Wealth Management Planner to Secure and Grow Your Wealth – Pillar WM

Handling your own finances is not an easy task. In fact, if you have $5 million to $500 million worth of liquid assets, managing your own finances is almost impossible. Thus, if you belong to the high net worth or ultra-high net worth club, you might find yourself looking for a wealth manager to secure and grow your wealth. Wealth planners typically provide a range of services to affluent clients to help them achieve goals. Read our handy guide for investors with $10 million or more to know more about how a wealth planner can help attain financial serenity.

STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION

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.

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At Pillar Wealth Management, our wealth planners have been working with clients who have investable assets between $5 million and $500 million for over thirty years. Our vast experience allows us to understand and capitalize on market trends for improved results and higher investment returns.

In today’s blog, we’ll be discussing what wealth planners do, if their services are worth your time and money, and if you actually need them.

What A Wealth Planner Does: 6 Key Services

If you’re new to the world of wealth planning, you might be thinking, “what does a wealth planner do?” In simple words, wealth planners, or sometimes people recognize it as a certified financial planner, provide an assortment of investment advisory and financial planning and financial advisory services to wealthy individuals.

Generally, a wealth planner can help you in the following areas:

• Asset Allocation Analysis

• Insurance Planning

• Estate Planning

• Risk Management

• Tax Management

• Retirement Planning

1. Asset Allocation Analysis

Asset allocation is one of the key investment strategies that wealthy investors can adopt to manage and grow their wealth. The primary objective of asset allocation is to strike the perfect balance between potential returns and risks. However, there’s no single method to assess every investor’s ideal asset allocation as each one has its own set of financial objectives, risk tolerance, and time horizon.

For instance, if you’re an investor with a longer time horizon, you may be comfortable investing in a more volatile or riskier investment because you can wait out the inevitable ups and downs of markets and slow economic cycles. On the other hand, if you have a shorter time horizon, you might not be willing to take up a high risk.

Thus, our wealth planners take all such details into account when analyzing your portfolio and creating a personalized asset allocation plan for you. We spend plenty of time to ensure that the strategy we develop is aligned with your needs and requirements.

2. Insurance Planning

Insurance planning is a vital component of creating a comprehensive financial strategy as one of the trust services to maintain your wealth. It encompasses risk evaluation and identifying which insurance plan is best to mitigate those risks. Insurance planning aims to determine and measure the risk factors present in your life and get the ideal coverage to maintain your financial serenity in the event of an accident or a tragedy.

Many high net worth and ultra-high net worth individuals opt for Life Insurance, Long-term Insurance, and Disability Insurance to keep their wealth safe in case of any catastrophe. However, selecting the right insurance plan isn’t as simple as it sounds because the reps from insurance organizations are highly trained to persuade clients to purchase plans that fail to provide adequate coverage.

Thankfully, if you have an experienced wealth planner with you, you don’t need to worry about choosing the wrong insurance plan for yourself. Our wealth planners will help you make the right choice so that you and your wealth stay secure in every condition.

What is a wealth management planner?

A wealth management planner is a financial advisor who advises high-net-worth individuals regarding managing their investments to grow and protect their wealth.

What are the 4 areas of wealth management financial planning?

Four areas are making recommendations to manage income and expenses, advising in investment management, writing and implementing an estate plan, and developing a strategy for tax minimization.

What qualifications do I need to be a wealth manager?

You need at least a bachelor’s degree in a related field, strong sales skills, a relevant certification such as CFP, and the ability to connect to the high-net-worth cohort.

How do I start a career in wealth management?

A good place to start is at the bottom of the ladder in an investment firm or bank, where you will at least have a starting salary while you learn the business and see if it’s the right one for you.

Is wealth planning a good job?

Wealth planning is a good job for someone who loves finance and the markets, is a people person, and has sales, analytical, and research skills. The pay is good, too.

Can wealth managers make millions?

Wealth managers can become wealthy like their clients; they earn fairly high salaries, and by following their own advice, they should be able to become millionaires.

3. Estate Planning

You might have certain plans regarding who will inherit your business, wealth, and assets after you pass away. These could either be your children, a charity fund, or any other beneficiary. While this procedure seems straightforward and simple on paper, in reality, it’s burdened with several impediments such as excessive taxes. In our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million, we explore some of the complications associated with estate planning.

Estate planning includes identifying organizations or individuals who will take on your business, wealth, and assets after you pass away. The purpose of estate planning is to make sure that your children or other beneficiaries get their inheritance in a manner that lowers taxes. Our wealth planners will develop a comprehensive estate plan for you encompassing various financial planning strategies such as life insurance trusts you will need so that your beneficiaries don’t have to send any extra money to Uncle Sam.

