Wealth Management Fort Lauderdale:
The Complete Guide to What We Do
If you are a business owner with more than $10 million in liquid assets, you should be managing your money differently than everyone else. Your way of thinking about money and making financial decisions should be unconventional.Most of the wealthy people turn to professionals for help when it comes to wealth management Fort Lauderdale – and for good reasons. They tend to have multiple income sources,including a well-established business. They also appreciate any assistance with trust administration and estate settlement, hoping to build a financial legacy.
If you are also an affluent business owner, you need to know all of your options and the opportunities that can help you achieve your financial goals. As retirement approaches, youmay need help with business succession and exit strategies as well. While Fort Lauderdale wealth management for business ownersmay seem overwhelming, a trusted expert can help make the process smoother. Read our guide and take notes on how you can find the right financial advisor for your financial needs and goals. You can contact usat Pillar Wealth Management to discuss your concerns with an expert.
Pillar Wealth Management has earned a reputation for offering personalized services for wealth management. We work with affluent individuals having $5 million to $500 million in investable wealthand help them take their business to the next level while preserving maximum wealth. Our wealth managers utilize carefully curated money management strategies aimed at minimizing your financial risk and maximizing your profits. With us, you expect to see your wealth portfolio being optimized like never before!
Table of Contents
Read on to find out how smart high net worth individuals manage their money while growing their business.
Fort Lauderdale Wealth Management for Business Owners
If youhave managed to accumulate a lot of wealth over time, the chances are that your business has played a pivotal role in it.Your business brings several opportunities for you to build wealth and achieve the financial serenity you desire. To capitalize on these resources, you must first learn the art of wealth management Fort Lauderdale. This is, of course, easier said than done.
Fort Lauderdale wealth management for business ownersrequires tailored solutions and a well-thought-out plan.Your financial situationand objectives are unique and so are your needs related to business, taxes, and estate planning.You also need to consider your risk tolerance before trying out ways to grow and preserve wealth as a high net worth business owner.
FiveMoney Management Strategies You Need to Know about
Without further ado, let’s tell you how high net worth and ultra high net worth individuals grow and maintain their riches while pushing their business on the road to success.
1. Benefit from Automatic Savings and Investment
One of the best strategies for Fort Lauderdale wealth management for business owners is to automate your savings and investment. As a wealthy business owner, you must have specific investment objectives and financial goals. To achieve these targets, you need to develop a habit of saving and investing.
For many high net worth and ultra high net worth individuals, a portion of their income goes directly into their retirement account. You must have a clear idea of how much you need to spend your golden years in peace and luxury. A good rule of thumb is to save 15% of your earnings tospend the rest of your life comfortably.While automatic savings and investment really help, it all starts with a mentality of investment.
2. Find Smart Ways of Budgeting
One thing that affluent individuals have in commonis that they don’t chase instant gratification. When it comes to effective Fort Lauderdale wealth management for business owners, impulse buying is out of the equation.We understand that humans are naturally wired for instant gratification butthe key to preserving wealth in the long run is to learn the difference between wants and needs.
Remember, it’s all about the financial choices you make now! You can’t accumulate wealth if youspend faster than you earn.This is why budgeting is critical to growing your wealth. High net worth individuals who want to enjoy a financially secure future stick to a budget and are prepared to dodge whatever life throws at them.This helps them optimize their wealth portfolio without taking unnecessary risks.
That being said, it is better to work with a professional for successful wealth management Fort Lauderdale.You can read more aboutrisk-aversive portfolio performance optimization in our free guide here.
3. Consult with an Experienced Wealth Manager
Developing a customized, comprehensive plan for Fort Lauderdale wealth management for business owners warrants in-depth knowledge of budgeting, saving, taxes, investing, and a variety of other financial matters. Obviously, you don’t have the time to learn the ins and outs of wealth management Fort Lauderdale when you are a busy business owner.
Therefore, the best bet is to consult with a qualified and experienced wealth manager who stays abreast of the changes in these financial fields. An expert will guide you on setting a budget and organizing your finances, setting you up for a financially secure future.This will be the beginning of your planning for achieving all your short and long-term goals. To discuss different budgeting methods for smart wealth management Fort Lauderdale, feel free to schedule a free consultation with us today!
4. Follow a Long-term Financial Plan
Having a long-term financial plan in place is one of the most important money management strategiesfor affluent business owners. Once you have developed a budget that pushes you to save more than you spend, it’s time to look into the future and create an action plan.
