Wealth Management Cleveland: Retirement Planning and Wealth Management – PillarWM
Managing your wealth is of the upmost importance no matter what age you are. However, it can be especially crucial if you are a high net worth or an ultra-high net worth individual nearing retirement. Given this situation, you may need to rethink your strategy for wealth management Cleveland. Cleveland residents such as yourself can tackle these challenges with the help of Pillar Wealth Management. We are a premier wealth management firm that provides services for investors that have $5 million to $500 million in liquid investment assets. Here is our handy guide for investors with $10 million or more who wish to outlive their wealth.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
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.
Table of Contents
Challenges of Managing Your Wealth After Retirement
A significant percentage of high net worth and ultra-high net worth individuals do not have wealth management plans set for their retirement. Visit our website to sign up for a free consultation and learn more about the importance of wealth management in retirement.
If you are in the process of charting out the specifics of your plan, you should familiarize yourself with the many challenges that lie ahead.
Stepping Into Unknown Territory
Your assets may be secure in the short run, but it is difficult to predict how market conditions will be in the future. If a sudden shift occurs, you may end up losing some of the key assets you were banking on to you keep you afloat.
The 2008 Financial Crisis and the on-going pandemic are reminders that things can always take a sudden turn without warning. To protect yourself from being left high and dry, it’s important to find ways to allocate your wealth in secure places.
In addition to changes in market trends, the manner in which financial decisions are made is also evolving. Modern technology enables investors to receive the latest information about happenings worldwide and has also made decision-making much faster. However, this has also resulted in increased volatility in markets.
Uncertainty Around Longevity
Advances in the medical field have made it possible for us to live much longer lives than ever before. These breakthroughs are likely to continue into the future and could result in you living much longer than expected.
It’s becoming frequent for people to spend as many years after retirement as they did working. Your savings and assets can help ensure that you never quite deplete your wealth, but you may need to significantly downgrade your lifestyle, especially if several years have passed since your retirement.
You should be able to enjoy your wealth after retirement while feeling that your finances are being managed safely. You can achieve this by using the services of trustworthy wealth managers who understand your current needs and future ones. Visit our site to consult with one of our experts and help achieve a comfortable retirement.
It’s crucial to stay on top of managing your assets when you belong to a higher tax bracket. If your finances are being managed by the wrong individuals, who are only focused on profiting off your wealth, it could be detrimental to your financial stability.
After retirement, you may need to continue paying high taxes even though you are no longer actively earning. This can be difficult to do if your assets and wealth are not being adequately managed.
Inflation can also create problems for you once you have retired. Without an active form of income, the value of your wealth may continue to decrease over time. Before you know it, you are unable to maintain the lifestyle you envisioned for your retirement and may need to liquidate your assets.
Your high net worth may offer some protection initially, but coupled with many decades of retirement; you may begin to notice your spending power decreasing. After a certain point, you may feel as though you are unable to make the same level of investments you once used to.
Paying for insurance may not be a problem for you while you are still earning an active income. However, with fewer income sources to draw from in retirement, the cost of health insurance for you and your partner may begin to add up.
In addition to this, old age often brings many unexpected health problems with it. The cost of treatment for a certain number of these conditions may be covered by your insurance company. However, there may be certain treatments and surgeries that aren’t covered by their policies. In such situations, you may be required to pay for treatment out-of-pocket.
Procedures such as heart transplants and lung transplants can cost well over a million dollars. Paying for these procedures out-of-pocket can put a dent into your retirement savings and force you to downgrade your lifestyle.
Transferring Ownership of Your Business
It’s natural for you to want to transfer ownership of your business and assets to your adult children after retirement. However, this approach does not always work out as expected.
It’s not uncommon for family relationships to become strained when a business becomes involved. A falling out between family members could jeopardize the well-being of your business.
In addition to this, your children may follow a different management approach than you did. If they are struggling to run the business in the right manner, it may affect the income it generates, as well as your financial security in retirement.
Understanding Wealth Management
Many of the aforementioned challenges can be overcome with the help of wealth management Cleveland. This refers to financial planning services that include financial advice, family legacy planning, investment planning, and tax counseling.
Effective wealth management requires a well thought out strategy. These approaches are explained in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
We not only help you preserve your existing wealth but also help you grow it. This is especially important in the context of your retirement, where you will be living off savings and passive income sources.
