Private Wealth Managers to Handle Your Wealth – PillarWM
Being a high net worth or an ultra-high net worth individual who has worked extremely hard all their life to amass $5 million to $500 million in liquid assets, you probably want your wealth to be managed with the utmost expertise and care. Contrary to popular belief, you will not find that expertise and care at large financial firms or other major investment banks. In fact, what you truly need are private wealth managers who will think of you more than just a number and will be fully invested to help you achieve your financial goals. Particularly, if you’re an investor who has $10 million or more in investable assets, you need to read this guide and learn why choosing the right financial advisor is essential for proper wealth management.
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.
At Pillar Wealth Management, we’re a team of private, white-glove wealth managers. We provide fiduciary financial and investment management services to individuals and families who have liquid assets worth between $5 million and $500 million. Our team of private wealth managers has been working with high net worth and ultra-high net worth clients for over three decades. We secure your wealth and optimize portfolio strategies to ensure that you’re able to achieve all your short and long-term financial objectives and attain financial serenity. Click here to book a free consultation with one of our team members to start discussing your financial goals.
In this article, we’ll discuss who private wealth managers are, what services they provide, and if they’re worth your hard-earned money.
Table of Contents
Who Are Private Wealth Managers?
Private wealth management is an investment advisory service that encompasses portfolio management, financial planning, and other aggregated services.
From the perspective of clients, private wealth management is the practice of improving and enhancing a person’s financial situation and attaining financial goals with a financial advisor’s assistance.
From the perspective of a financial advisor, private wealth management is the practice of offering a complete range of financial and investment products and services to clients to help them meet their specific financial objectives.
In a nutshell, private wealth managers don’t just draft financial plans or make investment suggestions. Instead, they study their client’s complete financial circumstances and offer a variety of relevant services.
Private Wealth Managers Services
As discussed earlier, private wealth management is a holistic and comprehensive financial and investment advisory service that factors in every aspect of an individual’s finances and wealth. Private wealth managers services aim to grow your wealth while ensuring that all your financial goals are successfully met.
Thus, it encompasses a range of services to meet the complex needs of high net worth and ultra-high net worth individuals and families. Here is a list of services that private wealth managers offer to their clients:
• Cash flow planning
• Comprehensive financial planning
• Debt management
• Estate planning
• General financial advice
• Investment management
• Legal assistance
• Retirement planning
• Risk management
• Tax management
What Does Private Wealth Managers Do?
Understanding what does private wealth managers do will equip you with the knowledge you need to determine whether or not you need to hire a private wealth manager. Given that there are multiple types of financial advisors, a private wealth manager’s services may not be suitable for everyone.
So, in this section, well take a detailed look at what a private manager does.
Investment management is a service provides by both wealth managers and investment managers. It includes the management of your entire investment portfolio in various kinds of securities. This involves determining what securities to buy, sell, or hold, as well as making decisions about your asset allocation. At the end of the day, your investments will play a significant role in growing your wealth.
Even though both private wealth managers and investment managers offer investment management services, they are significantly different in the approaches they follow. For instance, investment managers usually follow an active investment approach as they aim to earn aggressive returns by using various tactics to beat the market.
Contrarily, experienced private wealth managers are more focused on risk minimization and follow a passive investment approach. Since their primary goal is to generate long-term returns, they are less likely to move around your investments. If you really wish to get the highest portfolio performance, click here to learn about the critical shifts you need to make to ensure that you get the maximum investment performance.
There’s really no point in accumulating assets and building your wealth if you’reonly going to end up losing it because of some unpredictable event. Well, this is exactly why private wealth managers don’t just aim to grow your wealth but secure it too.
Several high net worth and ultra-high net worth individuals have lost a significant percentage of their assets and wealth to market volatility and lawsuits. Always keep in mind that catastrophes don’t follow any pattern or come with forewarning. Plus, no one can predict what’s going to happen in the future. The onset of the COVID-19 pandemic is a prime example of this.
Thus, risk management is one of the most essential services provided by private wealth managers. Here, your wealth manager will carry out well-planned asset allocation and diversification to limit the risks carried by your investments.
Retirement Income Planning
Private wealth managers even assist their affluent clients with retirement income planning. You might be wondering who needs assistance with retirement income planning – all one has to do is set aside some money each month till they hit retirement, and that’s about it. We hate to tell you, but that’s really not how retirement income planning is done.
There are plenty of things you need to think of when carrying out retirement planning. For instance, you need to start by determining the objectives you have for your post-retirement life. A lot of individuals get stuck in the first stage only. That’s because, in most cases, people have quite vaguely-defined goals, such as they want to invest in arelative’s business or travel the globe.
