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Wealth Management Philadelphia

Great wealth management is important and it is not a simple task to find it. Philadelphia is the economic hub of the state of Pennsylvania and the eighth-largest American metropolitan economy. It is home to five Fortune 1000 company headquarters and has an estimated gross metropolitan product of $490 billion. For our most comprehensive wealth management and finance planning guide, specifically written for families looking to invest between $5 million and $500 million, you should click here to request your free copy.

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7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

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.

Philadelphia is home to well-known education institutes, manufacturing operations and also serves as a major tourist destination. Philadelphia is also the city where more than 2000 ultra-rich individuals live. Much more high net worth individuals also call Philadelphia their home. If you are someone with $10 million or more in investible liquid assets in Philadelphia, then we encourage you to check out this guide on choosing the best wealth advisor. 

A global city with so much prosperity and wealth also has some interesting wealth advisory options. If you happen to be a high net worth who manages a business or has recently sold their business in Philadelphia, then you would appreciate that managing significant wealth requires a totally different comprehensive skill set than running a business or doing the work that you love.

So, while it is good to learn about taxes, investing, and personal finance, it can help if you have a dedicated wealth manager who can guide you on business decisions with an impact of a few million dollars. For example, Pillar Wealth Management is an investment management Philadelphia firm that works with individuals and families worth $5 million to $500 million.

If you are still on the fence as to whether you should consider a Philadelphia wealth manager or not, then the following guide will clarify some of your doubts. We will look at the benefits of the Philadelphia pa investment professionals service, why redefining the wealth process is essential, how Philadelphia wealth management groups can help you, and how you can select the best investment management planning firm.

Benefits Of Wealth Management Service

Among the various benefits of wealth management service, the most significant benefit is the multitude of services under one roof. A reputed Philadelphia management firm will have expertise in multiple areas like investment management, estate planning, retirement planning, succession planning, real estate planning and advisory, philanthropy, risk management, and general financial planning. Pillar Wealth Management, for instance, has over 60 years of combined experience in providing customized wealth management and financial services in all of the above-mentioned areas to individuals with a minimum of $5 million to $500 million in investible liquid assets.

Since multiple services are offered by one firm/private wealth manager, the client saves a lot of time. He/she only has to deal with one person/project. There is also no need to pay multiple experts and meet each one of them separately. Imagine having one person do your taxes, another one managing your investments, and someone else advising you on family/succession matters. The advice’s view from each one may not be synchronized, and you have to do all the work of putting everything together and bringing everyone up-to-speed. However, when a dedicated wealth manager works with you for years, he/she will learn everything about your comprehensive financial needs and get their jobs in managing your wealth done. Therefore, decisions are also more insightful and holistic in nature. We have written an entire book on financial planning strategies which talks about more such benefits. It is called The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets. Feel free to check it out.

Working with a strong wealth manager in Philadelphia pa, rather than a generic financial planner, makes sense for a high net worth individual because wealth management is a subset of financial advisors that specializes in serving affluent clients. Speak to Hutch Ashoo from Pillar Wealth Management to understand why the experience of financial advisors helps.

Wealth Management Philadelphia

Redefining Wealth Process

The popular notion of an investment advisor may be a person in sharp suits, making investment decisions on which stocks to buy or sell. However, that is not wealth management. Wealth management is not about going all-out to earn the highest possible return. It is about matching your life goals and financial situation to your targeted returns and investment strategy. We have discussed this and many other mental model shifts that are needed when redefining the wealth process to maximize portfolio performance in a short downloadable guide for families and individuals with $5 million to $500 million in liquid assets.

An experienced financial advisor in Philadelphia (PA) will also ensure that attention is given to investment costs. Most fund managers chase returns and focus their work on beating the benchmarks. However, you can achieve all of those objectives and yet still end up with a lower net return in hand. How is that possible? If the manager makes frequent trades, shifting from one stock to the other, then substantial fees and transaction charges are incurred. Secondly, you (and not the fund manager) will have to pay short-term capital gains tax. As a financially informed individual, you will know that the tax rate is much higher than the long-term capital gains tax rate.

Besides, it has been demonstrated that passive index funds with low fees perform fairly well compared to actively managed funds over very long periods of time. So, the question on the mind of high net worth or ultra-high net worth individuals is whether it makes sense to pay significant fees to a fund manager when the long-term performance isn’t significantly higher than a passive investment option. Feel free to schedule a free consultation with Pillar Wealth Management to discuss active vs passive investing.

