The Complete Guide to What We Do
For high net worth and ultra-high net worth individuals, learning to properly manage their wealth is important for their mental peace. However, when it comes to it, wealth management Norfolk can be challenging. Big banks and financial institutions make big promises and claims, but most of the time, these organizations don’t really care about your wealthand are more focused on meeting their own targets. That’s why it is important to approach the right people where you get exclusive wealth management Norfolk services based on years of experience. If you are a high and ultra-high net worth investor with $5 million to $500 million in liquid assets, we would recommend reading our exclusive guide for investors with $10 million or more to maximize your wealth.
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.
At Pillar Wealth Management, we have more than sixty years of experience in providing premium financial services to affluent clients and helping them grow their assets. If you want to learn more, click here to reach out to one of our trusted advisors and learn more about it.
Table of Contents
Banking vs. Wealth Management
When you have accumulated a significant amount of wealth and wish to grow it in a safe yet profitable manner, you’ll be presented with a number of potential options, such as banks, brokers, and wealth management advisors. These are often considered to be the same, but the kind of services and experience they offer is slightly different, and this is what you need to really understand to make the most of your investment decisions. Let’s see what both of these are.
With regard to managing your wealth, banking mainly includes private banking but can cover investment banking as well. These banking services are primarily centered around financial management and investment-related guidance that is meant to help clients maintain and protect their assets to a certain degree.
They designate employees to serve individual clients and provide financial solutions catering to each investor’s individual needs and preferences. Sometimes, these solutions can include financial management for retirement planning, one-off purchases, and the passing of wealth in the family.
If you’re an investor with $5 million to $500 million in liquid investment assets, you might be tempted to approach these big banks as they offer high-interest rates and other banking services all in one place. However, while they claim to provide customized financial solutions, most of them offer standard services that do not address your unique financial situation.
Wealth management is similar to banking as it helps in maintaining assets for high net worth and ultra-high net worth investors. However, wealth managers specifically do a bit more. Wealth management Norfolk involves guiding and executing investment decisions for clients according to their financial goals and targets.
It provides a more holistic approach to money management for affluent clients. For instance, one of the types of wealth management service offered is tax management, which can be a lengthy and tiresome activity for a client to do on their own.
At Pillar Wealth Management, you can expect this and a whole range of services that are specifically designed to grow and optimize your wealth for financial serenity. Click here to learn more about how multi-millionaires can improve portfolio performance for further financial security and serenity.
Difference Between Banking and Wealth Management
Wealth management and banking share a lot of the core services, but they have their key differences, which ultimately affect how much you yield from your financial decisions. Here are some of the differences:
Services and Customization
One of the basic differences between the two is the level of services offered. Banking services are usually limited to banking facilities and guidance over investment options. They don’t usually carry out the investments themselves. Moreover, their investment packages are usually fixed with very little variation as they are designed based on tried-and-tested models that have shown to be successful. This is more cost-effective for them and has fewer chances of error.
On the other hand, wealth management Norfolk includes a variety of services, such as investment management, tax management, risk management, banking, estate planning, retirement planning, accounting, and other fiduciary services. It helps grow your wealth in such a way that you can achieve your goals, mitigate risks, and make your money last.
Wealth managers usually spend a lot of time with their clients to understand their goals and what they hope to achieve with their financial plans. Then, according to that, they devise a more tailored package of investment options and financial solutions that will help you accomplish your plans and enjoy financial security. Click here to start a conversation about tailored packages and customized financial solutions.
While some private banks can cover some of the services offered by wealth management Norfolk firms, they don’t have that much experience over it. Therefore, they might not be that knowledgeable about market trends or how to capitalize on them to boost your portfolio performance. Instead, their expertise lies in their core banking services, such as managing key accounts, paying bills, etc.
Comparatively, wealth management firms’ entire expertise lies in wealth management. They know everything there is to know about maintaining and optimizing your assets for their optimal growth and security. Wealth managers are specifically trained at handling your investment portfolios and building them in smart ways to maximize your returns while minimizing the risks and costs.
Once someone has saved up a million or ten million dollars, they might think that they’ll just dump it all in a high-interest bank account and live on that for the rest of that life. However, since growing wealth for it to last is not really a bank’s forte, their investment plans won’t help you achieve your financial plans. Not to mention, value of money depreciates over time, and if it is not allocated properly according to a sound investment plan, it will run out pretty fast.