While these are all excellent objectives, the main question here is, what do you do to attain them? Where and how much do you invest in making sure that you receive a continuous source of income after you retire?
Only private wealth managers can give you the answers to all your questions. These experts can create comprehensive retirement income plans that are perfectly in line with your short and long-term financial targets. Plus, they can even modify your retirement plan as you progress through various stages in life or as the market conditions change.
Estate planning is quite a sensitive topic, and people often shy away fromdiscussing inheritance. But it doesn’t change the fact that it’s a reality that everyone must face. Thus, it’s highly advisable to prepare your inheritance plan as early as possible.
Private wealth managers can help you develop an inheritance plan so that your beneficiaries can receive their inheritance without any difficulty. While it might sound like asimple and easy process, estate planning can be quite challenging. For instance, there are several costs and inheritance taxes that your heirs may have to deal with. Competent wealth managers can plan your inheritance in a manner that minimizes such costs and taxes. Read our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million to learn more about estate planning and the potential challenges you can face.
Tax planning along with tax optimization is another essential service that private wealth managers offer. Wealthy individuals usually lie under the highest tax brackets in each category. To top it all, several financial advisors cannot determine some of the unnecessary taxes that plenty of investors are often paying.
However, seasoned private wealth managers will study your current expenditures, incomes, and investments to determine areas that are resulting in an unnecessarily high tax burden. They will then develop and offer holistic solutions, such as combining active and passive investment strategies to minimize those taxes and effectively secure your wealth.Read our guide and learn how you can choose the best financial advisor who will help you minimize taxes, fees, and other costs.
Is It Worth It to Have A Private Wealth Managers?
By now, you might be wondering, is it worth it to have a private wealth managers. After all, you can get all the services that a private wealth manager offers from various investment firms, private banks, or other financial institutions.
While this argument might be valid, you need to understand that private wealth managers have the expertise to advise you on several financial matters. Here are some reasons why it’s worth it to have a private wealth manager.
Private Wealth Managers Allow for High Degree of Personalization
The truth is that most large financial institutions and private banks often have too many clients to deal with. Due to this reason,they’re unable to give their clients the attention and customization needed for optimal portfolio performance. Even if they wish to develop customized plans for you, they won’t be able to do so because of their excessive work burden.
On the other hand, the private wealth managers at our firm, Pillar Wealth Management, are fully committed to developing personalized wealth management plans for all our clients. We ask comprehensive questions to understand your priorities and determine your future life goals. To know how to pick the best financial advisor who will create personalized financial plans for you, read our ultimate guide for investors with $10 million or more.
Focus More Than Just on Investment Management
For private wealth managers, wealth management isn’t solely about investment management. While it’s definitely an essential component of a wealthy individual’s financial plan, there are several other things to account for as well.
For instance, private wealth managers are highly focused on growing your wealth but also preserving and protecting it in the long-run while working to accomplish your financial goals. Thus, along with investment management, wealth managers focus on tax planning, retirement income planning, estate planning, and a lot more. Don’t forget to read our comprehensive guide, Improving Portfolio Performance, to understand whyinvestment performance isn’t just about a number.
Private wealth managers providefiduciary wealth management services, which means they are obligated to make decisions with your best interests in mind. Fiduciary wealth managers are generally RegisteredInvestment Advisors (RIAs) accredited by the Securities and Exchange Commission (SEC). The SEC imposes a stringent ethical code on fiduciary managers to make sure they always work to benefit their clients rather than themselves.
Most managers and advisors at large financial institutions don’t provide fiduciary services, which means they don’t always serve their client’s interests. Instead, they are more focused on their own goals and bottom line.
At Pillar Wealth Management, we only employ fiduciary wealth managers who are always dedicated to helping you attain your goals. We follow a fee-only business model, and so, we don’t earn commissions on selling or recommending investment or financial products. Want to know more about the importance of fiduciary services? Click here to speak to one of our private wealth managers.
The Bottom Line
Ultra-wealthy investors have a complex and unique financial situation that requires personalized and detailed wealth management plans that helps them achieve their financial goals and reach financial serenity. Nevertheless, this isn’t something that individuals can take up on their own or through the standardized solutions provided at a majority of financial institutions. They need the services of private wealth managers who are highly invested in their financial success.
Pillar Wealth Management is an independent, fee-only wealth management firm that exclusively services high net worth and ultra-high net worth clients. We offer a comprehensive and broad range of investment and financial advisory services to ensure holistic management of our client’s wealth. Plus, we have more than six decades of combined experience working with ultra-rich individuals and families. To start working on your tailored wealth management plan, book a free consultation with us today!
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