Independent Wealth Management: Managing Wealth – PillarWM

Wealth accrual is a process that takes many years to carry out. However, once you have attained enough wealth, you will need to find ways to protect it. This is where an independent wealth management firm could be useful. If you are an investor with a high net worth or an ultra-high net worth, and have $5 million to $500 million in liquid investment assets, you should get in touch with Pillar Wealth Management for assistance with managing your wealth. Read our special guide for investors with $10 million or more to learn more about wealth management strategies.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

CLICK HERE to qualify for your FREE COPY of this Book

Table of Contents
What is Independent Wealth Management? What Does Wealth Management Include? What Makes a Good Wealth Manager? How to Find a Wealth Manager Why You Should Choose Pillar Wealth Management

Top 10 Independent Wealth Management

2022 Rank	Advisor	Firm	Location	Total Assets ($mil)	Typical Net Worth ($mil)	Client Types
1	Spuds Powell	Kayne Anderson Rudnick Investment Management	Los Angeles	47,929	20	High Net Worth, Ultrahigh Net Worth
2	Charles C. Zhang	Zhang Financial	Portage, Mich.	5,207	5	Retail, High Net Worth, Ultrahigh Net Worth, Foundations
3	Richard Saperstein	Treasury Partners	New York	19,936	30	High Net Worth, Ultrahigh Net Worth, Institutions
4	Valerie Newell	Mariner Wealth Advisors	Cincinnati	4,477	7.5	Retail, High Net Worth, Ultrahigh Net Worth
5	Randall Linde	Ameriprise Financial	Renton, Wash.	4,628	2.8	Retail, High Net Worth, Ultrahigh Net Worth
6	Richard Joyner	Tolleson Wealth Management	Dallas	7,5	90	High Net Worth, Ultrahigh Net Worth
7	Thomas Moran	Moran Wealth Management	Naples, Fla.	4,143	25	Retail, High Net Worth, Ultrahigh Net Worth
8	Edward Cronin	Manchester Capital Management	Montecito, Calif.	3,488	60	High Net Worth, Ultrahigh Net Worth, Foundations
9	Jon Goldstein	First Republic Investment Management	Menlo Park, Calif.	13,008	100	High Net Worth, Ultrahigh Net Worth
10	Robert Balentine	Balentine	Atlanta	5,686	25	High Net Worth, Ultrahigh Net Worth, Foundations, Institutions

Source : Barrons

What is Independent Wealth Management?

Independent wealth management refers to financial services related to wealth management. Companies that provide these services aren’t typically linked to existing financial institutions or other companies. They operate independently so that they can offer their clients unbiased wealth management advice.

What Does Wealth Management Include?

If you have never sought out a wealth manager before, you may be wondering, “what are wealth management services?”. The average wealth management firm offers its clients a variety of services, which typically include both financial and non-financial services.

This list of services may vary depending on the firm you are exploring. At Pillar Wealth Management, we offer our clients services such as:

Investment management
Retirement planning
Estate planning
Tax management
Insurance planning

Investment Management

Our wealth managers can help you manage your portfolio more effectively. They can study the list of assets in your portfolio and identify any hidden risks that you may not be aware of.

Investors with numerous assets spread over multiple markets are especially open to many different risks. Such risks can affect the security of your wealth and put your long-term financial goals into jeopardy.

An experienced wealth manager can guide you in growing your portfolio with safer assets that still offer good returns. You can learn about effective portfolio growth strategies using our guide.

Retirement Planning

Planning for your retirement is an important activity that all high net worth and ultra-high net worth individuals have to do at some point. Everyone looks forward to a worry-free retirement where they can enjoy the wealth they have built-up. However, you may not be able to maintain the high-expense lifestyle you currently enjoy without having a proper retirement plan in place.

Our wealth managers can assist in the creation of a suitable retirement plan that is in-line with your long-term goals. They can help you choose investments that will provide a passive income in retirement and offer advice on how you can maintain your current lifestyle without depleting your savings. Check out our guide to improving portfolio performance to learn how you can generate more passive income from your assets.

Retirement planning should always be carried out as soon as possible. This ensures you have enough time to set your plan into motion.

