Fremont is a suburb of San Jose and has a population of over 200,000. It is located in Alameda County, a very attractive location to live in California. It is also a quite wealthy suburb, with the median household income set at a little above $125,000.
This is almost 3 times the national average. Of course, with this affluence comes the need for advice on how to manage finances -this where financial management firms and wealth management advisors come in to play.
Many individuals and companies offer financial services in Fremont. But how can you know who to trust, especially if you are someone with an extremely high net-worth? Sure, the option exists to hire multiple professionals to handle the full range of financial services that your considerable wealth would require.
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But that option is not advisable. Getting an accountant, an estate manager, a financial planner, a tax planner to all work together is already a tough job and will make managing your finances quite a challenge.
Each of these professionals would have a different view of how your investments should be managed, and these views, when executed without proper management, might conflictand do serious damage to your finances.
Are you concerned about protecting and increasing your wealth? If the answer is yes, then you should get our resource, The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million.
In this resource, we discuss how high net worth families and individuals can better manage and protect their wealth, and of course, this includes a section on wealth management advisors.
4 Things a Wealth Management Advisor in Fremont will Do for You
A wealth management advisor is simply a person or a company that you hire to assist with handling protecting and multiplying your wealth and assets. This soundsremarkably simple and straight forward, but in practice, it can be quite complicated. Let’s look at four things that a wealth adviser in Fremont will do, to help you protect and multiply your wealth.
Create A Plan
The first and most important thing that a wealth adviser in Fremont will do for you is to help create is a solid financial plan. First, the wealth management advisor you help you take your goals for the future and expand on them to create a comprehensive wealth management plan.
As simple as this sounds, the process is much more complex than that. This is especially true when it comes to managing the assets of extremely wealthy individuals. This can be because the plan would involve several factors.
First is the time frame of the goals. There are some goals that you’ll want to achieve in the short-term while others are far off in the future, like creating generational wealth. If your wealth management firm in Fremont is aware of these goals, then they can help you bring them to reality.
Build a Unique Profile
To help you reach your goals, your wealth management firm in Fremont will likely go through a questionnaire with you. The purpose of this questionnaire is to detail your current financial situation, capture your financial goals, and then discover your investment objectives and risk profile.
Your risk profile is basically what helps your wealth management advisor determine how your assets should be invested to best match your goals. The risk profile that your wealth management advisor matches you with will depend on the stage of life you are, as well as your personal risk appetite.
If you would like to know more about that selecting the best advisor and what they do, then access our resource,The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets.
It discusses the risk of selecting the wrong investment advisor while explaining how to find a wealth manager that preserves your hard-earned money
Validate Your Goals
Once your needs have been understood, your wealth management firm will then determine how realistic your goals are. The wealth management advisor may use various tools such as a capital needs analysis to see if you can gather the money that is necessary to reach your goals.
To achieve this, they will cross-check your budget because spending, compare your assets and liabilities to determine the cost of meeting your goals.
After this, your advisor will provide you with an investment policy statement plan.This document will help you understand how your wealth adviser plans to invest your assets to achieve the goals that have already been set. It is the investment plan that will be followed both in the short and the long-term.
Manage Your Investments
Once the investment plan has been approved, your wealth management company in Fremont will start building your Investment Portfolio.
Over time, it is the job of your wealth management firm to keep you informed on how your investmentsare performing. You could hold an annual, quarterly, or semi-annual review with your wealth manager in Fremont.
These review sessions would allow you to discuss the changes that may need to be made to your investment portfolio or strategy in other to ensure that your goals are achieved. These review sessions can be held in person, via videoconferencing, or over the phone.
If you are a high net worth individual and have $10 million and above to invest, then you should check this resource.
As you can see, the choice of a wealth management firm and advisor in Fremont is not one that can be made carelessly. Before choosing a wealth management firm, you must ensure you prioritize trust and understanding between you and the wealth management advisor. You must select someone that you are sure would look out for your best interests.
Learn more about how to manage your wealth and investments from professionals in the business. If you’re a high net-worth individual with $5 million to $500 million, schedule your consultation call with Pillar Wealth Management, LLC. ‘s co-founders Hutch Ashoo and Chris Snyder today.