Wealth Planning Services for Affluent Individuals – PillarWM
Several wealthy individuals opt for wealth planning services to secure and grow their wealth. Such services encompass varied array of other services, including portfolio management, tax planning, risk management, etc. At Pillar Wealth Management, we provide wealth planning services to individuals who own $5 million to $500 million worth of liquid assets. To learn more about how to choose the best wealth planning services, make sure you read our special guide for investors who have $10 million or more.
STRATEGIES FOR FAMILIES WORTH $5 MILLION TO $500 MILLION
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.
Table of Contents
Ultra-High Net WorthWealth Planning Services
By definition, the term high net worth individual refers to any person who has $1 million or more in liquid investable assets. On the other hand, an ultra-high net worth individual is a person who has more than $25 million worth of liquid assets. Both these categories have certain preferences and need various strategies to manage their wealth. At Pillar Wealth Management, we offer wealth management services to clients who have liquid assets valued from $5 million to $500 million.
Ultra-high net worth wealth planning typically includes the following services:
- Investment Management
- Risk Management
- Tax Planning
- Retirement Planning
- Estate Planning
- Private Banking
Investment management involves handling investments and other financial assets. Many people assume that investment planning is just about buying and selling investments. However, it’s so much more than that! For instance, investment management includes devising a strategy or plan to acquire and dispose of portfolio holdings. It may even encompass budgeting, banking, tax planning, along with various other tasks.
At Pillar Wealth Management, we have expertise in analyzing asset portfolios and formulating personalized plans to maximize our client’s returns. We have in-depth insights into the various financial markets and their trends that we use to help you make the right investment choices. Read our ultimate guide, Improving Portfolio Performance, to learn how you can get the highest investment performance.
Riskand investments all go hand in hand as each investment carries a certain degree of risk. While it may be negligible for a US T-Bill, it may be extremely high for real estate in highly inflationary markets. However, with effective risk management strategies, you can effectively minimize such risks.
Risk management involves identifying, analyzing, and mitigating investment risks that could stem due to various reasons, such as market uncertainty, natural disasters, etc. Our competent wealth managers offer risk management services to ultra-high net worth individuals like yourself. Our objective is to minimize the financial losses associated with investment risks.
The only negative side of making a gain on your investment or selling your assets at a profit is that you have to pay taxes. These taxes can easily cost you thousands of dollars. If you want to lower the amount of tax liability, you should use a wealth management firm that provides tax planning services.
Tax planning involves analyzing your financial situation to minimize your tax obligations as much as possible. For effective tax planning, a wealth manager will assess your finances and investments. They will take into account several considerations, including the timing and size of the income, the timing of investment acquisitions to create an optimal tax-minimization plan for you.
The importance of retirement planning cannot be overemphasized, especially for ultra-high net worth individuals. This is because after you retire, you won’t have an active income source. In fact, you will only have a passive income generated by your investments.
Moreover, you may not want to give up your legacy of charitable even after retirement. Plus, if you have a proper retirement plan, you can even enjoy luxurious vacations to places you love. At Pillar Wealth Management, we create holistic retirement plans for our clients so that they can fulfil all their post-retirement goals. We help you invest in the right places so that you continue to receive a passive stream of income so that you live a worry-free retirement. Read this comprehensive guide to learn about the five critical shifts you need to maximize portfolio growth strategies.
It is a very common practice for ultra-high net worth individuals to leave their wealth, assets, and businesses to their children after their demise. You might think that this process is simple and straightforward, even though it’s actually quite complicated and tricky. We mention some of the challenges in our book, Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million To $500 Million.
Estate planning is the process of identifying individuals or organizations who will inherit your wealth, assets, and business after your death. The primary of estate planning is to make sure that your beneficiaries receive their inheritance in a manner that minimizes taxes such as estate tax, gift tax, income tax, etc. At Pillar Wealth Management, we devise comprehensive estate plans for our clients, so their beneficiaries get the assets and wealth without sending any unnecessary money to Uncle Sam.
Private banking consists of personalized financial products and services offered to ultra-high net worth customers of any financial institution such a retail bank. It includes multiple services such as portfolio management, insurance, tax management, estate planning, etc.
Several wealthy individuals prefer private banking services because it allows them to carry out all their financial transactions from one place. If you want to go with private banking because of the higher interest rates offered, you should know that we offer similar services as well.
Financial institutions typically don’t have the experience and expertise that we have at Pillar Wealth Management. While we don’t claim to be qualified enough to conduct all banking-related jobs, we can help you optimally invest your liquid assets.
When Do You Need Wealth Planning?
In this section, we’ll answer one of the most frequently asked questions – when do you need wealth planning? Well, this depends entirely on you!