4. Risk Management

Risks are an inevitable part of any investment you make. Thus, if you choose to invest your wealth in a specific area, you are taking up a risk. However, the level of risk is different for each investment. For instance, US Treasury Bills are risk-free investments, whereas real-estate securities are high-risk investments.

The risk management solutions provided by our wealth planners will help you invest your wealth in a manner that minimizes any investment-related risk. It involves assessing, scrutinizing, and lowering risks that can stem from multiple causes such as natural disasters, inflation, market volatility, etc.

5. Tax Management

You might already know that you have a tax obligation if you get a high return on your investment or if you sell any of your assets at a profit. What you probably didn’t know is that there are multiple ways to lower the taxes successfully you’re required to pay.

Our wealth planners will comprehensively analyze your asset portfolio and identify areas where tax-saving is possible. You can have a meeting with any one of our wealth planners to learn more about the various techniques we use to minimize your tax obligation.

Plus, our wealth planners will also keep an eye on your investment holdings and will let you know if you have to pay any taxes on them. Thus, you no longer have to stress over delayed or missed tax payments that could result in hefty fines and can even land you in jail.

6. Retirement Planning

Retirement planning is an extremely crucial task that you will need to undertake because you won’t be actively earning money once you retire. Rather, you will have to rely on your investments’ passive income to fulfill your financial needs.

Moreover, you may have certain plans for your retirement. For instance, you might want to spend your retirement with your loved ones peacefully in your country home. Or you might set some new financial goals for your post-retirement life. Whatever you wish to do, our wealth planners have decades of experience to help you achieve your retirement goals.

We will develop a thorough retirement plan to have access to a steady income stream even after your retirement. Or if you have any post-retirement financial targets, we can help you attain them too! Don’t forget to read our special guide, where we discuss the five crucial shifts you need to make to enhance portfolio growth strategies.

Are Wealth Planners Worth It?

Now that you know the details of what wealth planners or financial planners do, you might be wondering, are wealth planners worth it? Surprisingly this is a question that several high net worth and ultra-high net worth individuals such as yourself ask themselves. Because at the end of the day, you can get each of the services listed above from different professionals such as financial and investment advisors.

While we don’t reject this argument, we want to let you know that at Pillar Wealth Management, our wealth planners have the knowledge and skill to assist you on multiple financial matters. We analyze your portfolio, study your finances, and give you suggestions that encompass each aspect of your financial situation.

We are aware that certain high net worth and ultra-high net worth individuals don’t have a holistic knowledge of market movements and investment opportunities. This is why we provide you with wealth plans that you can easily implement. In this guide, we discuss why you don’t need to understand finance before choosing a wealth planner.

Do I Need A Wealth Planner?

Tailored Financial Plans
Expert Guidance
Fiduciary Services

If you’re still contemplating, “do I need a wealth planner?” then do read some additional advantages of hiring a wealth planner.

Tailored Financial Plans

Unlike the massive Wall Street companies and other major investment companies that offer the same cookie-cutter solution to every client, our wealth planners will create tailored wealth strategies for you. In fact, this year, we plan to accept only 17 new clients so that we can get a thorough understanding of each client’s financial goals and their ambitions in life. This way, we can devise personalized wealth plans for each high net worth and the ultra-high net worth client to help them achieve their goals in the best possible manner.

Expert Guidance

Here again, we’d like to use the example of massive Wall Street firms and other major investment companies who are the jack of all trades and master of none when it comes to wealth planning services. However, our expert wealth managers have comprehensive knowledge of wealth planning and really know what they’re doing. As experts in the field, we can properly guide you to make more informed decisions.

At Pillar Wealth Management, our wealth managers have been in the industry for over three decades, so you can easily trust us for all your wealth planning needs.

Fiduciary Services

Our wealth managers or financial advisors act as fiduciary, which means that we minimize any possible conflict of interest in our financial services and are fully dedicated to helping you accomplish your targets. We ensure that we always act in your best interests, even if it isn’t in line with our own. Click here to schedule a meeting with our fiduciary wealth planners to get the best advice and guidance pertinent to wealth planning.

Managing Wealth Around Major Life Changes

Wealth managers won’t just create wealth plans for you but also adjust them according to any major changes in your life or even the market. Whether you’re filing for a divorce or the economy is hitting a recession, expert wealth managers will know precisely what to do to secure your wealth and help you move ahead with your targets and goals. They are supposed to not only holding your credit cards but also provide comprehended and precise services.

