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Wealth Management Firms Near Me

Are you a high net worth individual? Do you have several million dollars in liquid investible assets? If you have been researching “wealth management firms near me” and how to find good ones, this article should be very helpful. Besides this article, you can also check out this complimentary guide on choosing the best financial advisor for $10 million or more in liquid investible assets.

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Table of Contents
What is wealth management firm?
Is it worth it to use wealth management firm?
How to hire wealth management firm?
Work together with Pillar Wealth Management
Related Posts:

We will first explore “What is a wealth management firm?” Then, we will answer the question “Is it worth it to use a wealth management firm?” Next, we will offer some tips on “how to hire wealth management firms near me?” Finally, we will discuss whether it makes sense to work with Pillar Wealth Management, a firm that manages wealth for anyone with $5 million to $500 million in liquid investible assets.

wealth management firms near me

What is a wealth management firm?

Wealth management is a specialized area of financial planning that deals with financial issues faced by high net worth and ultra-high net worth individuals. The services of “wealth management firms near me” can include retirement planning, tax planning, estate planning, succession planning, investment management, risk management, and other financial planning.

This list of services might sound similar to the one that any financial planning firm may advertise. So, how are “wealth management firms near me” different? A wealth management firm offers a certain degree of exclusivity.

If you work with a reputed firm like Pillar Wealth Management, you know that you only have to deal with one wealth manager. The services are somewhat exclusive, and there is a degree of personalization as well.

The better “wealth management firms near me” probably take on fewer clients, but they go deep into every one of their client profiles. It is also the reason why wealth management firms require clients to have a certain minimum account size.

You can read this book to know more about how Pillar Wealth Management advises clients with $5 million to $500 million in investible assets.

You may already be realizing what some of the benefits are of working with reputed “wealth management firms near me.” Firstly, wealth managers specialize in exactly the kind of account sizes that yours is. The financial aspects of a $5 million portfolio are very different from those of a $500,000 portfolio.

When you are going to plan out your taxes, would you want someone who plans taxes for the average American or someone with a level of expertise that qualifies him/her to serve as a witness in high profile tax matters?

If you are thinking about selling your Florida estate or a 2-acre property, would you seek advice from just another real estate expert or someone who has advised high profile and high net worth clients? Schedule a conversation with Hutch Ashoo and find out someone with experience in high net worth wealth management can make sense for your situation.

Wealth Management Firms Near Me

Is it worth it to use a wealth management firm?

Finding “wealth management firms near me” is not the best option for everyone. If you just finished college and are working at your first real job, then wealth management does not make sense unless you started a company like Facebook from your dorm and are already making millions!

Wealth management also doesn’t make much sense for an average worker who saves a few hundred dollars every month to build up a nest egg that might approach $1 million or $2 million in a few decades.

Wealth management services are chargeable. To answer the question “Is it worth it to use a wealth management firm?”, one needs to understand the cost-benefit analysis of engaging a wealth management firm.

You are more than welcome to schedule a conversation with Chris or Hutch at Pillar Wealth Management to discuss the topic.

If you are someone with more than a few million in investible assets, then every single decision is worth a lot of money. One mistake can easily cost you a few million dollars and the lack of planning can easily result in paying a few hundred thousand dollars in taxes that could have been saved otherwise.

You can search for “wealth management firms near me.” You can also can read this downloadable book on how capital gains taxes alone can make a huge difference in improving the performance for portfolios ranging from $5 million to $500 million. When more money is involved, the stakes are higher as well.

Therefore, it makes sense to engage the services of any of the reputed and experienced “wealth management firms near me.” Such firms either work on a fee-only structure or a fee-based structure.

A fee-only structure means that the wealth manager charges a fee based on a fixed percentage of the total assets invested through the manager, or an hourly rate based on the amount of work done, or a pre-determined amount based on the achievement of a milestone. A fee-based model involves fees and also commissions that “wealth management firms near me” earn for recommending certain investment or financial products to clients.

If we go by the commonly used assets under management method, then a 1% fee for, say, $10 million in assets works out to $100,000 in yearly fees. If there are “wealth management firms near me” that can save you $100,000 in taxes, investment costs, or any other way, and then also manage your portfolio to generate a couple of percentage points in extra returns, then paying the fee makes sense.

Portfolios that are less than $1 million probably cannot afford to pay $100,000 in fees to wealth managers. Therefore, hiring “wealth management firms near me” makes sense for high net worth individuals while general financial planning makes sense for others.

