Wealth Manager Near Me:
The Complete Guide to What We Do
Are you someone with liquid assets worth $5 million or more? If yes, the biggest question on your mind should be, “Who is the best wealth manager near me to manage my wealth?” Hiring a wealth manager will help you boost your assets’ value while ensuring that they are secure and protected. However, choosing the appropriate wealth manager is a big challenge for high net worth and ultra-high net worth individuals. To learn how you can select a competent wealth manager, we highly suggest you read our guide for investors with $10 million and more.
Strategies For Families Worth $25 Million To $500 Million
The Art of Protecting Ultra-High Net Worth Portfolios and Estates
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.
Pillar Wealth Managers has a team of wealth managers who have been working with clients who have liquid investable assets worth $5 million to $500 million. We assisted high net worth and ultra-high net worth individuals during the 2008 Financial Crisis and are presently helping our clients become financially secure during the current pandemic. Register for a free meeting with our wealth managers to learn how we can help you move towards financial success.
Table of Contents
What Does A Wealth Manager Do?
A wealth manager is a kind of financial or investment advisor who utilizes the various financial disciplines available such as tax management, estate planning, insurance planning, retirement planning, and cash flow management to manage the wealth of their high net worth and ultra-high net worth clients.
Now that you have a basic idea of who a wealth manager is, you might be thinking, “what does a wealth manager do?” Well, a wealth manager holds discussions with clients to gauge their financial objectives and identify their current income, expenses, tax status, risk tolerance, insurance coverage, or other information needed to create a comprehensive financial plan.
Wealth managers even recommend investment planning, insurance planning, cash management strategies to clients to help them accomplish their financial goals. For instance, they advise clients to invest in financial products such as insurance, mutual funds, bonds, and stocks. In fact, wealth managers also implement financial planning strategies for their affluent clients.
Moreover, wealth managers regularly monitor the financial market trends and learn about the various investment opportunities available and identify which ones are compatible with the client’s financial goals. This helps them review their client’s plans and accounts to determine whether economic changes, life changes or financial performance signal a need for strategy modification.
High Net Worth Wealth Manager Services
High net wealth manager services generally include a range of financial advisory and investment planning solutions. These services will help you sustain, protect, and increase your wealth in accordance with your financial targets.
Here is a list of services that a high net worth wealth manager can offer.
-Asset Allocation Analysis
Asset Allocation Analysis
Asset allocation is an investment strategy that focuses on striking the right balance between investment returns and risks. In fact, this is one of the key strategies that an investor can use to maximize their portfolio returns.
The expert wealth managers at Pillar Wealth Management know that each investor has a specific set of financial targets and the level of risk they can take. Hence, we are perfectly mindful that there’s no standardized procedure for determining the best asset allocation for each investor. Thus, we will hold in-depth discussions with you to understand your financial needs and circumstances to ensure that the asset allocation we formulate is perfectly aligned with your requirements.
Insurance planning is the procedure of gauging the risks a person faces in their life and identifying the ideal insurance coverage to mitigate those risks. Insurance planning is considered to be a key element in a holistic wealth management plan.
Plenty of high net worth individuals choose to purchase insurance plans to ensure that they can easily pay their bills if they become disabled or suffer from a serious illness. Moreover, insurance planning also helps keep their loved ones financially secure should they become unable to work.
However, choosing the appropriate insurance plan is not easy as insurance reps will constantly try and persuade you to purchase plans that don’t offer adequate coverage. A competent wealth manager will ensure that you get the right insurance coverage so that you don’t have to stress over financial matters.
Taxes are mandatory for every individual who makes a profit on their investments or other assets. However, if you’re a high net worth investor, these taxes can cost you a fair share of your wealth. The good news is that there are multiple techniques to reduce the amount of taxes you have to pay.
Our wealth managers provide tax planning services, which involve developing and executing strategies to reduce the amount of taxes you need to pay. For instance, we can recommend you acquire investments that have a lower tax rate and guide you on how to leverage tax holidays in the best way. Schedule a free meeting with our wealth managers to learn more about the tax-minimizing instruments you can use.
Retirement planning is the procedure of setting goals for your retirement years and identifying the decisions and actions required to attain those goals. For instance, you might want to use your savings to live a peaceful, worry-free retirement. On the other hand, you might set some new financial targets that you want to attain after you retire.
Retirement planning encompasses determining income sources, approximating outflows, managing wealth, and implementing a savings plan. Additionally, if you have a new set of post-retirement financial goals, you’ll also have to estimate your future cash flows.
Whatever your post-retirement goals may be, our wealth managers have the skills and expertise required to assist you. We will thoroughly go through your portfolio and create a realistic and practical strategy to ensure that you get a steady income stream after retirement. This way, you won’t have to compromise on your lifestyle! Make sure you read our recent guide where we discuss the five critical shifts high net worth investors need to make to maximize portfolio growth strategies.