Estate Planning

Many investors with a high net worth plan to leave their assets and business in the hands of their children or beneficiaries following their demise. However, this process can be a lot more complicated than most people realize. We discuss some of the challenges of estate planning in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

Without a proper estate plan in place, your assets may not be passed on to the right beneficiaries. In addition to this, they may be subject to high taxes. By creating a robust estate plan with the help of our wealth managers, you can avoid unnecessary taxes on your assets and also allocate your assets in a manner that leaves each beneficiary satisfied.

Tax Management

One of the most important services offered by independent wealth management firms is tax management. Nobody likes paying their taxes. It is a tedious process that forces you to look over every single asset you own.

This process can be made easier with the help of a wealth manager. However, wealth managers can do more than just crunch your tax numbers. They may be able to save you money by making your portfolio more tax-efficient. Who doesn’t want to slash their taxes down? Contact our wealth managers to learn more about our tax-saving strategies.

Insurance Planning

Insurance planning is another activity that can benefit high net worth and ultra-high net worth individuals greatly. Many wealthy individuals believe that their wealth will keep them protected during unexpected emergencies. However, they are open to many of the same risks that ordinary individuals are.

Your property, vehicles, and other assets are always vulnerable to damage and or theft. They can be protected with the right insurance coverage. However, wealthy individuals often have difficulty finding insurance providers that will cover their expensive assets.

Our wealth managers can help you find the right insurance coverage that takes the full value of your assets into account and keeps them protected.

What is an independent wealth management firm?

An independent wealth management firm offers advisory services to wealthy individuals, typically having at least $1 in investable assets. These advisors are often the owners of the company.

How much money do you need for a wealth management firm?

How much money you need will vary depending on the wealth manager or the wealth management firm, but it’s usually between $250,000 and $1 million in investable assets.

Do you pay an independent financial advisor?

Like all financial advisors, independent advisors are paid fees by their clients, often an annual fee equal to a percentage of the value of assets they manage for the client.

What do wealth managers do all day?

A wealth manager develops and implements a financial plan to meet the client’s goals. The plan includes a strategy for investing the client’s wealth, taking into account risk tolerance.

What is a typical management fee for a money manager?

A money manager is paid fees by their clients, often an annual fee equal to a percentage of the value of assets they manage for the client, ranging from 0.5% to 3.0%.

How many hours a week does a wealth manager work?

A wealth manager works a regular 40-hr week, although they may need to meet with clients outside of business hours, evenings or even on weekends, but that is not typical.

What is the difference between wealth management and financial advice?

The main difference lies in the complexity of the client’s financial situation. Wealthy individuals have more assets and opportunities for alternative investments and tax minimization.

Where do wealth managers make the most money?

Because they are most often paid a percentage of the value of the assets they manage, wealth managers can make a lot of money from the fees paid by their wealthy clients.

How do wealth managers get paid?

A wealth manager is paid fees by their clients, often an annual fee equal to a percentage of the value of assets they manage for the client, or they may be paid an hourly fee or flat fee for their services.

What does a private wealth manager do?

The private wealth manager implements a financial plan that integrates every aspect of financial life, ensuring the growth and preservation of the client’s wealth for the short and long term.

What are Independent Wealth Managers?

Independent wealth managers are wealth managers who do not work for any bank or other investment firm. As the name implies, they work independently, either as a single advisor or as a firm of advisors, who often are the owners of the company.

These advisors are independent in the sense that they are not beholden to an employer or any other outside company. For their clients, they can make financial recommendations that are not tied to earning commissions on product sales, for example. Their approaches to investment and money management will not fluctuate at the dictates of higher management as they are themselves at the top.

How are Independent Wealth Managers Different from Private Banks?

The major difference lies in the domain of conflicts of interest. At a private bank, the client will work with an advisor who will recommend the bank’s products, if possible, as long as the products meet the needs of the client, but they may not be the best. In contrast, an independent advisor is much more likely to recommend products that are the best fit for the client.

In other words, the private banker does what’s best for the bank, while the independent advisor does what’s best for the client.

What Makes a Good Wealth Manager?

All wealth management firms are not created equal. Many of these firms provide the same services, but they may differ in some respects. You may be wondering what makes a good wealth manager?

A good wealth manager should possess each of the following characteristics.

In-Depth Knowledge

Many people wrongly assume that wealth managers are the same as ordinary financial advisors. While wealth managers are a type of financial advisor, their knowledge of financial matters typically goes beyond that of their peers. After all, a wealth manager provides far more services than an ordinary financial advisor can provide.

