Find a Wealth Manager that is Right for You

The Complete Guide to What We Do

If you thought finding a wealth manager would be as easy as searching wealth manager on a search engine and contacting the first one that pops up, you are in for a surprise. While there are numerous wealth managers out there, not every one of them is right for you. As you will learn from our guide on choosing financial advisors for high net worth individuals worth $10 million or more, the wrong financial advisor or manager can lead you towards a retirement full of financial uncertainty. And that’s just one out of the dozen things you need to watch out for. Therefore, if you really want financial success and serenity, you need to find a wealth manager that is right for you.

Pillar Wealth Management offers various investment, financial and advisory services for high net worth individuals and ultra-high net worth families. Our services range from portfolio management to retirement and estate planning and even tax optimization. Using a variety of financial services, our own in-depth knowledge and wealth managers who have more than three decades of experience, we provide personalized and exceptional services to our clients. We focus on their goals and aspirations over our own interests. Book a consultation session with us and discuss your own goals and aspirations.

In this blog, we’ll be discussing why you need a wealth manager, what services they provide and how to find a wealth manager that is perfect for you. Let’s get started.

Why High Net Worth Investors Need a Wealth Manager?

If you have $5 million to $500 million in liquid assets and are hesitating to hand over the management of all that wealth to a third person, assuming that no one knows your wealth better than you do, you are right as well as wrong.

You are right in hesitating to hire just anyone for your wealth management, and we’ll tell you how to go about it in a while. However, you can’t manage your wealth all on your own either. Well, maybe you can, but not as efficiently as a wealth manager. So, to answer your question, do I need a wealth manager?

Yes, you do and here’s why.

Frees Up Your Time

Wealth management is an extremely complicated service. Since it considers all aspects of your wealth and finances, focuses on short-term as well as long-term targets, accounts for internal and external forces, coordinates the strategies for different assets and financial aspects, it not only involves immense effort and skill but also demands a lot of time as well. Time that you, as a high net worth investor, might not always have.

Therefore, with a wealth manager, you can free up all the time spent on managing these affairs and focus on other parts of your life, such as running a business.

Expertise and Experience

Along with time, you might also lack the skills and expertise needed to develop and execute various wealth management strategies. Wealth managers, on the other hand, are highly experienced and skilled at it since that is their entire job. They are at the top of their game when it comes to all the services that come under wealth management, such as retirement planning, accounting, tax planning, etc.

Turn Goals into Reality

We all have financial goals, such as buying that car or saving up $10,000. For high net worth individuals, their goals are much larger in scope and complexity and, therefore, much harder to achieve as well.

With a wealth manager, though, they have much higher chances of meeting those goals. Wealth managers take your vague goals and wishes and turn them into reality by breaking them down into actionable targets and crafting the appropriate strategies.

Personalized Services

Following up on that previous point, wealth managers are wholly focused on helping you achieve your goals. That’s why they spend a lot of time understanding your needs and wishes, your unique financial situation, your risk tolerance, your aspirations, etc., to provide truly personalized services.

They make sure that every plan they make or every action they take is designed to get you where you want to be. Start your own personalized financial planning by getting in touch with the managers at Pillar Wealth Management.

One Dedicated Wealth Manager

Assuming that you find a wealth manager that is perfect for you, you will have a dedicated wealth manager for the rest of your life and perhaps, even after your life.

Unlike with other types of advisors, such as at banks, you will have one wealth manager that will be completely familiar with your case and be managing it according to your wishes. Any time you have a question, you can reach out to your manager for advice.

Financial Serenity

When you combine everything we’ve mentioned above, you get financial serenity and ultimately, that’s one of the biggest reasons why you need to find a wealth manager. Just like you hire other people for other jobs in your life, such as a dentist to pull out a tooth, and completely trust them to do their job, you can trust wealth managers.

Working with them ensures peace of mind and assurance that your wealth is in good and capable hands. You can read about the other shifts you must make to achieve financial serenity from this multi-millionaire’s guide on portfolio performance.

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Ultra-High Net Worth Wealth Manager Services

Now that you know why you need a wealth manager, you might be wondering what they can actually do for you. Here are some services offered by wealth managers.

For a detailed description of all that a wealth manager can do for you, order a free copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.