Philadelphia Wealth Management Groups

When people say Philadelphia wealth management groups, they generally mean wealth management firms that cater to high net worth and ultra-high net worth people in the Philadelphia area. There are multiple investment companies in Philadelphia (PA) with expertise in areas like:

Portfolio management

– Private banking

Retirement planning

– Succession planning

– Insurance securities

– Taxes

– And the other financial advisory matters

These firms generally work either on a fee-only compensation model or a fee-based model. Sometimes, you may also come across a commission-only model in which there is no fee. Rather, the wealth advisor earns through commissions from the product companies. You shall mind the reviews about the pros and cons of each compensation model in the next section. You can also read more about these compensation models and their effect on the wealth management firm’s services in this downloadable guide on selecting the best Financial Advisor Philadelphia for individuals with $5 million to $500 million in investible liquid assets.

Philadelphia pa financial advisors are helping their clients in making big financial decisions that must be taken. Whenever there is a big change in your life or whenever you plan something significant, you need to make such wealth-related decisions. The stakes are high because high net worth portfolios involve substantial sums of money from your bank. A few percentage points of difference can translate into millions of dollars over a few years’ time. Get in touch with Hutch Ashoo or Chris Snyder to hear about real-life situations where wrong decisions resulted in the loss of millions of dollars.

Ultimately, any good private wealth management firm or group will instill confidence in its clients. The clients will feel secure and comfortable in being able to achieve their financial goals with the decisions that the wealth manager has helped them make. It is about taking the stress out of managing finances.

Compensation Models Of Financial Advisor Professionals

We briefly touched upon the fee-only, fee-based, and commissions only compensation models in the previous section. What exactly are they, and which one will offer me the best experience? The answer depends on what exactly you, as a client, are looking for.

A fee-only model is one where wealth advisors get paid a fee that is predetermined. The fee can either be a fixed amount based on milestones. The fee can be a calculation of the hourly rate times the number of hours spent on a particular task. The fee can also be a fixed percentage of the total assets under management. So, for example, if a client asks an asset management firm to manage $15 million in liquid assets, the wealth management firm will charge a 1% or $150,000 as of its annual fee. This percentage of assets model is the most popular one within the fee-only model.

The fee-based model is the type where the advisor earns a fee as well as commissions or kickbacks from any products that he/she recommends the client to purchase/invest in. In this model, since two types of earnings are involved, the fee component may be smaller than would be the case in the fee-only model. However, there is also the possibility that the advisor may be motivated to earn commissions and may, therefore, aggressively “push” certain investment products even if the client does not necessarily need them.

A commission-only model is a type of financial service where no fee is involved. The Philadelphia advisors earn only via commissions and kickbacks. This model is not very common, but it is prevalent. We believe that this compensation structure has the least connection with the client’s goal because the wealth advisor’s financial incentive is completely linked with commissions. The client’s financial planning goal isn’t as much of a priority as it should be.

High Net Worth Philadelphia Wealth Management

Selecting wealth management in the Philadelphia pa area requires time and effort. It isn’t simply as easy as going onto Google and searching for senior wealth managers in your location. That is only the first step in your search process.

You need to delve deeper into what services a wealth management firm partners offer. You also need to explore what each firm’s type is. There should be a list of services and consultations like unique estate planning, investment advisory, financial advisors, portfolio management, tax advisory, retirement planning, broker-dealer, portfolio management, etc. Visible on the website that you can access.

You can also search any feedback, articles, or blogs about the financial advisor professionals either on its website or in the mainstream media in Philadelphia square. This will give you good information on how the wealth management firm thinks about the topic of financial planning. Find out whether the firms provide enough importance to investment costs and taxes. As we pointed out earlier, many certified financial planners are so focused on beating the market that they forget whether their strategies match their clients’ financial goals. If a client can achieve his/her goals with a low-risk, low-return investment from the market, there is no need to take on additional risk tolerance or invest in high-fee or tax products. We talk a lot about this topic and review it in our guide on improving portfolio performance for investors with $5 million to $500 million in investible liquid assets.

Once you shortlist a few firms, make it a point to speak with a strong certified financial planner directly. A one-on-one meeting, either in person or via video conferencing, will give you a good idea of the personality behind all the titles and achievements. In fact, we encourage you to speak with us at PillarWM about any question that you have about investment advisory or financial planning.

A word about us

As you proceed to search for the best financial advisors in the United States with top experience, we would like to mention a few things about the PillarWM company. The firm is a niche practice that focuses on exclusivity and a low-volume high-customization approach. Hutch Ashoo and Chris Snyder bring together more than 62 years of combined experience in managing resources for high net worth clients.

The company took on only 17 new clients last year because it likes to be detail-oriented. In fact, we know all our clients by the first name whenever they call. PillarWM team believes in offering a white-glove quality of service to its clients.

PillarWM company director also offers a commitment that is unique in the industry with a unique approach. Our team commits to saving $100,000 dollars for every $10 million in liquid investible assets that a client brings in for banking management for the best business experience.

Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary investments advisors PillarWM. If you would like to speak with them or simply ask any questions about how custom and trusted wealth management advice is offered to high-net-worth individuals with $5 million to $500 million in investible assets, then feel free to start a conversation.

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