The Complete Guide to What We Do
The world of wealth management is changing. Technology has changed the expectations of clients. Millennial are also driving wealth creation through entrepreneurship. Regardless of whether you are young or old, as a high-net-worth individual in the Portland area, working with a wealth management Portland firm is something to consider. We should point out that if you’ve ten million USD or more in liquid-investible-assets, then you should check-out this specially compiled guide on choosing-the-best financial advisor.
The wealth management industry is undergoing some major shifts. Investment trends like ESG are gaining prominence. The emphasis on paperwork and tedious execution is diminishing. High-net-worth-individuals expect personalized solutions that are holistic and seamlessly delivered. Wouldn’t you want to-work-with a wealth manager who takes into account all the aspects of your financial life before making a decision? You aren’t working with a wealth manager just to get product recommendations or investment tips.Pillar Wealth Management, for example, is a niche wealth-management-firm that covers multiple areas like taxation, succession, retirement planning, risk management, and investmentsfor clients with five million USD to five hundred million USD in liquid-assets.
As a high-net-worth individual,you may be interested to know how you can preserve your wealth, pass it on to the next generation, and structure your money to help you achieve your life goals.Therefore, we decided to write a short guide covering important topics. Below, we will discuss the attributes to look for in a wealth manager, which is different from a wealth manager Portland job listing. We will explore how you can find the best wealth management Portland Oregon firms. We will also list some key benefits offered by a wealth management Portland OR firm.
Table of Contents
Wealth Manager Portland
A wealth manager is like a doctor. He/she is a professional that works closely with you and knows important details about your personal life. The doctor will focus on health-related matters. A top-wealth manager Portland will focus on financial matters. One of the most important skills that a good wealth manager should have is to be able to listen, understand a client’s life, and draw out information. At Pillar Wealth Management, a-boutique-firm focused on high-net-worth-individuals and families with five million USD to five hundred million USD in investible-liquid-assets, we have been practicing this philosophy to an extent that we know all our clients by the first name.
A top-wealth manager also has the ability to bring in multiple skill sets under one roof. As briefly mentioned above, wealth management Portland is about handling all aspects related to the wealth of a high-net-worth individual. So, a wealth manager should be able to advise the client on retirement, portfolio management, real estate transactions, taxes, and many other things. If a wealth manager does not have the experience or expertise in any one particular area, then he/she should be able to bring in an outside expert with credibility and authority to advise the client. The client speaks only to the wealth manager for all financial needs and the wealth manager has to be able to answer. We have discussed the various areas of services of top wealth managers in this book called The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With five million USD to five hundred million USD in liquid-assets.
We encourage you to get in touch with Hutch Ashoo to discuss what processes it follows when advising high-net-worth clients and what attributes it strives to have.
Why do you want to-work-with a wealth management Portland firm?
Before we discuss how to find a good wealth manager, ask yourself one question – why are you looking for a wealth manager in first place? What is it that you want to get out of your engagement with a wealth manager?
For some high-net-worth-individuals, it could be a simpler process of dealing with only one person. For someone else, it could be to earn superior returns. Some ultra-high-net-worth-individuals may have experienced a massive drawdown on their portfolios and they want to change their advisor. Someone else may need help with family matters and succession planning. Whatever your reasons, make a list of your priorities. What things with your finances do you need the most help with? We discuss mental models regarding wealth management in this short 5-page guide on critical-shifts for maximizing portfolio-growth-strategies-for-families worth five million USD to five hundred million USD.
It is also important to spell out all your life goals. The whole purpose of wealth management is to help you achieve your financial goals. Therefore, a wealth manager will need to know what your goals are in order to plan for them. Specifying goals is the first step in the wealth management process and everything gets impacted by the goals you have. By the way, it is ok to have a change of heart and modify goals over time. That is what life is, it cannot be the same decade after decade.
Feel free to reach out to Hutch Ashoo from Pillar Wealth Management if you need guidance on how to think about your life goals or what role a wealth-manager can play in your life. If you’ve thought about these topics and need some feedback, then we would be happy to discuss.
Wealth Management Portland Oregon
Working with the best wealth management Portland Oregon firms is the desire of every high-net-worth and ultra-high-net-worth individual. But, how does one find the best firms? That may be a question on your mind as well and you may have ended up here while searching for wealth management Portland firms. We would like to offer you some pointers on what you can do to find top wealth advisors. And by the way, if you are interested to learn more about the workings of the best wealth managers, then feel-free to download this guide on choosing-the-best financial advisors for individuals and families with five million USD to five hundred million USD in liquid-assets.
