Private Wealth Management Firm For Investors – PillarWM

Table of Contents
What is a Private Wealth Management Firm? Why Choose Wealth Management Over Financial Advisory Should You Meet With a Private Wealth Management Firm? How to Find a Private Wealth Management Firm Why Choose Pillar Wealth Management

Top 10 Private Wealth Management Firms

In 2023, according to Bussinessyield.com, the following are the top 10 firms in private wealth management.

1. UBS

UBS, a Swiss company, operates in 40 countries with more than 23,000 employees. It has four divisions—Global Wealth Management, Personal & Corporate Banking, Asset Management, and Investment Bank.

UBS Wealth Way provides financial advice to wealthy individuals and families worldwide, transforming their aspirations into a strategy. The Wealth Way process begins with understanding your goals, the people who matter to you, and your hopes and aspirations.

With this information, your UBS financial advisor develops a financial plan around three strategies—liquidity, longevity, and legacy, centered on you.         

2. Credit Suisse

Founded in 1856 in Zurich, Switzerland, Credit Suisse was created to fund the development of the country’s rail system. In the US, Credit Suisse has over 7,000 employees, with hubs in New York and Raleigh.

The bank’s Private Banking & Wealth Management division’s offerings include investment management, tax planning, philanthropy, foreign exchange, lending, and real estate. It utilizes the capabilities of the Asset Management and Investment Bank divisions of Credit Suisse. The investment bank requires an account balance of at least 50,000 euros.

3. Morgan Stanley

Morgan Stanley’s story begins in 1935 on Wall Street. In 1997, the Morgan Stanley Group merged with Dean Witter, forming the world’s largest securities firm.

Morgan Stanley offers various investment options, including the E*TRADE digital platform, online advisors, or dedicated financial advisors that create customized financial plans.

At Morgan Stanley, a LifeView Personal Wealth Advisor creates a strategy to meet your financial goals. A LifeView Plan can cost up to $10,000 for clients with plan assets valued at over $5 million.   

4. Bank of America

In 2009, Bank of America acquired Merrill Lynch. Its Global Wealth and Investment Management division (GWIM) holds $1.6 trillion in AUM, with Merrill Lynch contributing $1.3 trillion. The bank has more than 200,000 employees.

Bank of America’s wealth management is offered through Bank of America Private Bank and Merrill Lynch (a registered broker-dealer). Merrill advisors build personalized investment portfolios that reflect the client’s financial goals and circumstances. The advisor can provide lifestyle planning, tax consulting, investment management, trusts and estates management, strategic philanthropy, and banking.

5. J.P. Morgan Private Bank

JP Morgan Private Bank has offices in major cities around the country and is the largest private bank in the US. It offers both in-person and digital banking services.

JP Morgan Private Bank acts as a single financial advisory source for tax management, business strategies, estate planning, and charitable giving. Its comprehensive wealth management strategies are either tax-smart, thematic, or alternative.

In banking, JPMorgan Private Bank provides lending options that include life insurance premiums, real estate, fine art, and aircraft.

6. Goldman Sachs

Goldman Sachs was founded in 1869 and has its headquarters in New York City. The firm provides wealth management, asset management, and banking services to individuals, businesses, corporations, and institutions. The firm has over 40,000 employees worldwide.

The firm began managing pension funds in 1988; it managed Microsoft’s IPO, which generated $61 million, and it now has a real estate division.

A Goldman Sachs Private Wealth Management financial advisor works with the client to create a customized portfolio and provide trust and estate planning. The company offers lines of credit, philanthropic education, and lending.

7. Charles Schwab

Founded in 1971 and headquartered in Westlake, TX, the Charles Schwab Corporation is one of the largest investment companies in the world, with assets under management valued at $7.13 trillion in 2022. The company acquired TD Ameritrade in 2020.

For a monthly fee, Schwab Intelligent Portfolios Premium offers automated investing with unlimited guidance from a CFP.

The digital planning tools help you stay on track, and with the help of your advisor, you can develop a customized road map to building wealth and reaching retirement in complete confidence.   

8. Citi Private Bank

Citi Private Bank is a subsidiary of Citigroup; it has 60 offices in 23 countries and provides private banking services to over 14,000 ultra-high-net-worth individuals, including 25% of the world’s billionaires. Citi’s services are aimed at protecting and expanding the wealth of the firm’s clients, using personalized services that focus on clients averaging a net worth of $100 million.

