Wealth Management Options for High Net Worth Individuals and Families

As a high net worth individual with $5 million to $500 million in liquid assets, you can’t leave your wealth or key financial decision-making to just anyone. With that much wealth comes a lot ofrisks, so you need the absolute best to build your wealth and protect your assets. As an individual with high net worth, you need private wealth management firms, not private banks or investment houses. Now, you’re probably wondering what a wealth management firm does or what are the best wealth management options. Rest assured, we’ll answer all your questions and convince you that these wealth management options are the right way to go. But before we do that, we suggest investors worth $10 million or more to read our exclusive guide on choosing financial advisors and how it can really help them and their financial planning.

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 offers highly specialized financial and advisory services to individuals and families of high net worth and ultra-high net worth. Our wealth managers and advisors have been working in this industry and assisting high net worth clients for more than 30 years. We use our extensive experience, in-depth knowledge, more than 100 years of market data and our utmost commitment and dedication to developing personalized financial solutions for clients. Schedule a consultation session with our managers to learn more about us and what we can do for you.

As an overview, in this blog, we’ll be discussing what wealth management is, whether it’s worth it, when you should go for wealth management, its cost, and whatare the best wealth management options. This will be a quick overview, so if you want the real information and practical insights, you need to order our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.

Let’s get started.

Table of Contents
What is Wealth Management? Is Wealth Management Worth the Money? How Much Money Should You Have Before Getting Wealth Management? How Much Do Ultra-High Net Worth Wealth Management Options Cost? What are the Best Wealth Management Options?

What is Wealth Management?

Wealth management is a kind of financial and advisory service for high net worth as well as ultra-high net worth individuals. It takes a holistic approach to manage an individual’s wealth. For high net worth families, wealth management is the best financial service they could go for as it combines various financial aspects into one comprehensive service.

It includes a range of services, from investment management and retirement planning to reduction of expenses and transfer of wealth. It considers your short-term as well as long-term goals and targets. It focuses on your financial needs and goals as well as your other aspirations in life.

Wealth management isn’t just about short-term high returns or meaningless performance numbers. It involves building your wealth, but in a way that is sustainable over the long run, doesn’t drain away your wealth in excessive expenses, and protects and preserves your wealth for you and your heirs after you’re gone.

Is Wealth Management Worth the Money?

In the world of private banks and brokers who are offering limited services with limited expertise and without your best interests at heart, wealth management is the ultimate financial solution you have been looking for. If that brief definition didn’t convince you, here are a few other reasons why wealth management options are definitely worth the money.

Investment Management

Investment and portfolio management is one of the most important aspects of wealth management. Ultimately, it is the source of all the growth and your future wealth. All your other financial plans and assets are fueled through your investments only.

For instance, if you want a steady source of income in retirement, you will need the right investments and portfolio growth strategies to make it happen. However, as important as investment management is, it is one of the hardest things to do. There are millions of products and securities out there as well as a billion ways to create a portfolio.

However, only the most experienced and skilled wealth managers know how to create the perfect portfolio that balances all your needs of high returns, protection, security, diversity, sustainability, etc.

At Pillar Wealth Management, our wealth managers use more than 100 years of market data, latest trends, and smart forecasts to optimize investment strategies. More importantly, we measure the growth and performance of our strategies not by mere numbers and statistics, but by how our clients get closer to their goals and dreams in life. If that’s something that’s important to you, get in touch with our managers to get one step closer to your goals.

Risk Management

As mentioned earlier, high net worth individuals have a lot of wealth, but all that wealth also carries a lot of risks. Anyone can suggest which securities to invest in or how much to save every month (even though, on their own, those things mean nothing), but it takes someone special to protect your wealth from unforeseen circumstances.

And that’s exactly what a private wealth management firm does. Wealth managers use their extensive research, critical thinking, analytical skills, and vast experience to protect affluent individuals’ wealth and assets. They know that disasters don’t come with warnings and that they can come from anywhere.

External forces like market volatility or internal forces like a fatal or chronic disease could completely change your financial position in moments. That’s why they take into account all these risks and dangers and take the right preventative actions to make sure that you don’t lose your wealth.
Tax Optimization

What’s the use of making $50 million or $100 million every year if you’re only going to end up giving away $20 or $30 million in taxes and other expenses? Financial institutions like brokerage houses or banks are only concerned with filling their own coffers, and that’s why they won’t really care how much actually ends up going in your pocket.

