Wealth Management Michigan: What is Comprehensive Wealth Management?

High net worth and ultra-high net worth individuals require a wide range of financial services. They not only need to grow their wealth but also protect their assets, minimize tax and other expenses, plan for their retirement, pass on their wealth to their heirs, and a lot more.

To top it all off, all these financial plans need to align with their goals, values, and aspirations in life so that they can achieve financial security and serenity in life.

Normally, individuals with $5 million to $500 million in liquid assets approach different financial institutions to avail all these services, and that too in the same old cookie-cutter style, but what they really need is comprehensive wealth management Michigan services so that they can protect and grow their wealth in a way that is in their best interests. The first step of doing so involves choosing a suitable financial advisor, which you can read more about from this helpful guide for investors with assets worth $10 million or more.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

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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.

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Pillar Wealth Management provides fee-only fiduciary services to high net worth and ultra-high net worth clients. Our wealth managers have experience of more than 30 years in this industry, which provides them with the knowledge and expertise to help affluent clients grow and optimize their wealth through customized financial plans. If you want to learn more about optimizing your wealth, you can click here to read our comprehensive guide on improving portfolio performance.

In this article, we’ll be discussing what wealth management Michigan comprehensive services can mean for high net worth individuals and what these services entail. Let’s get started.

What is Comprehensive Wealth Management?

To put it simply, comprehensive wealth management is a holistic approach to understanding high net worth individuals’ financial needs and goals, developing and coordinating tailored financial plans, and executing those plans for financial success. Rather than focusing on a single aspect of a client’s assets, it considers their entire wealth, which includes their current assets, potential future assets, debts, future expenses, etc.

Instead of just achieving certain performance targets, it considers the consequences of that performance, such as tax liabilities, and takes action accordingly to continue improving those performance strategies. Comprehensive wealth management also focuses on your short-term as well as long-term financial goals and devises plans to accommodate both of them together for financial security for yourself and your heirs as well. It can open up new options and choices in your life that you might not have found otherwise.

Needless to say, all this requires a skilled and knowledgeable wealth manager who knows all the ins and outs of wealth management. At Pillar Wealth Management, you can find such managers and more with our team of trusted and dedicated fiduciary advisors. If you have $5 million to $500 million in liquid assets and want to grow your wealth, check out our ultimate guide on choosing a financial advisor for high net worth individuals.

What Services Does Comprehensive Wealth Management Michigan Include?

Comprehensive wealth management is not the same for everyone. It can mean different things for different clients according to their individual needs and goals. Some of the services that it can include are discussed below.

Financial Planning

Sometimes people confuse financial planning with investment planning or retirement planning. While those are vital aspects of financial planning, that’s not all there is to it. Financial planning is ultimately what converts your financial dreams and lifestyle aspirations into reality. It is a life-long process that is aimed at fulfilling all your financial goals by utilizing the most appropriate tools and strategies.

When we say goals, we don’t just mean earning a million dollars or buying your favorite cars. We refer to bigger goals, such as not wanting to worry about money for the rest of your life or enjoying a steady source of income from good investments. As great as these sound, they are too vague to actually work with, and this is precisely why you need financial planning. Financial planning breaks down your financial goals into more actionable targets and designs a plan for achieving those targets.

This is crucial for high net worth and ultra-high net worth individuals as financial planning can help them see exactly what they need to do and where that will take them. It can help them prepare for unforeseen events and minimize their losses. It can aid them when dealing with complex financial assets. Click here to learn more about financial planning or start a conversation with a financial advisor at Pillar Wealth Management.

Investment Management

Investment management is a core part of comprehensive wealth management. It is closely tied in with your retirement plans, wealth transfer plans, tax optimization strategies, and, ultimately, your portfolio growth and performance. Considering how crucial it is, click here to read about the critical shifts you must make to maximize your portfolio growth strategies from this handy guide for families worth $5 million to $500 million.

Investment management involves setting your investment goals for fulfilling short and long-term goals. It includes evaluating your risk tolerance and preference. Depending on that, your wealth manager will design your investment portfolio in such a way that it contributes to your goals while maintaining your desired risk levels. More often than not, investment management is a complicated process. You have to juggle several things at a time. For instance, which stage you are on in your retirement planning, what kind of lifestyle you wish to maintain, minimizing the tax and expenses on those investment returns, managing your investments during uncertain times, etc. Moreover, when you go to banks or brokerage firms, your advisor might also be concerned about the institution’s shareholders and provide a standard investment package.