Besides the numerical calculations, let us consider some other factors to determine whether it is worth going to “wealth management firms near me.” The big benefit of working with a wealth manager is simplicity. You only deal with one person rather than consulting a lawyer, an accountant, a financial planner, and other specialists. It saves you time.

Plus, if one person is handling multiple aspects of your finances, then all of those aspects are moving in sync. Decisions are made by considering the impact on all areas of your financial life. If you consult multiple professionals, then each one may not know what the other is thinking. The approach of “wealth management firms near me” will be a lot more synchronized and holistic.

Such a well-rounded approach makes sense when the issues are more complex and the impact is far-reaching. The more money one has, the more complex it is to manage and protect that wealth.

it firms near me

How to hire a wealth management firm?

Do you feel convinced that you are someone who could benefit from the services of “wealth management firms near me?” If you do then you may be wondering one thing – how to hire wealth management firm? The first thing you can do is start searching for “wealth management firms near me.” This involves a simple online search on any search engine that you are comfortable with.

Once you find a few “wealth management firms near me,” visit their websites and check what services they offer. There are plenty of wealth management firms in the country and each one will specialize in specific areas. You want to make sure that you shortlist those “wealth management firms near me” that have experience in the areas of financial planning that matter to you.

Check out this book The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets if you want to learn more about the various areas that the expertise of a good wealth manager covers.

Lastly, read any articles or blogs that the wealth manager has personally written. It will give you an insight into how that person thinks about wealth.

Once you have shortlisted a few promising “wealth management firms near me,” try to schedule a one-on-one meeting with a wealth manager from that firm. A meeting of this sort, either in-person or on video call, can give you the opportunity to get to know the wealth managers at “wealth management firms near me.”

You can ask questions about the wealth manager’s working style, wealth management philosophy, and experience. The idea of this conversation is also to figure out if you can forge a working relationship with the wealth manager.

After all, you need to completely trust the person who would advise you on your hard-earned wealth. Money matters are personal. At Pillar Wealth Management, we encourage you to start a conversation with us even if you are just exploring.

Some questions worth asking are the ones about experience and background. You want to know what got the wealth manager interested in entering the industry in the first place. You also want to know what really motivates him/her.

Ideally, the answer should be along the lines of the wealth manager enjoying the moment when a client achieves his/her financial goals. You can also learn whether the wealth manager is a member of any associations or industry organizations.

One more interesting way of finding great wealth managers is to leverage your professional and personal networks. Chances are that your business partners, clients, or suppliers may already be working with a wealth manager.

Your school or college friends may also be in the same situation. Your relatives can also suggest wealth managers with whom they may have worked in the past. When your own people give you testimonials, you know that it is genuine and you can trust their reviews.

wealth manager near me

Work together with Pillar Wealth Management

As you explore various wealth management firms, we encourage you to look at how you can work together with Pillar Wealth Management. As a fee-only fiduciary practice, we bring together more than 60 years of combined experience in high net worth wealth management. We handle portfolios of $5 million to $500 million.

Our founders are Hutch Ashoo and Chris Snyder. They are very approachable and you can easily get in touch with them for a conversation. Their philosophy is to help clients achieve financial serenity, a concept that involves clients achieving their financial goals while sleeping peacefully every night and not worrying about what will happen to your wealth during the next market crash.

Pillar Wealth Management specializes in offering white-glove wealth management services that are highly personalized and customized. If a client calls us, we know them and their family by name.

Such a level of attention is possible because we do not sign up hundreds of clients. In fact, we only took on 17 clients last year. We are not set up for high volume business like some of the major Wall Street firms and the big-name “wealth management firms near me.”

Our niche approach is also evident from the way we constantly stay in touch with every client. We provide regular updates on portfolios and conduct stress tests on every portfolio that we manage.

Our stress tests use data since the 1920s to check if the portfolio can withstand multiple adverse events. We also work on a fee-only model. It means that we do not earn commissions or kickbacks. Therefore, we have no incentive to recommend or push any investment product which may not be in the best interests of our clients.

Pillar Wealth Management also works with a custodian. A custodian is an independent entity that actually holds all of your assets. Having a custodian prevents conflict of interest situations that may arise if the advisor also holds the assets.

We also have a unique value proposition whereby we commit to ensuring savings of at least $100,000 for every $10 million in assets that the client asks us to manage. We do this because we believe that money saved is also money earned.

Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management.

If you would like to speak with them or simply ask any questions about how custom and trusted wealth management advice is offered to high net worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.

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