. If you want some more information on improving yourportfolio performance, get a copy of our guide, Improving Portfolio Performance:The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
In the professional financial world, several people fall into the category of financial advisors. This is true as many professionals can provide financialadvisory services of some sort. Bankers, insurance brokers, stockbrokers, and many other professionals in the financial sector all fall within this category. Irrespective oftheir job title or description, any financial advisor or professional’s basic duty to provide financial advisory services is to help their clients manage, protect, and grow their wealth and investments.
However, because many professionals can provide financial advisory services or even identify as financial advisors does not mean that they are a good fit for you, especially with your unique needs as an affluent individual. Most general financial professionals are more suited toanswering the questions and providing services for the middle class. As a high net worth or ultra-high-net-worth individual, you will have more complex financial needs like planning for generational wealth, and will need more specialized knowledge to meet those needs. You can schedule a free consultation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder and Hutch Ashoo to help you figure how best to plan your retirement and manage your investment portfolio.
Types of Clients Wealth Management Service
As an affluent client in Cincinnati, what are the available wealth management options that you have? It is important to know how to protect your incredible wealth. Here’s a list of wealth management options available to you as a Cincinnati resident:
Managing your Wealth Personally
The first and most obvious method of wealth management in Cincinnati is to do it personally. When you manage your wealth and investments personally, you won’t need to pay any advisory fees to any professional financial service provider.However, there’s an obvious disadvantage to managing your wealth personally.
Managing a large investment account will require knowledge and skills in a wide range of financial fields. To manage your considerable investment portfolio personally, you need to be skilled in multiple fields such as tax planning, estate planning, insurance, investments, and many other fields. Gaining sufficient mastery of these fields to manage your resources it would require a lot of time and effort, which unfortunately, most people do not have. This is why most affluent investors do not manage their wealth personally; rather, they hire financial professionals to provide them with the wealth management services that they need. If you want to know more about the financial professionals that can help you manage your investment portfolio, check out our free resource, The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. This resource will help you find the best financial advisor and help you build your investment portfolio.
Financial planners are professional financial service providers whose main duty is tohelp you draft a comprehensive financial and investment plan. When working with afinancial planner, the major thing they do is work with you to determine your financial goals and then help you plan a path to achieve those goals. This plan will provide a template for you on spending, saving, and investing for the future.
Achieving your financial and investment goals will include several steps, such as figuring out the best investments that will help you reach your goals, minimizing your tax liability, and using insurance products to secure your financial future. A financial planner will take into consideration all your financial goals while building an investment plan that will help you succeed financially.
Although a plan is important to managing your wealth in Cincinnati, there are several issues that you will experience if you work with a company that offers only financial planning services. First, most financial planners in Cincinnati tend to give general financial advice. They might not know about specific investments and securities that affluent clients, such as those with investment portfolios of over $10 million, may need.
Second, most financial planners cannot help you purchase the investments you need.
Instead, you will need to work with a stockbroker to purchase the stocks, bonds, or other securities outlined in your plan. If you want to improve your portfolioperformance, then get a copy of our guide, 5 Critical Shifts For Maximizing Portfolio Growth 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.These two reasons are why a financial planner, although important is not enough manage your considerable wealth.
Stockbrokers or investment brokers are financial professionals that help clients manage their investment portfolios. An investment broker is knowledgeable about investment solutions that can help you achieve your short and long-term investment goals. An investment broker, also known as a stockbroker, we help you purchase investment vehicles such as stocks, bonds, and securities to meet your financial goals. As you probably know, investing is one of the best ways of increasing your wealth, and by working with an investment broker, you can do that.
There are two major issues with working with an investment broker as a high net worth or ultra-high net worth individual with assets of between $5 million to $500 million.
The first is that just like financial planners, many investment brokers in Cincinnati are experienced with managing investment portfolios for only the average class. This means that they may not be able to appreciate the complexities that come with handling large investment portfolios worth $10 million or more. If you want more information on how large investment portfolios will be handled, you can schedule a free conversation with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo.
Cincinnati Securities and Investment Advisory Services
Insurance agents, accountants, stockbrokers, and financial planners all identify with
the title “financial advisor” And to an extent, they are right because they do provide financial advisory services. However, the only financial professionals that offer a comprehensive set of services that are custom built to fit high-net-worth and ultra-high-net-worth individuals are wealth managers. It is, therefore, necessary to define what wealth management is.A wealth manager in Cincinnati will help you manage your investment as well asfollow a holistic financial plan. A typical wealth manager’s role will span awide variety of financial services, from banking to estate planning, investing, and eventax planning. A wealth management service’s goal is to ensure that you plan forand achieve your financial goals. You can think of them as the quarterbacks of yourfinancial team.
The major reason wealth managers are suited for managing the considerableinvestment portfolios of affluent clients is that they are bound by fiduciary duty.Fiduciary duty means that your Cincinnati wealth manager is bound by law to providefinancial and investment advice that is in your best interest. 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 act in your best interests to the best of their ability.
Wealth Management Cincinnati– Advantages of Fiduciary Duty
This is a significant advantage that wealth managers have over investment brokers. Investment brokers are paid on commission, which means that they get paid a percentage every time you buy or sell a security through them. For instance, let’s assume that you are a retiree or pre-retiree and want to invest in your retirement. You then explain to your investment broker that you would like to know about investments that can help you grow your investment fund. If you have the best investment broker, they will provide you with a list of the best investments that can help you achieve your goal and earn a commission on the purchase. But what if another investment provides your stockbroker with more commission, but it is not the best investment for you? Unfortunately, there is nothing that stops your investment broker from doing this. If they suggest something that fits your need to boost your retirement savings, they can sell it to you. While we hope that your investment broker will be honest enough to suggest the best possible financial products for you, you can never be too sure.
This is not the case with a wealth manager in Cincinnati, as they are bound by law to provide you with the best investment advice within the limit of their ability. You can expect your Cincinnati-based wealth manager to give you the best possible investment advice to meet your goals. For more information on 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.
Cincinnati Registered Investment Advisor
Pillar Wealth Management LLC is seen as one of the top wealth management firms in the USA. They offer financial advisory and wealth management services to high and ultra-high net worth individuals in Cincinnati and all over the US, who own assets between $5 million and $500 million and ones who 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 Management LLC.
- Wealth Management Philadelphia – Philadelphia is the economic hub of the state of Pennsylvania…
- Wealth Management Kansas City – Are you a high net worth or ultra-high net worth individual…
- Wealth Management Orlando – Creating wealth is not an easy task, and wealth management…
- Wealth Management Raleigh – A high net worth individual has plenty of decisions to make…