Orinda is a Suburb of San Francisco with a population of about 19,000 people. It is in Contra Costa County and is widely regarded as one of the best places to live in California. Life in Orinda offers residents a suburban feel. Orinda is an extremely wealthy suburb, with the median household income at over $200,000, which is almost four times the national median. So, if you are an investor and have more than $10 million to invest, then you need to check out this free resource to help you.
Of course, with this wealth comes a need for it to be managed. There are multiple options available for wealthy individuals to manage their assets. In this article, we will examine why a wealth manager in Orinda is the best option, and how wealth management in Orinda works.
For more detailed information on how wealth management works, you should request a free copy of our book, The Ultimate Guide to Choosing the Best Financial Advisor for Investors, with $5 Million to $500 Million in Liquid Assets. This material will help you find a wealth manager in Orinda that meets your unique needs.
Who is a Wealth Manager?
A wealth manager is a company or a person that helps a wealthy individual manage their finances. If you own assets that are worth between $5 million and $500 million, then you need more than the standard financial advice that you will get from accountants, tax and estate planners, and other professionals. Wealth management is likely best for you done by a single firm quarterbacking your financial needs. It is not that single professional advice is incorrect or inherently bad, it is just not suited to you as a wealthy individual or family.
To get started, a wealth manager in Orinda may draw up a plan. The wealth management firm will help you decipher your goals for the future, and then use these goals to develop a comprehensive plan to manage your wealth.
Of course, the process is a bit more complicated than this, but that is because of the considerable wealth being managed. Your financial goals may fall into two categories of planned and unplanned expenses. Planned expenses are simply the expenses that you plan to spend in the future, and unplanned expenses are those simply those that were unforeseen or unexpected, such as significant medical bills.
The next thing the wealth manager does is to work with you to determine what your risk appetite and investment objectives are. This is important because your goals are unique to you, and the wealth management firm must understand what you want and what drives you, to be able to build a comprehensive plan.
2 Things A Wealth Manager in Orinda Will Do for You
Let’s take an example of two people, John & Sarah. John is moving towards his retirement age and wants to maintain the same standard of living that he has built up. Even if John has created a lot of liquid wealth for himself, he understands that the standard of living in America keeps rising higher by the day. Recognizing that John’s primary goal is to preserve his wealth, it will tell a lot about what kind of investment portfolio will suit him and his risk appetite.
Sarah, on the other hand, just moved into a new mansion with her husband and is expecting her second child. She has a well-paying job, and a large nest egg saved up for retirement. For her, the most important thing is to make sure that her children have enough in their college fund to attend a great private college, as well as leaving a significant portion of her considerable wealth onto future generations. However, Sarah has concerns that by the time her children are ready for college, there will not be enough in their education fund.
Obviously, these are overly simplified profiles, but they highlight two different life stages. While John would likely want to preserve his wealth without risk, Sarah is likely to pursue a more complicated investment plan to meet her financial goals. John’s perception of the amount of risk involved in investing in some specific assets might restrict them from volatile investment.
Sarah, on the other hand, is likely to require the services of a wealth manager with more advanced investment strategies. If you are an investor and have more than $10 million to invest, then you need to check out this free resource to help you.
This is one of the major duties of a wealth management firm, working with you to determine your specific goals and then relating it to a financial plan. After sharing your goal with your wealth manager, they will let you know if the goals are realistic or will need some adjustment. When you look for wealth management in Orinda, the wealth manager might use tools like capital needs analysis to determine if all your goals are achievable.
To accomplish this, they will take a close look at your budget, how you spend your money, and your assets and liabilities. This would give them a good idea of the cost of meeting your goals. The wealth manager will be honest with you about what is possible and then draft out a plan that will achieve the financial goals that you have both agreed on.
As a high net-worth individual, you would require specialized financial help. Not every professional that claims to be a financial adviser should be able to provide you with the help you need. It is in your best interest to search for wealth management in Orinda that will suit you and your goals. If you want to learn more about private wealth management from professionals in the business, or you’re a high net-worth individual with $5 million to $500 million,schedule your consultation call with Pillar Wealth Management, LLC. ‘s co-founders Hutch Ashoo and Chris Snyder today.