If you were previously managing your wealth yourself and you feel that you can no longer do it on your own or if you’re not sure how to accomplish your financial goals and objectives, you can use a wealth management firm to take over.
Here is a list of situations where you should use wealth planning services.
You’re Only Investing in A Few Places
If you’re a high net worth or an ultra-high net worth individual and you’re only investing your wealth in bonds, stocks, and cash, you’re not maximizing your wealth. In fact, you should look towards investing in hedge funds, private equity, commodities and real estate to secure and grow your wealth.
Our wealth managers will analyze your portfolio in detail. Depending on how much wealth you have, your financial goals, time horizons, and risk tolerance, we will develop investment plans to grow your wealth. So, if you want to leverage the various investment opportunities available, you do need professional wealth planning services to guide you.Make sure you read our insightful guide on how to select the best wealth planning services that will help you invest in the right places to maximize your gains.
You Want to Get Yourself Insured
Personal well-being should be a top priority for any high net worth or ultra-high net worth individual. Disasters and other unforeseen events can always take place and prevent you from achieving the financial serenity you always dreamed of.
Several wealthy people choose to get a Life Insurance, Long-term Care Insurance, Disability Insurance to ensure that their wealth stays protected in case there’s a calamity. However, selecting the right insurance plan is a tricky task given that reps from an insurance organization will keep persuading you to sign up for plans that offer the appropriate coverage.
Private wealth planning services will conduct a comprehensive risk evaluation and identify which insurance plan is best for reducing those risks. This way, you and your wealth will stay safe in every situation!
You’re Sending Too Much Money to Uncle Sam
As discussed earlier, with profits and gains come hefty taxes. So, if your tax bills are mounting up, you should use wealth planning services to minimize the amount you need to send to Uncle Sam.
At Pillar Wealth Management, we will study your finances to formulate a tax plan that will help you achieve your financial targets. For instance, we can guide on some of the best low-tax investments opportunities such as municipal bonds. We will suggest techniques so that you get the maximum benefit from tax holidays and other government-initiated tax incentives. Click here to book an appointment with us and learn the strategies required to lower your tax burden.
How Do I Hire A Wealth Planning Advisor?
If you have decided to avail the benefits offered by wealth planning services, you must be wondering, “How do I hire a wealth planning advisor?” This is a super important question given that there are so many wealth planning, investment management, financial advisory services available these days.
But don’t worry! There are several ways in which you can identify and hire the best wealth planning advisor.
Ask Friends and Family Members for Referrals
Consider asking friends and family members who have a financial situation similar to yours, or who appear to be doing well in terms of wealth management. Since it’s not polite to ask anyone about their financial circumstances, avoid asking about their money management choices or financial situation. Instead, just ask them if they have a wealth planning advisor that they are satisfied with and can recommend to you.
Do Some Online Research
Owing to the wide availability of the Internet, looking up the best wealth planning advisor is now extremely simple. Simply type in “wealth planning advisors near me” on Google, and you’ll get several results.
Note that several wealth planning advisors also pay for Google Ads so that they rank at the top on Google’s search result’s page. Therefore, just looking up these services isn’t sufficient. In fact, you should read online testimonials for each of these services before making a decision. For example, there are online platforms such as the Better Business Bureauwhere you can read testimonials from actual clients and learn the benefits and drawbacks of using each company.
Check Their Experience
To hire a wealth planning service, you should judge them based on their experience and whether they have worked with high net worth and ultra-high net worth clients in the past.
At Pillar Wealth Management, we have been offering wealth planning services to affluent individuals for more than six decades. We have helped our clients get through the 2008 Financial Crisis and are currently assisting them to overcome the challenges posed by the COVID-19 pandemic. To speak to our experienced wealth managers, click here and schedule a meeting with us.
After you have selected the top wealth planning services, you should connect with their wealth managers and ask them about the services they provide and their investment approaches. This way, you can evaluate if the firm is suitable to manage your wealth. In our ultimate guide for investors with $10 million and more, we have discussed the important questions you should ask a wealth planning service before formally hiring them.
What Should I Expect to Pay for Wealth Planning?
“What should I expect to pay for wealth planning?” is something that many high net worth and ultra-high net worth investors ask. Wealth planning services typically charge their clients around 1% of the total assets under management every year for an account of $1 million.
However, the payment structure works on a sliding scale which means that ultra-high net worth individuals may have to pay less. For example, if wealth planning services charge 1% to clients with $1 million, they will charge 0.5% to clients with $10 million.
At Pillar Wealth Management, we have a simple fee structure where we charge our clients a fixed annual fee without any additional or hidden charges. Click here andregister for a free consultation to know more about our fee structure.
Last Few Words
Based on our extensive experience in the wealth planning industry, we believe we are the best wealth planning service you can go for. To speak to our wealth managers, sign up for a free consultation at our website.
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