They will closely monitor the market, consistently evaluate your wealth plans’ success, and make adjustments when they’re needed. Therefore, you won’t have to stress your finances and get the financial security you always dreamed of. You can read more on how the best wealth planners can help you in our ultimate guide for investors who have assets worth $10 million or more.

Working with a wealth management advisor is able to assist in dealing with any trust services matter. Because a financial advisor like this puts so much time and effort into what they are doing.

Therefore, our asset/wealth managers only work with 17 clients per year. Why? Because we know that wealth management is similar to building a relationship, it is different from merely selling products and services. Being a wealthy person, you can’t just let an average advisor deals with your financial issues. You should work with an expert that can provide personalized financial planning advice and private wealth management service.

High Net Worth Wealth Managers

If you’re an individual who has investable assets valued between $5 million and $25 million, you should hire a wealth manager. Our high net worth wealth managers at Pillar Wealth Management will help you secure, manage, and even increase your wealth.

Moreover, you may have some investment, retirement, or estate plans you would like to implement. If you want to turn your plans into reality effectively, an experienced wealth manager who knows the ins and outs of wealth planning can surely help you out. We strongly recommend reading our special guide on choosing the best high net worth wealth planner for yourself.

Financial Planner vs. Wealth Manager: An Overview

Financial planners and wealth managers provide financial advice in areas as diverse as controlling expenditures to purchasing real estate.

Financial planners and wealth managers offer the same services, but wealth managers work with high- and ultra-high-net-worth individuals and families, which may require more specialized skills and knowledge, such as negotiating the purchase or sale of a business.

Education

To pursue a career as a financial planner or wealth manager, you should have at least a bachelor’s degree in a related field, such as economics or finance.

There may be further education requirements. For example, acquiring a CFP certification requires completing coursework through a CFP Board Registered Program, passing the CFP exam, and accumulating 6,000 hours of work experience.

To broaden their capabilities, some financial planners and wealth managers are also certified public accountants (CPAs).

Skills Needed

While education and training are important in launching a career in financial services, sales skills are critical. Product expertise is required. Advisors need to have empathy, be good listeners, and communicate effectively with clients. They need to know how to build relationships and maintain them.

Included in sales skills are business development, prospecting, and negotiating skills. A good salesperson is sociable, maintains a network, and is always looking out for new customers. Wealth managers, in particular, will benefit from having connections among the high-net-worth cohort.

As in any profession, a successful advisor loves the work they do, is a hard worker, and keeps up with what’s happening in the markets.

Financial advisors are comfortable with the mathematical complexities of their field, enjoy doing research, and are detail-oriented.

Starting Salary

A financial advisor starts with a small base salary, complemented by commissions, up to an average of $70,000 per year, with wealth managers averaging $90,000 per year. According to government statistics, 10% of advisors earned over $200,000 in 2020.

Job Outlook

According to the Bureau of Labor Statistics, employment of financial advisors is expected to increase by 15% between 2021 and 2031.

Work-Life Balance

Financial advisors, especially in the early years of their careers, need to work hard on the sales aspects of their work to build a client base, which includes after-hours or weekend meetings with potential clients. Wealth managers may have a better work-life balance because they need fewer clients to maintain a comfortable lifestyle.

Which One to Choose Between Wealth Manager or Wealth Planners?

To choose which one is better for your wealth’s well-being, you need to understand the differences between them. A financial planner is a professional that is trained to handle all of your financial matters, starting from investment planning, asset allocation planning, and many more. At the same time, the wealth manager takes on broader areas that manage all aspects of investment management, asset management, retirement, and real estate.

The wealth management firm is designed for high-end clients with a broad range of assets, while the financial planner is mostly suitable for the individual with Moderate assets. If you are an individual with a broad asset ranging from $5 million to $500 million, the best choice is to work with the experts such as Hutch Ashoo and Christ Snyder from Pillar WM for a better result.

Parting Words

If you don’t feel comfortable managing your wealth on your own, you should speak to wealth managers. Given their knowledge, skills, expertise, and experience, a wealth manager can efficiently handle your assets and wealth.

You can find an intermediate Private Wealth Management firm like Vanguard and many more out there. Still, if you are an individual who has investable assets between $5 million and $500 million, you need an extraordinary wealth management firm. Pillar Wealth Management is a firm that provides holistic wealth management services. We are dedicated to providing fiduciary services to the high net worth and ultra-high net worth individuals who come our way.

However, we aren’t just restricted to wealth planning. Rather, our services’ list includes portfolio design, liquidity management, balance sheet optimization as well. Click here to schedule a meeting with one of our wealth planners today. It’s absolutely free, so you really have nothing to lose!

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.