Minneapolis Wealth Management

As a resident of Minneapolis and, more importantly, as someone with $5 million to $500 million in liquid assets, it can be hard to manage all your wealth and assets on your own. With several businesses running alongside or as you pursue other goals in your life, you might not have the time to look over the different aspects of your wealth and manage each of them separately for a comprehensive financial strategy. That’s why high-net-worth individuals or ultra-high-net-worth families need Minneapolis wealth management services from firms that can help take care of all their financial needs and objectives. Investors worth $10 million or more can check out our exclusive guide on the best financial advisors to learn more about the services included in wealth management and why they’re so important for them.

For an abridged version, you can continue reading this blog, where we will discuss what wealth management includes, how a wealth management company can help you and how much you need to have to hire a wealth manager. Besides that, you can also save your time and set up a free chat with Pillar Wealth Management instead. Our experienced financial advisors and expert wealth managers will be happy to answer any of your questions and help you get started with your wealth management. At our private firm, we only serve a limited number of high or ultra-high-net-worth clients only so that we can provide each client with dedicated services and a wide range of investment management, financial advisory, financial planning and other wealth management services.

Minneapolis Wealth Management

What Does Wealth Management at Minneapolis Do?

When you had just $10,000 or $50,000 in your account, it may have been easy to manage your wealth on your own. You might have had simple goals like maximizing your 401k account or getting rid of old debts.

However, now that you have managed to accumulate $5 million to $500 million in liquid assets, it’s an entirely different story. The same strategies that you might have used before won’t be as effective now. As a result, you will only be putting all that wealth that you worked so hard for at high risk.

That’s why you need Minneapolis wealth management, and here’s what they do.

Investment and Portfolio Management

Investment and portfolio management is a vital tool in any high-net-worth individual’s wealth management strategy. It can directly help your retirement plans, estate plans, tax costs and much more.

Therefore, this is one service that requires a lot of experience and expertise that you will only get from Minneapolis wealth management. Many inexperienced advisors tend to make the mistake of approaching investment management the wrong way.

They focus all their efforts on achieving certain returns and profits. However, in reality, investment management is just a means to an end. What really matters is your goals and why you want to grow your wealth through investment management. Read our brilliant guide on portfolio performance to discover the intricacies involved in portfolio management and how your goals can play a major role.

Risk Management

Investment management and all your other financial activities need to go hand in hand with risk management. In fact, without risk management, anything you do with your wealth is meaningless because you’re just exposing yourself to a lot of risks and setting yourself up for major losses.

Without risk management, many affluent individuals and families have found themselves near bankruptcy too. So, as wealth management tries to grow your wealth, it must protect your assets too. This includes protecting it from volatile markets, economic recessions, medical surprises, and many other things that you might not have even imagined.

Learn about the other factors that could put your wealth at risk from our book, The Art of Protecting Ultra-High-Net-Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.

Retirement Planning

If investment management was the means, then retirement planning is the end. This is the ultimate goal that almost everyone is working towards. However, for high and ultra-high-net-worth individuals, retirement plans look a little different.

They are very complex and hard to accomplish without professional help. After retirement, you might wish to give $5 million to each of your children, invest some in your friend’s business, start a venture of your own, get a third or fourth house, or even travel all around the world.

All this sounds great, but how do you actually make it happen? How do you invest or save the $5 million worth of liquid assets that you have right now and grow and sustain it long enough to fulfill all these goals?

Minneapolis wealth management firms can help devise comprehensive retirement plans that break down into actionable steps to achieve all your retirement desires. Set up a free discussion with Pillar Wealth Management to discuss your retirement goals and needs.

Tax Planning

While risk management protects you from certain losses that could happen in the future, tax management and planning addresses those costs which are draining your wealth right now. Taxes are an inevitable reality for every American. However, it does impact people differently.

For high-net-worth individuals, if they are not careful about it, they could end up losing tens or hundreds of millions worth of dollars every year in taxes. That’s why tax planning is a major portion of what wealth management firms do. They analyze all your financial decisions and their tax ramifications and adjust your strategy accordingly.

They make use of various tax reduction strategies, such as tax-loss harvesting, moving to no income tax states, and even finding the balance between active and passive money management. Learn how this can impact your taxes and ultimately your wealth from our handy guide on portfolio growth strategies.

Estate Planning

Estate planning can also turn out to be quite difficult for high-net-worth individuals to manage on their own. Moreover, for some, their estate and legacy plans can be the most important part of their wealth management. Again, this is not as easy as drafting a will and putting your signature on it.