A good wealth manager understands the importance of each service they offer and how they can impact their client’s wealth. They can help them achieve their short-term and long-term goals using their in-depth knowledge of finance.

You can discern between average wealth managers and truly great ones by testing their knowledge of different financial matters. You can learn which questions to ask your financial advisor in our special guide.

Experience

Most wealth managers have an educational background related to finance. The quality of education of each of these individuals may not differ by much. As a result, much of the difference between ordinary wealth managers and great wealth managers lies in their experience.

Indeed, learning the ins and outs of investing takes practice through trial and error. However, it is the wealth managers that learn from their mistakes which end up coming out on top. These wealth managers are better suited to provide advice than inexperienced ones who haven’t been able to apply the knowledge they have gained during their education.

Communication

A good wealth manager strives to offer clients their services whenever they are needed. They are eager to step up to the plate and apply their knowledge on different financial matters. However, as a provider of services, a good wealth manager should offer to maintain regular communication with their clients as well.

This means assisting them in the creation of their financial plans and offering advice during the execution of these plans. This is important, as the client may require assistance during each step during their follow-through. If a wealth manager is difficult to get a hold of, or if they rarely provide updates to their clients, they risk jeopardizing the financial plan they have created.

Small financial mistakes can be incredibly costly for individuals with a high net worth or ultra-high net worth, so it is crucial for wealth managers to keep in touch with clients.

Personalized Plans

Another key characteristic of great wealth managers is their ability to create personalized plans. We understand that each client has a unique financial background and goals in mind. For this reason, we avoid offering them generic financial plans.

At Pillar Wealth Management, each financial plan we create is specially tailored with your portfolio and financial goals in mind. We adapt our services to fit our client’s needs instead of asking them to adapt to ours.

Our wealth managers can create advanced wealth management strategies but also make them simple enough for our clients to understand and carry out. Sign up for a special free consultation to learn more about our personalized plans

How to Find a Wealth Manager

If you have chosen to use wealth management services, you may be wondering how to find the best private wealth management. There are many ways to discover the best wealth management options in your area. These include:

Asking Your Friends and Family

The simplest approach is to ask your friends and family which wealth managers they have had success with. This could be especially useful if they are high net worth individuals like you are. They may be able to connect you with wealth managers they have used in the past.

Online Research

You may also be able to look up wealth managers on the internet. A simple Google search should produce a list of wealth management firms in your area. However, you should also consider looking up online reviews for each of these firms as well.

Many companies pay search engines to have their company featured at the top of search results, so it’s best to check their rating on review sites. Look for testimonials from actual users and read up on the pros and cons of using each firm.

Why You Should Choose Pillar Wealth Management

Investors that have high net worth or an ultra-high net worth should consider using Pillar Wealth Management for their wealth management needs. We may not be the largest wealth management firm in the country, but we strive to offer our customers unparalleled service. Clients seek out our services for the following reasons:

Experience

We have 60+ years of experience offering services to high net worth clients. Our wealth managers have seen clients from various financial backgrounds and have helped them overcome many challenges during their wealth-building journey.

Few wealth management firms can match our experience and experience in these areas, so consider using a firm that has seen it all. We demonstrate some of our investment expertise in our guide for investors with $10 million or more.

Fixed Fee Structure

You may be wondering, “how much might I expect to pay a wealth manager?”. You’ll be glad to learn that our fees are completely transparent. We charge clients a fixed annual fee for our services.

Clients can use our services as frequently as they need to without incurring the extra charges that financial advisors typically charge.

Trust

Our clients have been using our services for many years because they trust us to manage their wealth. We are always looking for new ways to help them achieve their financial goals.

Get in touch with our wealth managers and start managing your wealth more effectively from today.

Authors

Hutch Ashoo

Chris Snyder

To be 100% transparent, we published this page to help filter through the mass influx of prospects, who come to us through our website and referrals, to gain only a handful of the right types of new clients who wish to engage us.

We enjoy working with high net worth and ultra-high net worth investors and families who want what we call financial serenity – the feeling that comes when you know your finances and the lifestyle you desire have been secured for life, and that you don’t have to do any of the work to manage and maintain it because you hired a trusted advisor to take care of everything.