Wealth Management Maine:
The Complete Guide to What We Do
Many high net worth as well as ultra-high net worth individuals dream of a comfortable retirement where they can continue enjoying the life they have built without actively working. This can be made possible with the help of proper retirement planning via wealth management Maine. Maine residents with $5 million to $500 million in liquid investment assets should get in touch with us at Pillar Wealth Management if they are interested in creating the perfect retirement for themselves. Our guide for investors with $10 million or more can help you identify if your current retirement plan is robust.
The Importance of Retirement Planning
If you have been working for many decades, odds are you are looking forward to your retirement. After all, why spend such a large portion of your life earning if you can’t enjoy the wealth you have built up for yourself?
All individuals face hurdles during their retirement. These challenges can be overcome with the help of comprehensive retirement planning. However, many people fail to prioritize the creation of a retirement plan until much later in life. Sign up for a free consultation to learn about our retirement planning services.
Let’s discuss some reasons why a retirement plan can be important.
Maintaining Your Wealth
While most high net worth and ultra-high net worth individuals do not have to worry about financial security in retirement, they may still have some concerns about their financial wellbeing. Once you stop working, you forfeit your primary source of income. You may then be living off a combination of savings and passive earning from your investments.
You may not be concerned about running out of money, but you might need to downgrade your lifestyle to compensate for not earning an active income.
To avoid scaling back your lifestyle, you will need to plan your retirement in advance with the help of a wealth manager. At Pillar Wealth Management, our wealth management experts can assist you in building a portfolio that keeps you sustained throughout retirement.
Identifying Income Sources
It’s not uncommon for individuals to enter retirement, thinking they have a reliable passive income source available to them. However, once they have left their job, they soon realize the passive income they are earning through their investments is less than they need. In some cases, they may be stuck with investments that are causing them to lose money. We discuss strategies for managing ultra-high net worth estates in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
Such problems can be prevented by identifying your retirement income sources in advance. Our wealth management Maine experts can study your portfolio and help you identify any passive income sources that could be useful for funding your retirement. Conversely, they can also identify and help you get rid of investments that are likely to jeopardize your wealth in the future.
Building Your Wealth
You have probably seen numerous cases of people living off their savings following retirement. These individuals often need to adjust their lifestyles to ensure they do not run out of money. In this regard, high net worth and ultra-high net worth individuals are at an advantage.
If you own between $5 million and $500 million in liquid investment assets, you certainly won’t be running out of money any time soon. In fact, you may be able to use these assets to help grow your wealth. However, this process can be more challenging than you would think. We discuss some of the challenges of picking the right investments in our guide for investors with $10 million or more.
You may have accrued the majority of your wealth through your career rather than through your investments. For this reason, a large number of high net worth individuals struggle to find assets that offer enough gains to grow their wealth substantially. We discuss some portfolio growth strategies in our special guide.
At Pillar Wealth Management, our wealth managers can help you pick the right assets to invest in, both before and after your retirement. The sooner you create a retirement plan and invest in the right places, the sooner you can start growing your wealth.
Protection Against Medical Emergencies
Medical emergencies can occur at any stage of your life; however, they may become more frequent following your retirement. Aging is an inevitable occurrence that brings you ever closer to developing a medical condition that requires attention.
Taking adequate care of your health should be a top priority for anyone during retirement; however, many individuals are still at the mercy of insurance health plans that offer less coverage than required. Healthcare costs are always rising, and it’s not uncommon for people to downgrade their lifestyle after being hit with a tremendous medical bill that isn’t covered by their insurance plan.
At Pillar Wealth Management, we believe our high net worth and ultra-high net worth clients should be protected from such concerns after retirement. Our experts can help you create a retirement plan that includes the right insurance coverage for your needs.
Believe it or not, many high net worth individuals around the country are in debt. This could be explained by many factors, such as a high-expense lifestyle, estate taxes, or taking out a loan to fund their ventures. Most of these individuals are capable of paying off their debts; however, they often refrain from doing so as it would require them to liquidate some of their assets.
This debt may carry over into their requirement and create problems for them in the future. No one should have to grapple with debt for such a large portion of their life.