In comparison, wealth management firms are dedicated to working for you. That’s why, as mentioned earlier, they don’t focus on meaningless performance numbers. Read about why performance isn’t all that it’s hyped up to be from this insightful guide on portfolio performance.

They have a much broader focus and holistic approach that focuses on results as well as efficiency and how closer you are to your goals. That’s why they are deeply concerned with your taxes and are actively involved in minimizing your tax liabilities so that you can build your wealth properly.

At Pillar Wealth Management, our managers have a combined experience of more than sixty years of helping our clients in reducing their taxes and other expenses.

Retirement Planning

Accumulating a lot of wealth is great, but it’s only really useful if you can make that wealth last for the rest of your life. That’s why you need retirement planning and that too from the best wealth management options. Retirement planning only gets harder as you grow older, and if you really want that financial security and serenity in the latter years of life, you need a solid retirement plan.

For a solid retirement plan, you need an excellent investment portfolio as well as smart tax optimization strategies. Do you see where we’re going with this? Only wealth management firms can do this for you as they have a holistic and comprehensive approach to growing your wealth and protecting your assets.

Estate Planning

Estate and legacy planning is an important part of wealth management that is often overlooked elsewhere. Transferring your wealth is not about simply writing a will. With that amount of wealth and diversity in assets, it can be no less than an impossible feat to divide everything according to your wishes and then ensuring that all your wealth is properly distributed to your intended beneficiaries.

Moreover, not everyone is concerned with simply transferring their wealth. Other people might want to start a trust fund or have other philanthropic plans. Wealth managers can help you with all this. Learn about what else they can help investors worth $10 million or more with from this handy guide on finding financial advisors.

Other Services

That’s not all that wealth management firms do. Besides all that, they offer various other services as well, such as banking, accounting, legal assistance, customized financial planning, monitoring and rebalancing, cash flow planning, and a lot more. So, when we say that wealth management has a holistic approach, we really mean a holistic approach.

At Pillar Wealth Management, our main goal is to help you attain financial serenity. We do this through four main ways: financial planning, investing, alternative strategies and advising. Under these four categories, we offer numerous financial and advisory services to help you transition from where you are currently to where you actually wish to be. Start chatting with our managers to begin your transition today.

How Much Money Should You Have Before Getting Wealth Management?

There isn’t any fixed amount, like $50,000 or $500,000, after which you qualify for wealth management. It depends on you entirely. Some people have the time and skills to manage their own wealth and assets, even if those amount to $1 million. On the other hand, some people don’t have the time or skills to manage their wealth, even if it’s $10,000.

Normally, people start out by managing their own wealth. However, as they progress in their careers, as their family grows, and as their assets diversify, it can become too complex for them to manage it all themselves efficiently. This is a good point to start with wealth management services.

Besides all that, we’d suggest high net worth and ultra-high net worth families get wealth management services right away if they truly want financial serenity. Learn why we say this by reading our handy guide on portfolio growth strategies for high net worth families.

How Much Do Ultra-High Net Worth Wealth Management Options Cost?

There are a lot of factors that determine how much wealth management options cost. For instance, it can depend on the individual’s net worth as some firms tend to reduce their rates as net worth increases. Similarly, wealth managers can charge higher or lower, depending on their money management style. Active managers tend to charge higher than passive managers.

On average, most wealth management firms charge around 1% of the Assets Under Management (AUM).

What are the Best Wealth Management Options?

There are manywealth management optionsout there. So how do you choose one?There are a lot of factors that you need to consider. Here are a few of them, or for a detailed description on finding the best of them, you can go through our comprehensive guide on how to choose a financial advisor.

Reputation and Credentials: Reputation can tell you how good they are at keeping their promises and satisfying their clients. Equally important are their credentials, and certifications which will ensure that they are licensed to do what they say.
Experience: All their certifications aside, there are some tricks and skills that only come with experience and if you want to benefit from those, look for wealth management firms with extensive experience.
Personalized Services: Ultimately, it is all about helping you achieve your goals, and that’s only possible when you have personalized services.
Compensation and Fiduciary Services: You can also expect the best services when there’s no conflict of interest and a few ways to ensure that is to go for fiduciary services based on a fee-only compensation model.

Pillar Wealth Management is a fee-only private wealth management firm. We believe that each and every client that works with us is incredibly important. That’s why we offer completely customized financial planning and solutions that cater to each client’s unique financial situation and their goals, instead of the cookie-cutter experience you will get at other big firms. Our extensive range of services and highly experienced managers allows us to help our clients achieve their goals and attain financial success. If that’s something you’re after too, click here to consult one of our managers 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.