You may struggle to comprehendwhat you can achieve with your current wealth portfolio but you don’t have to worry when you have a professional wealth manager by your side. Once you haveset short-term goals in place, you can start thinking about long-term objectives, including retirement, new business venture, and vacations.With a carefully curated long-term financial plan, your chances of achieving financial serenity are much higher.
Want to delve deeper into the details of developing a financial plan? Let’s talk with an expert at Pillar Wealth Management!
You can also order a hardcover copy of our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million for free to understand the nuances of Fort Lauderdale wealth management for business owners and how you can preserve your wealth and protect your assets with the right strategy.
5. Steer Clear from Debt
When you’re a high net worth or ultra high net worth business owner looking to grow and preserve wealth, debt and interests are your worst enemies!
One of the biggest mistakes any affluent individual can make is to overspend their means. To avoid this, you must use your credit card accounts wiselyand stay on top of the due payments. On the other hand, if you have a hard time staying disciplined, you should consider limiting your access to credit cards for emergencies. Accumulated debt on credit cards exposes you to high interest rates and unstable minimum payments.Keeping this in mind, you must play smartly with debt to save yourself from paying high interests.
The idea is to prioritize your financial security over portfolio performance. Read our guide here to find out about the five necessary shifts you must make if you want to optimize your portfolio and achieve all your financial goals.
What about Trust Administration and Estate Settlement?
Trust administration and estate settlement is a crucial part of Fort Lauderdale wealth management for business owners. As part of your long-term financial plan, youwould want to ensure that your assetsare transferred to the entitled parties exactlyas per the provisions of your trust when you die.
Hence, choosing a trustee is essential to protecting your wealth and your family.Professional wealth managers take asset management and trust administration very seriously. They handle your revocable and irrevocable trusts, estates, charitable trusts, and Individual Retirement Accounts (IRAs)and help you achieve your financial goals. You can trust them to proficiently deal with the accounting, tax reporting, investment, and distribution of your trust.The best thing is that they will take the time to know you and your family and fully understand your financial situation, goals, and requirements.You can rest assured that you won’t get a one-size-fits-all solution for trust administration and estate settlement.
With trust administration services, you may get the following benefits:
- Asset protection
- Investment management
- Federal tax savings
- Charitable giving
- Extended disposition of assets
That being said, you must know that estate settlement can be a drawn-out affair. There are a lot of complications and it can be frustrating if you don’t have proper knowledge of the subject. A wealth manager in this case will help you handle the following:
- Probate of your will
- Filing of personal, estate, and fiduciary returns
- Gathering and valuation of your estate assets
- Paying debts and covering administration expenses
- Asset distribution
- Reporting requirements with the court
If you are worried about trust administration and estate settlement and want to enjoy maximum peace of mind regarding financial matters,consulting with an expert wealth manager is the way to go. These professionals are fully equipped with proper knowledge, skills, and resources to help you with wealth management Fort Lauderdale. Just make sure you work with the right professional who is willing to listen to your problems and understand your financial situation, needs, and goals. You can read more about choosing the best financial advisor in our free guide here.
Create a Smart Plan for Wealth Management Fort LauderdaleWith Pillar Wealth Management
Puttingyour trust in the right wealth manageris the key to effective Fort Lauderdale wealth management for business owners.A well-experienced professional with a wealth of knowledge will put the hard work on autopilot for you and help you develop a long-term financial plan that’s not realistic but also in line with your situation and goals. They will put you in the best position to optimize your wealth portfolio and achieve long-term financial serenity.
That being said, it is always best to talk to multiple wealth managers before choosing to work with one. You can discover their approach to wealth management Fort Lauderdale and find out how they will help you grow your business while protecting your wealth. The best wealth managers willoptimize your portfolio performance without exposing you to too many financial risks.
At Pillar Wealth Management, we aim to help you lay the groundwork for a financially secure future by managing your money like a pro. Our money management strategies are highly customized, tax-efficient, and risk-tolerant. You can rest assured that our approach to wealth management Fort Lauderdale willenable you to balance financial risks and security.Our expert wealth managers will also help you create a long-term financial plan that perfectly aligns with your needs, preferences, and goalsand minimizes your costs and risks as much as possible. You can trust us for creating the financial legacy you desire!
Please get in touch with us and schedule a free consultationto discuss this further. We’ll be happy to assist you on your journey to long-term financial serenity.
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