If you’re a high net worth investor who has more than $5 million worth of assets, you might want your children to inherit your wealth after you pass away. You might feel that this process is a piece of cake and doesn’t require any professional help. But the truth is that this process is extremely tricky and challenging. For instance, there are multiple types of taxes imposed on inherited wealth and assets. In our recently published book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million, we talk about the various complexities of estate planning.
Estate planning involves determining who will take over your business, wealth, and assets after you pass away. The key focus of estate planning is to ensure that your children or other heirs receive the inheritance in a tax-efficient manner. At Pillar Wealth Management, we are adept at formulating holistic estate plans so that our clients’ beneficiaries don’t have to send any extra money to Uncle Sam.
Private banking includes financial institutions that provide financial management services to high net worth individuals. It provides investment-related advice and focuses on addressing the entire financial circumstances of every client. Private banking generally includes various services such as tax planning, insurance planning, risk management, retirement planning, etc., to help clients protect and maintain their assets.
A lot of high net worth individuals opt for private banking services so that they can conduct all their financial transactions from a single place. However, financial institutions don’t have the expertise and experience that our wealth managers possess. While we don’t claim that we are adequately qualified to carry out all banking-related tasks, we can assist you in investing your liquid assets optimally.
How Can A Wealth Manager Help You?
By now, you would have a thorough understanding of who a wealth manager is and the kind of services they offer. But how can a wealth manager help you attain your financial goals? Well, here’s a list of ways in which a wealth manager can help you.
Knowledge and Expertise
Wealth managers have in-depth knowledge and extensive expertise in managing portfolios and assets of high net worth and ultra-high net worth clients. Unlike banks that only offer a few services, wealth managers provide comprehensive services that cover each aspect of investment and financial planning.
The wealth managers at Pillar Wealth Management have complete knowledge of the various financial products and securities available and the risk and return associated with each. We closely monitor market trends to immediately leverage any profitable opportunity available.
We make strategies backed by research and data to get your desired returns while staying safe from market volatility. Finally, our wealth planners are well-versed in alternative investment options such as private equity, real estate, and hedge funds and can help you identify which one is the most lucrative choice for you.
Financial serenity is defined as the state when you’re perfectly calm and untroubled about your finances. Attaining financial serenity is extremely difficult for high net worth individuals as they find it challenging to trust all their assets and wealth to a third party.
Our wealth managers are very knowledgeable, and when we handle your wealth, you won’t have to stress about your finances. Read our guide on selecting the best wealth manager for yourself to see how they can help you become financially secure.
Turning Unclear Goals into Actionable Targets
Wealth managers can help you translate your vague or unclear goals into more actionable targets and thereby see your financial aspiration turn into reality. Suppose you’re about to retire but want to invest in a promising business. If you do this on your own, you might not be left with sufficient money to spend a comfortable retirement.
A wealth planner will precisely know what strategies you need to follow and the steps you need to take to accomplish your financial objectives without compromising your lifestyle. Read our ultimate guide for investors with $10 million or more to learn how you can choose the best wealth manager who will align your financial goals with your desired targets.
Is A Wealth Manager Near Me Worth It?
In this section, we’ll discuss one of the most frequently asked questions – Is a wealth manager worth it?
Wealth managers are highly important for high net worth and ultra-high net worth individuals who require a personalized and focused financial management approach. For instance, at Pillar Wealth Management, we have a combined experience of more than 60 years in areas such as tax planning, expense minimization, retirement planning, aligning investment decisions with financial goals, portfolio and risk management.
While the services provided by a wealth manager may seem like a laundry list, they actually work very effectively when combined together. Suppose you want to sell your business that you have painstakingly built. If you plan on retiring after selling the business, then one inevitable question is whether the sale’s revenue is sufficient for your post-retirement financial needs. This is where retirement planning enters the picture.
You might also wonder what percentage of the revenue has to be paid in taxes and if this can be reduced in any way. This is where the tax planning services offered by wealth planners can help you. You may also be concerned if the income created by investing the windfall is sufficient to maintain your current lifestyle. In such a case, holistic investment management services can help you out! So, there are several aspects of a seemingly simple process that require a professional approach.
Thus, a wealth manager who can comprehend your particular situation and develop a personalized plan that works for you is surely worth your money. If you want to know more about how a wealth manager can help you grow your wealth, read our guide – Improving Portfolio Performance.
Opting for the right wealth managers plays a vital role in efficient wealth management. At Pillar Wealth Management, our wealth planners comprehend your financial goals and help you build plans to achieve those goals.
To know more about how our wealth managers can help you protect and increase your wealth, get in touch with us TODAY!
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