Besides doing the usual online search and browsing of websites, it helps if you look for any articles or blogs that a wealth manager has written. Sometimes, websites like WSJ and Forbes carry articles on wealth management written by prominent wealth managers. The wealth manager’s own website may also have a blog section. Reading these gives you an insight into the philosophy of the wealth manager.
Once you shortlist the most promising wealth managers, go ahead and schedule a phone or video call. Speak to the wealth manager individually and get to know the person. It is important to explore whether the wealth manager is someone you can get along with and trust. After all, he/she will be managing your hard-earned money. This is also the reason why we encourage everyone reading this to schedule a free conversation with Pillar Wealth Management. You can discuss anything about wealth and there is no fixed agenda.
Asking your relatives, family members, and friends about wealth manager recommendations can also help. Your personal network can guide you into finding a promising advisor.
Wealth Management Portland OR
Working with A top-wealth management Portland OR firm has many benefits. The biggest is the time that you will save. Imagine having to visit a tax consultant, a portfolio manager, and a financial planner for advice. What if one person could provide you with all the answers? That is exactly what a wealth manager does.
A wealth manager handles all aspects of your finances and takes decisions accordingly. A portfolio manager may not know that you will have to pay higher taxes due to the frequent churn of the investments. The portfolio manager only aims for the highest possible gross return. A financial planner may not know that choosing one particular product over another can result in a valuable tax deduction. Co-ordination is the key and it is difficult to do so when multiple people are involved.
A good wealth manager can also help improve the investment performance of your portfolio. You can read an in-depth guide on this topic here. It is written especially for investors with five million USD to five hundred million USD in investible assets. A wealth manager has already worked with many high-net-worth and ultra-high-net-worth-individuals.
A successful and experienced wealth management Portland firm will understand important concepts like asset allocation, risk management, and investment costs. The firm should have a system in place that works without human emotions. As a retail investor, one might make discretionary trades that can go wrong and erode a significant portion of the portfolio. You might think that this won’t happen to you but we have had clients who have seen their portfolios drop from $30 million to $5 million due to a financial crisis.Start a conversation with Chris Snyder or Hutch Ashoo to learn about more benefits that wealth management can bring to you.
Other points to note about wealth management
Wealth management is an advisory service geared towards affluent clients. Almost every wealth management Portland firm will have a threshold of the account size that it works with. Some firms will work with individuals who have $1 million in liquid-assets. Some firms will only work with clients who have ten million USD in liquid-assets. So, when you shortlist any firm, make sure you know the range of account sizes that firm works with and whether you fit that profile.
A wealth advisor who is also a registered fiduciary is a positive thing. A fiduciary is an advisor who always has to act in the best interest of the client. The advisor is legally bound to do so. In fact, a fiduciary has to register himself/herself with the SEC or the state regulator. That registration is at stake every time the wealth manager advises the client. Not all wealth managers are registered fiduciaries. However, if you find one, it is a plus point.
You must also pay careful attention to the fee structure of a wealth manager. The fee structure should align the financial incentives with the best interests of the client. Sometimes, the advisor may be motivated by certain factors like product commissions to “push” certain investments or products to a client who does not really need them. The hope of earning commissions should not take precedence over the best interests of the client. We believe that a fee-only compensation model that involves no commissions tends to work the best.
The points about the advisor being a fiduciary and having an appropriate compensation model are to be kept in mind from the ethics and honesty perspective.
Some interesting facts about Pillar Wealth Management
Pillar Wealth Management is a niche wealth-management-firm focused on providing personalized white-glove wealth management services. We are so serious about our quality of service that we limit the number of clients and are not hesitant to turn away business. Pillar Wealth Management took on only 17 new clients last year.
Pillar Wealth Management also believes that every wealth plan requires constant evaluation. It is the reason we simulate 1000 events as part of portfolio stress testing. We rely on 100 years of market data to conduct our analysis and then present clients with individualized reports.
Ultimately, Pillar Wealth Management wants its clients to feel financial serenity – our guiding philosophy. By financial serenity, we mean having the confidence that your portfolio will make the progress that it needs to while the clients sleep_peacefully_at_night.
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 highnet worth individuals with five million USD to five hundred million USD in investible assets, then feel-free to start a conversation.
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