Wealth Manager vs. Financial Advisor
When seeking out advice on high net worth wealth management Cleveland residents such as yourself may be tempted to choose a financial advisor. While a wealth manager and a financial advisor may appear to play the same role, there are many key differences between them.
Differences in Duties
Financial advisors focus on delivering services related to lifestyle planning. This can include retirement planning, helping manage cash flow and budgeting practices. They typically serve clients of any net worth.
Wealth managers are a type of financial advisor that typically deals with high net worth clients. For example, at Pillar Wealth Management, we work with clients with over $5 million in liquid investable assets.
We offer you constant support and guidance on matters related to financial management. We also maintain contact with other high net worth individuals in your network, such as accountants and attorneys.
By contrast, financial advisors may communicate with you only a few times in a given year. They may not offer the wide range of services we do, such as legal planning, real estate planning, and family legacy planning. Here is our handy guide for selecting the right financial advisor for you.
Differences in Involvement
A financial advisor may assess your financial position and create a special plan that enables you to meet various financial goals in the long run. However, their role is typically limited to creating a plan and giving advice on the next steps to take.
As wealth managers, we strive to have a clear understanding of your assets and help manage your portfolio on an on-going basis. We also assist with more complex matters than financial advisors are able to. This includes offering advice on portfolio tax management, long-term estate planning, and business transfers to your children. Set up a free consultation through our website and learn more about our wealth management services.
Wealth Manager vs. Asset Advisor
Many people turn to asset advisors for help with their finances and assets. Like financial advisors, they too perform functions similar to wealth managers. However, they also play a limited role in money management and wealth management Cleveland compared to professional wealth managers.
An asset manager can help you with managing your assets, such as stocks and bonds. They may aid you in achieving your goal of growing your wealth through investment. But this is usually where their involvement ends.
As wealth managers, we take care of duties related to managing assets and investments while also taking other aspects of your financial situation into account. We go beyond simply telling you where to invest and actively work towards setting up your finances so that they are secure. Here is a helpful guide detailing strategies for maximizing your portfolio performance.
How to Choose Wealth Management Cleveland?
If you are planning for a worry-free retirement, you should seek out a wealth manager that meets your needs. However, finding the right person or firm for the job can be tricky if you are unfamiliar with these services.
If you want to know how to find retirement planning and wealth management services, consider using the following strategy:
Learn About Their Clients
When looking through the different wealth management firms in your city, it is important to learn about their existing clients to determine if they are the right fit for you. Some firms take on clients with $5 million to $25 million in assets, while others, such as us, specialize in helping investors with $5 million to $500 million in liquid investment assets.
It’s best to go with wealth managers who have experience dealing with clients in a financial position similar to yours, as they will have a better understanding of your needs and preferences.
Inquire About Their Availability
A good wealth manager needs to be available to offer advice and oversee your portfolio on a regular basis. If the wealth management firm you are looking into deals with clients infrequently or is unavailable most of the time, they may not be the right fit for you.
Frequent communication can be important to ensure that both you and the wealth manager are on the same page. At Pillar Wealth Management, we maintain a high level of involvement with clients and offer them updates at least once each quarter.
When considering a wealth management firm to handle your portfolio, it can be important to look at how many years of experience they possess. It may be risky to entrust your finances to a new firm with limited experience in this area.
At Pillar Wealth Management, we have over 60 years of experience offering services to high net worth and ultra-high net worth individuals. The combined expertise of our wealth managers will help ensure your finances are secure.
You should also ask about the types of plans a wealth management firm offers its clients. Some firms provide you with the same plans they offer to other clients without focusing on your specific needs and preferences. At Pillar Wealth Management, we offer fully customized wealth management analysis and plans to help you achieve your unique retirement goals.
Before choosing a wealth management firm, you should consider what their fee structure is. Some wealth managers may charge on an hourly basis, which may discourage you from seeking out their services frequently. At Pillar Wealth Management, we offer services with a fixed annual fee.
This reduces any uncertainty and hidden costs in the fee structure so that you know exactly how much you will be paying for wealth management services.
Why Choose Pillar Wealth Management?
We have 60+ years of experience offering services for high net worth and ultra-high net worth clients. We offer specially tailored advice for you based on your unique needs and life goals. Check out our helpful guide to portfolio growth strategies.
At Pillar Wealth Management, you can expect to receive services such as:
- Tax minimization strategies
- Real estate planning strategies
- Strategies for retirement, insurance, and stock options
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