The Complete Guide to What We Do
There are several benefits of hiring a wealth management consultant, particularly if you’re an individual who has a minimum of $5 million in liquid investable assets. For instance, a wealth management consultant has in-depth knowledge and expertise in managing the portfolios and assets of affluent individuals and families. They have an in-depth information of all the various financial products available and keep an eye on the market movements to swiftly capitalize on any available profitable trend. Read our handy guide to learn how you can choose the best wealth management consultant for yourself.
At Pillar Wealth Management, we have a team of highly competent and skilled wealth management consultants who work with individuals who have assets that are worth between $5 million and $500 million. To know more about how we can grow your wealth, sign up for a meeting with one of our consultants.
Table of Contents
What Is A Wealth Management Consultant?
If you’re part of the millionaire club, you might have heard people in your circle talking about a wealth management consultant. However, you may not have a detailed understanding of what is a wealth management consultant. So, in this section, we’ll discuss everything you need to know about a wealth management consultant and how they work.
In layman’s terms, a wealth management consultant or a wealth advisor is a financial advisor who utilizes the various available financial instruments, such as financial and investment advice, tax management, accounting, legal or estate planning, and retirement planning to efficiently manage the assets of affluent individuals and families.
As the name suggests, wealth management consultants adopt a consultative approach to providing relevant financial products and services. This means that they hold regular meetings with their clients to understand their long and short-term financial goals and develop plans to accomplish those goals.
Unlike other financial planners, wealth management consultants usually require a higher account minimum for their client’s assets under management. In fact, a lot of wealth management consultants have a minimum asset requirement in the millions. For instance, at Pillar Wealth Management, our wealth management consultants work with clients who have a minimum of $5 million worth of investable assets. Sign up for a free consultation with one of our team members to learn more about how you can manage your wealth.
Wealth Management Consultant for High Net Worth
Wealth management consultants develop comprehensive plans that encompass several wealth management services. This allows them to ensure that their clients successfully reach their financial targets.
Here is a list of the most common services of a wealth management consultant for high net worth individuals.
– Tax Planning
– Retirement Income Planning
– Estate Planning
– Insurance Planning
Getting profitable returns on investments does sound exciting. However, it does come with a major drawback – hefty taxes that can cost you up to thousands of dollars.
On the bright side, you can avail the tax planning services offered by wealth management consultants to effectively lower your tax burden. Tax planning primarily involves creating and executing various techniques to reduce the amount of taxes you need to pay.
Our firm’s wealth management consultants will prudently analyze the size of your investments, the timings of your investment returns, and your other income sources to construct a tax-minimization plan for you. Plus, if you hire our wealth management consultants, you won’t need to worry about missing any tax deadlines that can lead to severe consequences such as penalties and prison time.
Investment management encompasses developing and handling an investment portfolio. It involves creating a comprehensive investment strategy, overseeing the portfolio’s asset allocation, tracking the investments’ performance, and making changes as needed. Thus, unlike popular belief, investment management is much more than merely buying and selling investments and assets.
At Pillar Wealth Management, our consultants manage entire investment portfolios for our wealthy clients. We specialize in creating comprehensive investment strategies to allocate our clients’ wealth among the various investment classes, such as collectibles, stocks, mutual funds, etc. Hence, our designs help to ensure that our client is able to reach their financial targets. If you want to get more details on how to get the highest investment returns, make sure to read Improving Portfolio Performance – The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
Retirement planning is a vital service provided by wealth management consultants. You need to be mindful that you won’t have an active source of income after you retire. Instead, you’ll have to satisfy your financial needs through the passive income created by your assets and other investments.
Along with that, many high net worth and ultra-high net worth individuals have specific goals for their retirement. For instance, some wealthy individuals want to spend a worry-free retirement in their family estate, whereas others desire to travel the world or buy a luxury car.
Our wealth management consultants are adept at formulating thorough retirement plans, which will allow you to receive a stable post-retirement income. This way, you can continue to enjoy a luxurious life even after retirement. You can read our guide, 5 Critical Shifts for Maximizing Portfolio Growth Strategies, and get more information on how you can convert your retirement dreams into reality.
Before you pass away, you need to pick out the people who will receive your wealth and inherit your assets upon your death. This is essentially what estate planning is all about. One primary goal of estate planning is to ensure that your beneficiaries receive the assets and wealth in a way that reduces estate taxes, gift taxes, etc.
However, many people underestimate the importance of proper estate planning, which ends up costing their families large amounts of wealth and tension when they’re going through a very vulnerable time. In our new book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million, we discuss estate planning and its associated problems in detail.
In conclusion, estate planning is an indispensable part of your wealth plan. Having a proper plan for the future will allow you to leave a better legacy for your family. Our wealth management consultants will devise an in-depth estate plan that encompasses various financial tools such as getting the right life insurance coverage, proposing a succession plan, creating a trust, etc. so that your beneficiaries don’t lose out on any wealth in taxes.