9. BNP Paribas

The French banking group BNP Paribas Wealth Management employs 6,800 professionals in Europe, Asia, and the US. It is ranked as the largest bank in the Eurozone.

BNP Paribas Wealth Management provides a one-stop solution to meeting the financial needs of wealthy individuals and business owners. One option is discretionary portfolio management, where clients delegate their portfolio management to a BNP team. BNP Paribas Wealth Management also advises investors on over 850 international stocks in the US, Asia, and Europe.

10. Julius Baer

Julius Baer is a Swiss wealth management group, located in 28 countries and employing over 6,600 staff. It has $460 billion in assets under management.

Julius Baer caters to wealthy individuals by prioritizing a complete understanding of the client’s situation, establishing their wealth requirements and defining a strategy to meet them.

What matters to the client is at the core of this strategy, whether it is a business, making the world a better place, retiring abroad, or creating a succession plan. The firm’s investment approach allows the client to play either a passive or active role in implementing their investment strategy.

What is a Private Wealth Management Firm?

If you have never sought out wealth management services before, you may be wondering what a private wealth management firm is. These are businesses that provide professional services related to investment and wealth management. Please set up a free meeting with one of our wealth management experts to learn about the full range of services we provide.

So what does a private wealth management firm do? Some of the services these firms provide include:

• Investment Management

• Retirement Planning

• Estate Planning

• Tax Planning

Let’s look at each of these services in more detail.

Investment Management

One of the most important services that both high net worth and ultra-high net worth investors can benefit from is investment management. Anyone that has built up their portfolio from scratch will tell you that it becomes more difficult to keep track of investments as time goes on. A larger portfolio may yield greater profits, but it also comes at the expense of additional management effort.

For this reason, you should allow a wealth manager to manage your investments for you. This financial expert can offer regular updates regarding your portfolio performance and recommend new investments that are in line with your future goals. You can learn about some great investment strategies in our portfolio growth strategies guide.

Retirement Planning

Retirement planning is another useful service that everyone needs at some point. If you intend to retire in the next few years or in the next decade, it is vital to have a proper retirement plan in place beforehand.

This plan can help you set up income sources to ensure you can live through your retirement comfortably and without worrying about your savings depleting. A wealth manager can also help you improve your portfolio performance in the time leading up to your retirement. Please read about some of our portfolio performance improvement strategies in our special guide.

Estate Planning

Estate planning is another essential service that can greatly benefit wealthy investors. This service is useful for creating a will and planning how your wealth will be distributed following your passing.

A robust estate plan can help ensure your wealth is passed onto the right people or institutions and with minimal taxes or legal charges.

Tax Planning

It could be said that wealthy investors pay some of the highest taxes in the country. This is a consequence of owning multiple high-value assets. However, a wealth manager can help minimize the amount of taxes you owe by restructuring your portfolio and making it more tax efficient. This way, you can continue expanding your portfolio without worrying about paying sky-high taxes annually.

Private Wealth Management vs. Traditional Financial Planning

Financial management services do not require great wealth; they can be offered on a flat fee basis, whereas wealth management usually requires a sizeable amount of investable assets.

Private wealth management and traditional financial planning offer similar services, but their focus may differ.

Traditional financial planning may focus on short-term goals such as developing a budget or a savings plan. The client can get help with managing their expenses, including debt. However, a financial planner also assists with longer-term investment management, asset allocation, and tax and estate planning. Private wealth management is typically utilized by wealthy individuals with significant funds available for investing. These clients often have multiple income streams and diverse assets, with which they may require assistance from a wealth manager.

Why Choose Wealth Management Over Financial Advisory

The aforementioned services should be useful for any investor with $5 million to $500 million in liquid investment assets. However, you can also receive some of these services from various financial advisors in the country.

So why choose a wealth manager over a financial advisor? Some reasons include:

Receiving Services From a Single Professional

Every time you seek out services from a financial advisor, you will need to take the time to explain your financial background and future goals to them. This process can get tedious if you are seeking a different service from each advisor.

A wealth manager provides multiple services and can take care of all your needs. Once they understand who you are and your future goals, they can tailor each of their services to help you meet these goals. This saves time, which can then be spent on other wealth-building activities. Please contact our wealth managers to learn about our full range of services.

Experience With Wealthy Investors

Wealth managers stand out from ordinary financial advisors because they cater primarily to wealthy individuals that have a high net worth or an ultra-high net worth. For example, at Pillar Wealth Management, we take on clients with $5 million to $500 million in liquid investment assets.

