The Complete Guide to What We Do
As an affluent resident of Houston seeking professional financial and investment advice, what are your options for wealth management in Houston? As a high net worth or ultra-high net worth individual, with considerable assets and a large investment portfolio, managing and protecting your wealth can be difficult. The financial situations of extremely wealthy people can be complex, especially when managing your wealth on your own. If you own assets worth between $5 million and $500+ million, you’ll likely need the services of a wealth manager. However, you must select the best financial advisor Houston that suits your investment needs and particular financial situation. If your investment portfolio is worth $10 million or more, check out our free guide:The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. This resource will help you find the best financial advisor and help you build your investment portfolio.
In this article prepared by Pillar Wealth Management LLC, you will learn the things you need to look out for to determine if your wealth advisor in Houston is the right fit for you. Pillar Wealth Management LLC is a wealth management firm that caters tohigh-net-worth and ultra-high-net-worth individuals who have between $5 million and$500 million in liquid assets. If you would like more information on managingyour considerable wealth and large investment portfolio, you can schedule a free no-obligation consultation call with the co-founders of Pillar Wealth Management, Chris Snyder and Hutch Ashoo. They will help you determine how best to manage your wealth.
Table of Contents
Wealth Management for Ultra High Net Worth
As a high-net-worth or ultra-high net worth individual, your financial needs are quite diverse and will thus require different services from the average individual. Managing your own wealth will take a large amount of knowledge as well as extensive time. You would have to specialize in investment strategies, insurance options, estate planning, tax liability, and many other financial services like planning for generational wealth that are almost impossible for you to know without extensive training. Have a portfolio of $10 million? We have a guide specifically tailored to you here.
This is why you need a wealth manager in Houston that is familiar with the challenges that affluent individuals with $5 million to $500 million in assets face. With a wealth management firm, you have access to some of the best professionals in the financial industry that understand how best to grow your wealth, protect it, and pass it on to future generations. If you want more information on how to improve your portfolio performance, then get a copy of our guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
Financial Professionals in Houston
In the professional financial world, several professionals fall into the category of financial advisors. This is true as there are a lot of professionals that can provide financial advisory services of some sort. Bankers, insurance brokers, stockbrokers, and many other professionals in the financial sector may fall within this category. Irrespective of their job title or description, the basic duty of any financial advisor or professional providing financial advisory services is to assist their clients in managing, protecting, and growing their wealth and investments. However, the fact that many professionals can provide financial advisory services or even call themselves financial advisors does not mean that they are perfect for you, especially your unique needs. Most general financial professionals are more suited to answering the questions and providing services for the middle class. As a high net worth or ultra-high-net-worth individual, you likely have more complex financial needs, and need more specialized knowledge to meet those needs. You can schedule a free consultation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo to help you figure how best to plan your family’s wealth and manage your investment portfolio.
Comprehensive Financial Planning and Investing
One of the major duties of a wealth manager in Houston is to prepare a comprehensive plan on how your considerable assets and investment portfolio will be managed, and then implement the plan. Let’s look at how your wealth manager in Houston will help you create a comprehensive financial plan to ensure that you achieve your goals. If you’re looking for more information on how your assets and estate can be better managed, request your free copy of our hardcover book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million. Our team at Pillar Wealth management will ship it to your home for free.
Let’s take a close look at how a wealth manager in Houston will help you with financial planning and investing.
Find out your Goals – Wealth Management Houston
When you start working with your Houston wealth manager, they will take your goals, expand on them, and create a comprehensive wealth management plan. Your wealth manager will understand that your financial goals will depend on the stage of life you are currently in.
For example, if you are relatively young and just got married, then your goals might revolve around raising kids, planning for your dream home, and building your investment portfolio. At this stage, you’re likely to still be in your prime working years and can afford to take on more risk when investing. You might also start looking into putting some money aside for your kids’ college education, or looking to provide them with a home of their own in the future.
However, if you are much older, your goals might tilt towards things like leaving an inheritance for your children and your grandchildren, planning for estate taxes, and making sure the generational wealth you build remains throughout the next several hundred years. Whatever your financial goals are, working with a wealth manager in Houston will help you structure them appropriately.
This process is a lot more complicated than it sounds and requires a fair bit of financial, technical know-how. To understand what your goals are, the wealth manager will have a preliminary consultation session with you to know more about your financial and investment goals. The meeting will likely have you fill out a survey. This survey will detail your current financial situation, capture your financial goals, and understand your risk appetite. This information is then used to determine your investment objectives. You can schedule a free conversation with Hutch Ashoo and Chris Snyder, the co-founders of Pillar Wealth Management LLC for expert opinion on the best way to invest and protect your wealth.