If you don’t have a complete plan, whether it’s an investment plan, retirement income plan, or estate plan, you won’t be able to grow your wealth, live a comfortable post-retirement life, or leave your wealth to your loved ones. But if you don’t have a proper insurance plan, each aspect of your financial plan can be exposed to various risks.
Meticulous planning will allow you to determine and plan for all the associated risks in every aspect of your financial plan. Proper insurance planning helps eliminate any unpredictable threats such as incapacitation, long-term disability, or even sudden death. Thus, where a financial plan aims to increase your wealth, insurance planning seeks to protect and safeguard it.
At Pillar Wealth Management, our wealth management consultants know how reps from the insurance companies can trick you into purchasing a plan you don’t need. Thus, we offer insurance planning services to ensure that you aren’t wasting your hard-earned money on a program that doesn’t provide adequate coverage.
Additionally, we can even go through your current insurance plans to check for any loopholes that can cost you a substantial amount of stress and money. We are even conscious of the fact that change is an inevitable part of life, and hence, we will regularly evaluate your insurance plans to make sure that they’re adequately suited to your needs.
How to Find A Wealth Management Consultant?
A popular question that high net worth and ultra-high net worth individuals ask about wealth management is “how to find a wealth management consultant?” So, if you’re wondering the same, here are some steps you can follow to ensure that you get the best wealth management consultant to attain your financial goals. You can even read The Ultimate Guide to Choosing the Best Financial Advisor, written by our wealth management consultants, to learn how you can select the best wealth management consultant.
Step #1 – List A Couple of Names
If you’re on the lookout for a wealth management consultant, you can perform a quick Google search to find out the names of a few wealth management consultants. However, the best course of action is to get a few recommendations from your family members and friends. So, make sure you ask high net worth or ultra-high worth people in your circle about the wealth management consultants they hire and work with.
Step #2 – Carry Out a Complete Background Check
When selecting a wealth management consultant, make you properly do your homework. Thanks to the Internet’s wide availability, this task has now become very simple for affluent individuals such as yourself.
While you’re researching wealth management consultants for yourself, you should specifically look at their skills, qualifications, and the services they provide. Certain wealth management consultants might be listed on the CFP website or the Financial Planning Standards Board (FPSB). Hence, you can look up these databases to know more about their background and credentials.
Another option is to research your shortlisted wealth management consultants on LinkedIn and go through their work experience, educational qualifications, etc. Any books, blogs, or guides that a wealth management consultant has authored also adds to their dependability and credibility. Moreover, if the wealth management consultant says they have any memberships, you can ask for their registration number and check its validity.
Step #3 – Set Up a Preliminary Call or Meeting
After you’ve evaluated a wealth management consultant’s credibility, you should aim to schedule a preliminary meeting with them, either on call or face-to-face. This step will allow you to know more about their personality and make up your mind if this is a person you can trust with your wealth.
In your first meeting with a wealth management consultant, you can ask them various questions about wealth management and see if they can give you satisfactory responses. Some questions that you can ask include:
– What approach do you use for wealth management?
– How many years of experience do you have?
– Have you previously worked with high net worth or ultra-high net worth clients?
– What wealth management services do you provide?
Best Wealth Management Consultants
If you want to choose the best wealth management consultants for your needs, make sure you pay special attention to the following things.
Experience and Past Performance
Looking at a wealth management consultant’s experience is the best way to learn about their skills and abilities. This is because specific skills, such as investment allocation, are only learned from experience.
Apart from experience, the past performance record of a wealth management consultant is also very critical. In all seriousness, it doesn’t make sense to hire a wealth management consultant who has consistently failed its clients. So, make sure you read actual client reviews and check how they’ve performed in the past.
At Pillar Wealth Management, our consultants have been offering wealth management services for over 30 years. We have helped our clients get through the 2008 Financial Crisis and are presently helping them overcome the COVID-19 pandemic. To learn more, schedule a free consultation with our experienced wealth management consultants.
Fiduciary services are incredibly essential when choosing a wealth management consultant. In fact, this is the only way of knowing if your wealth management consultant is fully dedicated to helping you attain your goals. Fiduciary wealth management consultants are authorized by the SEC to always act in your best interests, so you can be assured that whatever action they take will benefit you, even if it doesn’t benefit them.
At Pillar Wealth Management, our wealth management consultants offer fee-only, fiduciary wealth management services so you can be at ease that your wealth is going to be safe.
Last Few Words
Selecting the best wealth management consultant plays a significant part in effective wealth management. At Pillar Wealth Management, our wealth management consultants will learn about your financial goals and help you develop strategies to achieve those goals.
Based on our experience, we believe we are the wealth management company that you can opt for. So, what are you waiting for? Visit our website and have a free consultation with our expert wealth management consultants.
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