Each of our wealth managers possesses extensive experience with wealthy investors. They have spent many years crafting financial plans to help them meet their goals. This is in contrast to ordinary financial advisors who cater to clients of any net worth.

Fee Structure

Wealth managers also differ from ordinary financial advisors in terms of fees. At Pillar Wealth Management, we charge clients a fixed annual fee that is based on a percentage of their asset value. Ordinary financial advisors, on the other hand, may charge clients on an hourly basis or each time their services are used.

This means you can reach out to a wealth manager for assistance as often as needed without incurring additional charges.

Should You Meet With a Private Wealth Management Firm?

After reading about the various benefits of using a wealth manager, you may be wondering, “should I meet with a private wealth management firm?” The answer is yes.

Meeting with a private wealth management firm is helpful in many ways. This includes:

Getting a Better Understanding of Your Finances

If you earn income via multiple sources such as businesses and investments, you might not have a full understanding of your financial position. A wealth manager can study your finances in greater detail and provide a clearer picture of where you stand.

This understanding is vital as it will help you chart out a plan to meet your short-term and long-term financial goals. Please set up a free meeting with one of our wealth managers to take better control of your finances.

Custom Financial Plans

A great wealth manager can also create custom financial plans that are in-line with your unique needs and goals. However, to do this, they must become familiar with your background and your future plans.

Custom financial plans are great because they can be tailored to fit your exact needs. If you have a limited understanding of your finances and investment strategies, a wealth manager can help you achieve your goals using a simple and easy-to-follow plan. We discuss the importance of financial planning for protecting wealth in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.

How to Find a Private Wealth Management Firm

Once you have made the decision to use private wealth management services, you may be wondering, “how do I find a private wealth management firm?”. Finding wealth management firms and then choosing the right one can be tricky. However, we recommend using the following steps in your search.

1.Online Searches

The best place to look up private wealth management firms in your area is the internet. You should be able to find numerous firms offering these services using a simple Google search.

We recommend drawing up a list of five possible firms before narrowing down your choices from there.

2.Consult Your Network

If you are a wealthy investor, your network may be full of other professionals that are currently using wealth management services. You should reach out to these professionals and ask them if they recommend their current wealth manager. This approach can be especially useful if the person you are asking has a similar financial background or the same financial goals as you do.

3.Read Reviews

It is vital to choose a private wealth management firm that is reliable and trustworthy. After all, these professionals will help you manage your wealth and chart out your future goals. A great way to narrow down your picks and choose a suitable private wealth management firm is to read reviews for them online.

Look for reviews left by past clients that used the same services you were seeking. If possible, you should get in touch with these past clients directly and ask about their experience with the firm.

4.Meet With the Private Wealth Management Firm

Once you are confident about the wealth management firm, you can go meet with their wealth managers in-person or over a video call. This meeting will allow you to learn more about the services they offer and the types of clients they are used to dealing with. You can learn some great questions to ask the wealth manager in our guide to selecting a financial advisor.

Why Choose Pillar Wealth Management

You may find many different private wealth management firms during your search. However, you won’t find a firm that offers the quality of services and personalization we provide at Pillar Wealth Management. We have served numerous wealthy investors across the country and welcome new clients.

Individuals with $5 million to $500 million in liquid investment assets choose our services for many reasons. This includes:

Experience

Much of the knowledge wealth managers gain is through experience. You can read up on various investment or financial planning strategies, but the truth is that the best advice usually comes from professionals who have put in the effort time and time again.

At Pillar Wealth Management, we have over six decades of experience serving high net worth and ultra-high net worth clients. Each of these clients turned to us in their time of need, and we did our best to exceed their expectations at every turn. Each new client adds to our experience and enables us to serve future clients better.

Personalization

One area where our wealth managers really shine is personalization. Over the years, we have understood that a one-size-fits-all approach does not work for many investors. After all, each one has a different financial background or goals in mind.

For this reason, we offer each client personalized plans that fit with their understanding of finance. You can carry out advanced investment strategies without possessing in-depth knowledge of investment by using our help. You can learn about some of these strategies in our special guide for investors with $10 million or more.

Transparent Pricing

Before using our services, we inform each client about our pricing structure. We charge a simple annual fee based on the value of your assets. We chose this pricing structure because it encourages you to reach out to us for assistance as often as you need to. After all, why bother hiring a wealth manager if you can’t use their services during your time of need?

Please set up a complimentary free meeting with our wealth managers and start managing your wealth more effectively.

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