Without any expert help, estate planning can quickly turn into a lot of family conflicts, legal disputes, high tax charges and more. With Minneapolis wealth management, you can rest assured knowing that your wealth will reach your intended beneficiaries in the best and smoothest way possible.

Your wealth manager will make sure to avoid any conflicts and even set up certain measures so that your loved ones can get the maximum amount of your wealth. Besides that, if you want to set up any charities or carry out other philanthropic plans, a wealth manager will help with that as well.

Business Transition and Succession Planning

Specifically for those high-net-worth individuals who have built their financial empire through running a successful business or two, business transition and succession planning can be quite difficult as well. This is an important part of your retirement plan that requires a lot of time and effort to execute successfully.

You have to involve legal advisors as well as tax specialists. You have to consider whether you will pass on the reins to a family member or approach a third party. In that case, you will have to be extra careful in finding buyers that best align with your vision and goals for the business.

All this is not easy to do, and quite frankly, you simply won’t have the time as you will be too busy taking care of the daily operations of the business. As a result, wealth management firms help with business transitions and succession planning as well.

What Does a Wealth Management Company Do to Help You?

Of course, you can find all these services at other financial institutions or even manage some of them yourself too. Certain private banks offer tax planning and risk management. You can get investment advice from a brokerage house. You can approach the right lawyers for help with estate planning and so on.

However, all these financial activities on their own and without any coordination will only drive up your management costs and make it harder for you to achieve your goals. So, a wealth management company offers you convenience in that regard. Furthermore, there are so many other ways they can help you as well.

You can even read our fantastic guide on the best financial advisors to learn about the different ways they can help you achieve your goals and move towards a safe and secure retirement.

• Comprehensive Financial Planning:A wealth management company helps with comprehensive financial planning to outline all your financial activities and give them a direction.

• Customized Financial Solutions: They develop financial solutions that are directly based on your personal needs and aspirations in life so that you can accomplish your goals much quicker.

• Monitoring and Adjusting Financial Plans: As your financial or personal situation changes or as the market evolves, they monitor your progress and adjust your financial plans accordingly.

• Fiduciary Services: They offer fiduciary financial services where they are required to always act in good faith, be completely transparent about any conflicts of interest and look out for your best interests.

• More Time to Pursue Other Life Goals: They help free up your time so that you can pursue other goals in life and attain financial serenity and prosperity.

Minneapolis Wealth Management

How Much Money Do You Need Before Hiring a Wealth Manager?

After all that, you may be wanting to hire a wealth manager right away. But, you might find yourself wondering, how much money do you need before hiring a wealth manager? Anyone can benefit from hiring a wealth manager, regardless of their financial position.

Wealth managers can help you with various aspects of your finances and gear you towards achieving your financial goals. However, most of the time, wealth managers at most private wealth management firms tend to cater to a specific type of clientele only.

For instance, at Pillar Wealth Management, our expert wealth managers only take on clients that have at least $5 million to $500 million in liquid assets. Plan a no-obligation chat with us today to learn more about it.

Therefore, if you are already a high-net-worth individual, you should get a wealth manager as soon as possible.

Choosing the Best Minneapolis Wealth Management Firm

While working with a Minneapolis wealth management firm simply sounds brilliant, it is actually much harder to find the right one for yourself. You can not simply type in Minneapolis wealth management in the search bar and start working with the first firm that pops up. Finding the firm that is best for you is quite difficult and yet, that much more crucial for your financial success.

Therefore, make sure you check their backgrounds, credentials, years of experience, the standard of care, clientele, reviews, and other such factors to find the best firm and advisor for your specific needs and unique personal circumstances. Investors worth $10 million or more can even check out our extensive guide on finding the right financial advisors to learn more about it.

At Pillar Wealth Management, we have a highly skilled and expert team of wealth managers and financial advisors who are entirely dedicated to helping our clients succeed financially. We have been involved in wealth management and other services for more than sixty years altogether. We are quite familiar with the kinds of challenges affluent individuals and families tend to face, and that’s why we’re always developing new, smart and customized financial solutions. Plan a no-obligation meeting with Pillar Wealth Management today.

Authors

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.

You see, our goal is to only accept 17 new clients this year. Clients who have from $5 million to $500 million in liquid investable assets to entrust us with on a 100% fee basis. No commissions and no products for sale.

More from authors.

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