  • Financial Planning: Wealth managers can draft comprehensive financial plans according to your goals and aspirations while also accounting for your entire financial situation and wealth.
  • Investment Management: Using their experience and skills, they can create optimized portfolios and the right growth strategies to build your wealth and incorporate it with your financial plans.
  • Risk Management: It is as important to build your wealth as it is to protect it, and that’s why wealth managers take the right measures and set up insurance plans to protect and preserve your wealth for the rest of your life.
  • Retirement Planning: Wealth managers can create smart retirement plans that help you achieve all your retirement goals while living with financial security and success.
  • Estate Planning: Transferring your wealth to your heirs can be complicated and messy, but with a wealth manager, you can rest assured that your wealth is divided and distributed to your intended beneficiaries just as you wanted.
  • Tax Management: If not managed properly, taxes can be a big drain on your wealth, and that’s why wealth managers use their expertise to minimize any tax liabilities as much as possible.
  • Other Services: Other services include legal assistance, accounting, banking, debt management, and even general financial advice.

How to Find a Wealth Manager

Now it’s finally time to find a wealth manager that is right for you. Choosing a wealth manager will be one of the biggest and most crucial decisions of your life because the wealth manager you choose will be with you for the rest of your life. So, if you’re wondering, “how do I find a wealth manager?” here are the things you need to consider.

Alternatively, you can also go through our detailed guide on choosing the best financial advisors for investors with $10 million or more in liquid assets.

Credentials

Credentials are a good place to start as they can help you ensure that the wealth manager you’re choosing has the necessary knowledge and is licensed to offer the services that they are offering. Therefore, make sure the wealth manager has all the right credentials and certifications. While you’re at it, you can do a full background check on them to see if there’s anything you need to be worried about.

Minimum Asset Requirement

Next, you should look at the minimum asset requirement set by the wealth manager. Some firms, like private banks, set it at a minimum of six figures. However, people with a net worth of $100,000 require a vastly different level of service than people with a net worth of $1 million or more. That’s why you should stick to wealth managers that have a minimum asset requirement of $1 million, as that means they work exclusively with high net worth and ultra-high net worth clients.

Experience

Consider how long the wealth manager has been working as a wealth manager. When you have $5 million to $500 million in liquid assets, you want a wealth manager that really knows how to handle that amount of wealth, and that knowledge and expertise can only come with proper experience.

So, to find the right wealth managers, you have to ensure that they have plenty of experience in the industry. Start chatting with the managers at Pillar Wealth Management who hold more than three decades of experience in wealth management.

Client Reviews

As you might have realized, many wealth managers and advisors tend to make a lot of promises about what they can do and will do for you. The only way to see if they actually keep those promises is to see client reviews. Check what previous or current clients have to say about them and their services. Only those who have worked with them directly can tell you the absolute truth about their services.

Money Management Style

You should also ask them about their money management style as it can tell you in advance what kind of approach they have towards wealth management. If they are entirely focused on active money management and short-term high returns, it’s a red flag, and you can expect yourself to be paying a lot in taxes and other expenses in the long run. To understand why we say this, we suggest reading our guide on maximizing growth strategies for portfolios.

Ideally, you should go for a wealth manager that strikes a balance between active and passive money management to build your wealth but also minimize expenses.

Fiduciary Vs. Non-Fiduciary

One of the most important things you need to consider is whether they are a fiduciary or non-fiduciary advisor. You should always go for a wealth manager that offers fiduciary financial services. This is because then it ensures that they will be completely working for your best interests ahead of their own. They won’t have any conflicts of interest. Any decision they propose, they will disclose all the benefits as well as drawbacks.

Final Thoughts

Finding the right wealth manager for yourself is certainly not easy. In fact, you can read about all the things that can go wrong if you pick the wrong advisor from our guide on picking the best financial advisors.

However, if you take the time and make an effort to find a wealth manager that is perfect for you, it will be one of the best decisions you make in your entire life. Finding the right wealth manager for yourself is like a one-way ticket to financial prosperity and serenity. However, again, the important point to remember is to find the best wealth manager for yourself. Luckily, we’ve provided you with several tips and guides to make the task easier.

Pillar Wealth Management has some of the best wealth managers and advisors out there. We have a combined experience of working with high net worth clients of more than sixty years. Add our in-depth knowledge, vast resources, and complete dedication to that, and you have wealth managers that you can fully trust with your wealth. We offer fiduciary services and develop tailored solutions for our high net worth clients. If that’s something you’ve been looking for, click here to start a consultation session with our managers today.

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