At Pillar Wealth Management, our exclusive wealth management advisors help clients gain financial security and serenity as they design personalized investment portfolios, save on taxes, fees, and provide other expert services. If you have collected more than $25 million and are looking for expert guidance, we suggest checking out a free copy of our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
Active and Passive Management
Investment portfolios are not all about immediate returns and profits. They also have to consider the cost of the investments and the success and performance of the portfolio over the long run. These are usually determined by the management style adopted and is another difference when it comes to banking vs. wealth management.
Banks, investment brokers, and other similar financial institutions often adopt a more active management style when it comes to investing decisions. Active managers have a philosophy where they use your assets to bet on the market itself and beat the indexes for high, but short term, net returns. While it sounds quite appealing, most of the time, it’s guesswork.
This involves a lot of time spent trying to capitalize on trends and timing the market. Ultimately, what this means for the investor is high investment costs. These high costs can be acceptable for a year or two, but when you have an investment portfolio that’s running for ten or twenty years, those investment costs can really add up.
Wealth Management Norfolk follows a more passive management style. These advisors track the market index and grow your money as the market fluctuates. Since it doesn’t involve that much time and effort, the investment costs under this management style is usually a lot lower.
Financial advisors at Pillar Wealth Management rely on a mix of active and passive management styles for an optimized investment portfolio for maximum growth and profitability in the short as well as the long run. Click here to learn about the other shifts you must make for maximizing portfolio growth strategies.
Banks and wealth management firms also serve different types of clientele at times. While both institutions cater to high net worth and ultra-high net worth clients, banks are not restricted to those affluent investors. Even if individuals have saved up to $50,000, they can go to certain banks and avail their various investment portfolio management services. Many banks set the limit at six figures, though.
Wealth management firms don’t necessarily cater to all types of investors. For instance, Pillar Wealth Management mainly provides services for clients with $5 million to $500 million in liquid investment assets. Click here to start a free consultation with our experienced advisors.
This also helps limit the number of clients an institution is able to take on at a time. With more relaxed restrictions, banks are able to serve a greater number of people at a time. But, at the same time, they are not able to give each individual client as much time as they deserve. Since wealth management firms cater to limited clients, they can really focus on each investor and spend time on getting to know their precise goals and ambitions with regard to their wealth.
Dedicated Financial Advisor
When looking for an advisor to guide and manage your investment portfolio, you want someone that is fully invested in your case and understands your needs better than anyone else. That is why most institutions allot a specific employee or group of employees to each individual client so that they can focus on that one investor and manage their portfolio precisely how they want it.
Most of the time, this is not possible in banks as they have quick employee turnover. You might get comfortable with your designated employee,only to find out a month later that he has left that organization and you are reassigned to another employee. This is not only inconvenient, but it can also cause misunderstandings and mismanagement that lead to the poor handling of your investment portfolio.
At wealth management firms, you usually get assigned a wealth manager or advisor that sticks with you throughout the handling and execution of your investments. This way, you remain updated. You can read more about choosing the best financial advisory here.
When you’ve millions of dollars in your account that you plan to use for retirement or leave behind for your children, you want an advisor that is working purely in your best interests. Private bank employees are employed by their bank. Hence, they are thinking of how they can benefit their organization. If a good opportunity for you equals to a risky investment for the bank, they might not be as keen to push forward that idea.
Wealth managers have no such obligations to their firms, and so, they can work entirely with your best interests in mind. They are transparent and completely open in their dealings and decisions. They recommend as well as demonstrate results, inspiring trust and confidence for complete financial and mental serenity. If you’re also in search of honest advice regarding your investments, then click here to chat with us.
Choosing Wealth Management Norfolk
If you’re a high net worth and ultra-high net worth investor, your best bet is to go for a private wealth management firm for your investment portfolio. But, you’re probably thinking, “how should I go about choosing the best wealth management that suit my needs?” In that case, you should start by looking at wealth management firms around you and evaluate them on the following terms and any other types of wealth management service you require.
- Customized Plans
- Dedicated Advisors
- Fees Structure
Wrapping It Up
If you want to leave your assets in good hands, you need to approach the right people for the job. With the right financial advisor Norfolk, you will not only be able to grow and optimize your investment portfolio for maximized returns, but you will also attain financial serenity of not having to worry about it again.
If that sounds like something you need for your assets, you can approach Pillar Wealth Management. We offer premium financial advisory services to high net worth and ultra-high net worth investors looking to grow their wealth.
Our expert wealth managers will design a customized investment plan that will help you achieve your financial goals and attain your desired lifestyle. Click here to book a free consultation with Pillar Wealth Management today.
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