Wealth Management Phoenix

Portfolio management, capital gains taxes, fiduciary, fee-based, fee-only…. there are many terms that get used in the wealth management industry. Are you a high net worth or ultra-high net worth individual trying to make sense of these? Are you looking for a top financial advisor Phoenix and wealth management firm to work with? As someone who has worked hard and been successful in generating substantial wealth, you understand that managing that wealth and defining your legacy is not a straightforward task. If you have $10 million or more in investible assets, then feel free to download this guide on choosing the best financial advisor.

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You may have heard of the three-generation rule. It basically says that the first generation creates a business from scratch or is the catalyst for wealth generation. The second generation takes that wealth creation to a peak, and the third generation witnesses a significant erosion of that wealth. However, as this article points out, there is a way to tackle this philosophy. A professionally managed approach, through the services of a financial advisor Phoenix, can help protect wealth and even grow it. A high net worth individual simply has to give as much importance to wealth management as he/she gave to the creation of wealth.

In this article, we discuss some aspects of working with a financial advisor Phoenix, which can help you make important decisions. We will describe the desirable attributes of wealth management firms in Phoenix, AZ. Then we will also discuss the wealth management resources Phoenix firms bring to the table that can help you. Finally, we will offer some tips on how to find a top wealth management firm in Phoenix, which can provide you with a financial advisor Phoenix. We will also talk a bit about Pillar WM, a niche wealth management firm that specializes in working with clients who have $5 million to $500 million in investible liquid assets.

Wealth Management, Financial Advisor Phoenix, AZ

Every high net worth individual in Phoenix, AZ, wants to work with the best wealth management firm. After all, a significant amount of money is at stake, and one sub-optimal decision can result in a difference of a few million dollars over a number of years. Before you initiate the search process to find the best financial advisor Phoenix, it may be helpful to know what to look for in a wealth management firm and a financial advisor Phoenix. Pillar Wealth Management is a firm with a long track record of working with individuals and families with $5 million to $500 million in investible liquid assets.

Firstly, you want the wealth management firm to have a diverse set of services that it offers. If philanthropy is something you need help with, or if you are wondering how to pass on the business to the next generation, you want a wealth management firm and a financial advisor Phoenix with expertise and experience in those areas. We have discussed in more detail the different areas that top wealth advisors serve in this book called The Ultimate Guide to Choosing the Best Financial Advisor Phoenix: For Investors With $5 Million to $500 Million in Liquid Assets.

How much does it cost to talk to a financial advisor?

An advisor who charges a flat fee may charge between $2,000 and $7,500 per year. Or an advisor can charge a percentage of the value of the assets they manage, typically 1%.

Is it worth the money to hire a financial advisor?

It is worthwhile to hire a financial advisor if you are not very familiar with financial markets, retirement planning, and where, when, and how to invest in various types of assets.

How much does a one off financial advisor cost?

For a single consultation, a financial advisor may charge you a flat fee of $1,000 or more. They may charge you by the hour (at lease $200/hr) or a percentage of the value of the assets they manage.

When should you use a financial advisor?

You should use a financial advisor if you have assets that need managing, but you find it boring, or you find investing too confusing and complex, or you have too many assets to manage on your own.

Secondly, you want the financial advisor Phoenix to be completely aligned with your best interests. This can happen when the advisor is honest and ethical – subjective qualities with no clear way of being measured. However, you can look at a couple of things like fiduciary registration and fee structure. A fiduciary always acts in the best interest of the client and is legally required to do so. We will talk more about fee structure in another part of the article below. Get in touch with Hutch Ashoo to ask about what other qualities define a top wealth manager.

Wealth Management Resources Phoenix

You can think about a wealth management plan in two ways. You can either make all the wealth-related decisions yourself, or you can hire a financial advisor Phoenix to help you make those decisions. Of course, if you decide to do things on your own, you will have to spend time and resources learning about important concepts like taxation, portfolio management, risk management, and more. On the other hand, the wealth management resources that a financial advisor Phoenix brings to their clients can be quite substantial. Pillar Wealth Management, for example, has 60+ years of combined experience in handling portfolios worth $5 million to $500 million and has countless experiences to draw from.

One of the most important resources that a financial advisor Phoenix brings to the table is experience. If you work with someone who has handled high net worth portfolios with a similar size to your portfolio, then that wealth advisor has seen a diverse array of cases. The financial advisor Phoenix will know what to think about and how to navigate the situations you may face. Download this guide on improving portfolio performance for investors with $5 million to $500 million to learn about how investment costs can be a significant factor and the investments’ choice determine your future.

Another important resource that a capable financial advisor Phoenix brings with them is the array of expertise and services. Whether you need help with tax planning, asset protection, inheritance, philanthropy, retirement, insurance, or any financial planning area, a top-rated wealth manager should be able to offer you advice on it. If the financial advisor Phoenix does not have the expertise in-house, he/she should bring in an outside expert, who is also a top performer, to guide you. We encourage you to start a conversation with Pillar Wealth Management to know the firm’s areas of expertise.

The Different Fee Structures of Wealth Management Firms

Wealth management is a paid service. The top wealth management firms charge clients a fee in order to manage their wealth. With millions of dollars at stake, paying a relatively small amount is deemed to be worth the benefits that wealth management can bring to a high net worth or ultra-high net worth individual.