Arrange Your Goals in order of Priority
Once your wealth manager understands your needs, they will then determine how realistic your goals are. A Houston wealth manager may use various tools such as a capital needs analysis to see if it is possible to reach your goals. To achieve this, they will compare your assets and liabilities to determine the viability of meeting your goals. Once you list out your goals, your wealth manager will work with you to arrange them in order of priority. Some goals need to be achieved in the short term, while others have alonger time frame.
Your wealth manager will then set up milestones that will help you track your progress. For example, if one of your goals was to have $500,000 aside for your kids’ college fund, you can set up smaller milestones on your way to that goal. A good milestone might be to have $300,000 saved up by the time your kids are in high school, to maximize the savings growth over time.
When you break down your goals into milestones, it becomes easier to achieve. You may need the help of your wealth advisor to achieve this.
The Top College Savings Cost
Here is an example: let’s assume that you want to have $1,000,000 saved up for your kids’ college educationif the intention is for all of them to go to a top school in the country. You need to consider how long you need to save forand how much you will save per time. The system that you choose to use can make iteasier to achieve your goals. You can choose a low-risk investment with an annual interest rate of say, 5%. At this rate, you need to save about $3,000 per month for 19 years to get a little over $1,000,000. While $1,000,000 might seem like a large goal, $3500 a month is an easier task to accomplish.
These kinds of systems are what a wealth manager can help you build. They provide you with the best possible financial advice that they can on how to approach your goals. However, as a high net worth individual with an investment portfolio of $5 to $500 million or more, request for our free guide, The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. Our team at Pillar Wealth Management LLC specially created this resource to help you find the best wealth manager to plan your finances.
Once the plan is created, your wealth manager should have another meeting with you. In this meeting, the plan will be presented, and the wealth manager will explain what the plan is and why each decision is made. Both you and your wealth advisor must be on the same page as touching everything on your investment plan.
Optimize Your Wealth Management
If you want to optimize your wealth management process, then you have to choose the best possible financial service provider. Of the different professionals that offer financial advice, only wealth managers are bound by fiduciary duty. A fiduciary dutymeans that the adviser must work in the best interests of their clients, above all else.
Companies that provide wealth management services need to be Registered Investment Advisors (RIAs). The RIA designation is only given after the company owners pass a financial management exam. Then they must register with the state that their firm will operate in or the U.S. Securities and Exchange Commission, depending on the size of the investment portfolio that they are managing for their clients.
Once a company is registered as an RIA, it must follow SEC guidelines, and one such guideline is that RIAs must perform in their client’s best interests. Other professionals such as financial planners and stockbrokers do not have the same requirement to register their activities with the state or federal government. They, therefore, do not have the same fiduciary obligations to you. When working with investment brokers or financial planners, there can be a conflict of interest.
Commission-Paid Vs. Fiduciary Duty
Investment brokers may have that commission based structure which is rife with potential issues, because they are paid anytime they buy or sell an asset on your behalf. When you combine this with the fact that they are not under an RIA, then the conflict of interest becomes obvious. Your stockbroker can suggest any investment that helps you meet your goals, even if it is not the best available investment for your goals.
Legally, your investment broker is not compelled to act in your best interest. If they can provide you with advice that somewhat matches goals, they are free to do pretty much what they want. You can expect your Houston Wealth manager to give you the best possible investment advice to meet your goals and improve your portfolio performance- if you want to improve your portfolio performance, then get a copy of our guide, 5 Critical Shifts For Maximizing Portfolio Growth Strategies For Families Worth $5 million to $500 million. This guide will show you the shifts that your investment portfolio must go through to grow.
Finding a Top Financial Advisor Firm in Houston
When it comes to finding a top financial advisor firm in Houston, you can do a quick Google search for “Wealth managers near me”, but that alone will not help you select the best possible wealth advisor. In your choice of a financial adviser, you must select an advisor that is uniquely suited to meet your personal financial goals.
If you need help to decide who the best match for your unique situation is or a wealthmanagement firm with over 30 years of financial management experience to helpmanagFe your considerable assets, consider working with Pillar Wealth Management,LLC. Our co-founders, Hutch Ashoo and Chris Snyder offer no-obligation consultations for affluent individuals who need wealth management services. Schedule your consultation today.
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