Independent Wealth Management:
The Complete Guide to What We Do
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.
Table of Contents
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
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.
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.
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.
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 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 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.
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.
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.
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.
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.
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:
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.
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.
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