Usually, there are three fee structures that are common within the wealth management services world. The first is the simple fee-only model. As the name suggests, the model involves only a fee. The calculation of fee can be based either on an hourly rate, a pre-determined amount for each milestone achieved, or it can be a fixed percentage of the total assets that a client brings in to be managed by the financial advisor Phoenix. This model works very well because the advisor isn’t distracted or motivated by any commissions or cutbacks offered by certain financial product companies. The chances of a particular product getting “pushed” to the client are low.

That is not the case with a fee-based model. Here, the wealth manager can earn a commission as well as a fee from the client. If the commission amount is significant, then there is a possibility that the financial advisor Phoenix may “market” specific products to the client even when the client could do without such products. Check out this guide on choosing the best financial advisor Phoenix for individuals with $5 million to $500 million in liquid investible assets to learn more about the nuances of different fee structures.

The last model that we would like to mention is the commissions-only structure. It is pretty self-explanatory as commissions alone pay for the compensation of the wealth advisor. This model is somewhat rare but existent. Here, the wealth advisor may be completely driven by product commissions.

Wealth Management Firm Phoenix

Finding the best wealth management firm that Phoenix has for your requirements can sound like a daunting task. However, if you break down the process into simple steps, then it becomes a lot easier. In order to find a top financial advisor Phoenix to work with, you will have to determine your options, evaluate them using the knowledge from the above sections of this article, and then do a final evaluation to further screen the prospective options down to a handful.

But before you begin this process, there needs to be some introspection. You need to know what exactly you want out of your relationship with a financial advisor Phoenix. In order to get more pointers on this step, we encourage you to read this short primer on 5 critical shifts needed to maximize portfolio growth strategies for families worth $5 million to $500 million.

Once you know what you want, you can start searching for wealth management firms in your area. These could be firms within Phoenix, throughout Arizona, or close to your zip code. Visit the websites of these firms and see the list of services offered. Read any blogs or articles in the media to understand the thinking and philosophy of the wealth manager.

You may have heard of wealth management firms like Ironwood Wealth Management or others, but their investment consultants cannot guarantee that you will get the best result. Pillar Wealth Management focuses on each client, which means they will take on only 17 new clients this year. Our advisors are registered investment advisors that can help you manage your retirement planning, estate planning, and so on, professionally.

Shortlist the most appropriate options and speak with each financial advisor Phoenix. A one-on-one conversation allows you to know the person behind all the testimonials and the resumes. Is this person someone you can trust with your hard-earned wealth? We encourage you to schedule a free conversation with Pillar Wealth Management as well, as you never know when you might discover something that could be useful to your wealth management endeavors.

One more tip – talk to your relatives, friends, business colleagues, and people you know. Chances are, they may already be working with a top financial advisor Phoenix.

Big Wealth Management Firm vs. a Niche Firm

The wealth management industry is a competitive one. There are big-name Wall Street investment management firms, and then there are local/regional wealth management firms. The Wall Street firms clearly have scale. They are present in multiple states of the country, and they have significant assets under management. Some of the firms also have their own mutual funds and asset management businesses. They can offer some pretty attractive investment options at a low cost.

The downside of working with such a financial advisor Phoenix at a huge firm is that it is answerable to its shareholders. It is positioned to grow in volume and increase its assets-under-management number. Therefore, the services tend to be standardized, and clients may get bucketed into categories like “high-risk” and “low-risk.”

A boutique firm with a limited number of clients tends to be more personal. A firm like Pillar Wealth Management will know every client by their first name. The wealth plans can also be more customized as a smaller firm has positioned itself for depth rather than volume.

Ultimately, the choice that you make depends on what kind of setup works well for you. If you have a diverse set of goals yet want a financial advisor Phoenix like a family doctor that you can call anytime and get a human being to answer on the other end, then a smaller firm makes sense. If you feel more comfortable working with a brand-name firm, then a Wall Street option can work.

Could Pillar Wealth Management be a good fit?

We have talked about finding the right wealth management firm in the sections above. However, wealth management is a personal topic. Every high net worth and ultra-high net worth individual’s financial life is different. The decisions to be made and the motivations of every individual are unique. Therefore, the choice of the wealth management firm to work with is also different for every affluent person.

Pillar Wealth Management is a boutique wealth management firm with a focus on financial serenity. By that, we mean ensuring that our clients have their finances structured correctly, following a customized roadmap, and they can sleep peacefully at night without worrying about the next market crash wiping out their portfolios. The office achieves this philosophy of financial serenity by focusing on the client and providing white-glove wealth management services. Pillar Wealth Management took on only 17 new clients last year in order to ensure that it can concentrate on each client portfolio and give it maximum attention.

Pillar Wealth Management also makes a unique commitment to saving the client $100,000 for every $10 million in liquid assets that a client brings in for management. Feel free to call us to discuss how we deliver on this commitment. Pillar Wealth Management is a proactive wealth manager, and it regularly stress tests all client portfolios regardless of whether the economy is doing great or going through a downturn.

Hutch Ashoo and Christopher Snyder are the expert founders of independent, fee-only, and fiduciary wealth management firm Pillar Wealth Management. 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.

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.

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.