Our wealth management Maine experts can create a retirement plan that makes it easier to pay off your debt without liquidating your assets or downgrading your lifestyle. Set up a free consultation at our website and speak with one of our wealth managers about a retirement plan.
Why Choose a Wealth Manager for Retirement Planning
Many individuals turn to a financial advisor for help with creating their retirement plans. However, a wealth manager may be better suited for this purpose. Here are some reasons why you should get in touch with our wealth managers for your retirement plan.
Wealth managers offer a broader range of services compared to ordinary financial advisors. These include estate planning, tax management, wealth transfer, and insurance planning services. At Pillar Wealth Management, our wealth managers have 60+ years of experience helping clients with matters related to retirement planning and more. The knowledge they have gained from providing these services can be applied towards creating a robust retirement plan for you.
We understand that a comprehensive retirement plan should take your needs and preferences into account. Our wealth managers can construct a plan that suits your current lifestyle and does not jeopardize your portfolio.
Experience with High Net Worth and Ultra-High Net Worth Individuals
Ordinary financial advisors take on clients from many different financial backgrounds. Some of these clients may be small business owners with a limited amount of savings and few assets, while others may be young graduates who are interested in making their first investment.
By contrast, wealth managers take on only high net worth or ultra-high net worth clients. This implies the majority of their experience was gained by serving clients with high-value assets. If you are someone with $5 million to $500 million in liquid investment assets, our wealth managers would be well-suited to create a retirement plan for you.
High net worth individuals have unique priorities that should be taken into account during the creation of their retirement plans. Our wealth managers are familiar with these needs and can offer retirement plans to help you achieve your retirement goals. You can sign up for a completely free consultation to learn more.
People that have used financial advisors in the past already realize how limited their assistance can be on certain matters. The role of an ordinary financial planner is to create financial plans for clients and then check back with them periodically. However, this approach is less useful for high net worth individuals who need to consult their advisors frequently. Our special guide details the different methods for choosing the right financial advisor for you.
Our wealth managers not only create retirement plans that are in line with your financial goals but also offer assistance in executing them. If you hire our services, you can freely consult with our wealth managers whenever you need to.
Any financial decision you make could impact your long-term plan, so we encourage our clients to consult with us before taking any further steps in their retirement plan. Our wealth advisor solutions can ensure you remain on the right path towards a comfortable retirement.
Why Choose Pillar Wealth Management Maine?
High net worth as well as ultra-high net worth individuals in Maine choose our services for a variety of reasons. These include:
At Pillar Wealth Management, we have 60+ years of experience serving clients with $5 million to $500 million in liquid investment assets. We have assisted numerous clients in the creation of retirement plans.
The expertise we have gained through experience is directed towards helping our new clients in the best manner possible. We have helped investors overcome numerous difficulties and achieve success when they believed it was not possible. Our special guide for improving portfolio performance can help familiarize you with our areas of expertise.
As wealth managers, we understand the importance of transparent pricing. After all, few things in life are more frustrating than hidden fees. Our clients trust us to manage their assets, and we strive to do so with honesty and integrity.
Many financial advisors charge clients on an hourly basis or each time their services are used. This may discourage you from seeking out their advice as frequently as you need to. At Pillar Wealth Management, we charge clients an annual fee with no hidden fees.
This makes it clear how much you are paying for wealth management services and encourages you to reach out to our experts whenever you need to.
We understand that many high net worth and ultra-high net worth individuals have a limited understanding of financial planning. This is to be expected, as there are numerous high-value investors that have not studied finance.
Luckily, you do not need to have an in-depth understanding of financial matters to use our services. Our wealth managers can take care of the heavy lifting involved with the creation of your retirement plan and tailor your plan, so that it is easy for you to understand and follow through on. Why create a retirement plan that is needlessly complicated when a simpler one can suffice just as well?
Getting In Touch With Pillar Wealth Management
If you are among the many high net worth or ultra-high net worth individuals in Maine, you should start thinking about your retirement plan as soon as possible. Few firms can provide the level of expertise we offer for wealth management. Maine minimum investment for our services is $5 million. Sign up for a completely free consultation at our website and learn more about the retirement plan options we offer.
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