That’s why you need trusted fiduciary advisors to handle your investment portfolios. At Pillar Wealth Management, our advisors are focused on providing you customized investment solutions that best serve your needs and goals. We use an optimal mix of active and passive money management, tax management, asset protection, and impact investing strategies. Click here to start chatting with one of our advisors about your investment management.

Retirement Planning

Retirement planning and money management are important for everyone but even more so for high net worth and ultra-high net worth individuals. Without a sound retirement plan, you can end up with an entirely different lifestyle than what you hoped for and your financial situation might not be as secure and comfortable as you’d wanted.

You might assume that all you have to do is save from your income right now, and you’ll be all set for your retirement. After all, a penny saved is a penny earned, right? In reality, retirement planning involves a little bit more than that. Along with saving, you have to consider investing as well. At the end of the day, your investments will be your main source of income once you’ve retired. Depending on your risk aversion and which stage of life you’re in, you might be advised to go for fixed income investments or stocks or whatever best fits into your retirement plan.

If you want to learn more about growing and protecting your wealth for a happy retirement, order a free hardcover copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

Estate Planning

Wealth management Michigan comprehensive services also include estate planning and transfer of wealth. For families worth $5 million to $500 million in liquid assets, it’s not enough to simply grow their wealth. They also have to consider how they will pass on that wealth to their heirs and beneficiaries. For high net worth individuals, this can be a complicated affair. It involves accounting for all your wealth, deciding beneficiaries and distributions, setting up trust funds, minimizing tax liabilities, etc.

If you happen to have a private business that you wish to transfer, it can get even more complicated. Besides all the planning it requires in your life to ensure the optimization and protection of your assets, estate planning also involves a lot of legal procedures. All this demands the expertise of a skilled and trusted wealth manager.

Tax Optimization

Taxes can be a huge concern when they cost you hundreds and thousands of dollars every year, as is the case with high net worth individuals. That’s why you need a proper tax optimization strategy as part of your comprehensive wealth management Michigan services. Your taxes can determine how efficient your financial plan and overall wealth management is.

Taxes are an expense that everyone must bear, but it doesn’t necessarily have to be a burden. If not managed properly, taxes can eat away a major chunk of your income, leaving you with less wealth and assets than you had planned. That’s why you need tax optimization in your financial plan. You will need to diversify your investment portfolios, choose certain management styles, and employ other tax strategies.

At Pillar Wealth Management, we offer a wide range of services that include tax management. Our wealth managers have a combined experience of more than sixty years and are well-versed on how to minimize your taxes, fees, and other expenses so that you can get the most out of your investments. If you want to cut down on your own tax bills, get in touch with one of our wealth managers here.

Insurance Planning

Growing your assets and wealth is important, but so is protecting that wealth. That’s why comprehensive wealth management includes insurance planning and risk management. An insurance plan can secure your financial wealth for the future and against unforeseen events. It gives you or your family a sense of peace to pursue your financial goals and targets without the worry of irrecoverable losses.

Insurance planning rounds out your entire financial plan as it protects your assets for you as well as your beneficiaries. An experienced wealth manager can help you decide between different types of insurance plans, such as life insurance, long-term care insurance, disability insurance, etc.

Philanthropy

As mentioned earlier, wealth management Michigan comprehensive services don’t just consider your financial targets but also take into account your values. If that entails philanthropy, then your financial plans will include charitable giving and donations.

Your wealth manager will work with you to understand your beliefs and values and set up your charitable donations and investment plans accordingly. A good wealth manager will also carefully manage your philanthropic planning along with your tax optimization by saving your capital gain taxes for more donations.

Wrapping Up

Comprehensive wealth management Michigan involves a wide range of services that are vital for high net worth and ultra-high net worth individuals. However, considering the extensive nature of the services, you need the right wealth manager at the right wealth management firm first. This is not an easy decision, but some of the things you can consider in choosing one are their experience and track record, clients’ testimonials, and services offered.

Pillar Wealth Management is an independent, 100% fee-only fiduciary wealth management firm. We have more than sixty years of combined experience in wealth management under our belt. Our managers and financial advisors are dedicated to helping affluent clients achieve their financial goals and aspirations in life for financial success. Book a free consultation session with one of the fiduciary advisors at Pillar Wealth Management 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.