The Complete Guide to What We Do
So you live in the Sacramento area and earn a high income. As a high net worth or ultra-high net worth individual, you must surely have thought about how you can create a system that can protect and grow your wealth. You may want to create a setup that does not reply on emotional decision making or reactionary compulsions to what the market is doing. How does one do that? A top wealth management Sacramento firm could be the answer. If you happen to have $10 million or more in investible liquid assets, then the first step to start thinking about a wealth management setup is to read this guide on choosing the best financial advisor Sacramento.
Some high net worth individuals may be in a fortunate position of facing the problem of plenty. By that, we mean that you have significant amounts in your account and cannot figure out how to best manage that money. For some other ultra-high net worth folks based in the Sacramento area, the desire may be to seek out help on finances in specific areas like succession planning or philanthropy. Topics like retirement, taxation, inheritance, etc. are something that wealth managers deal with every single day. Pillar Wealth Management, a niche wealth management firm catering to individuals and families with $5 million to $500 million in investible liquid assets, serves all of those areas.
Whatever it is that you are looking for with wealth management, the guide below will talk about some critical points about high net worth wealth management firms. Next, we will explore the benefits offered by wealth management services Sacramento has to offer. We will thenlook at how you can find the best wealth management firms Sacramento has.
Table of Contents
High Net Worth Wealth Management
Whether to work with a high net worth wealth management firm is a significant decision. As you weigh managing your money on your own vs working with a professional, factors like control, time commitment, and skill come into focus. Managing your own money gives you maximum control over the money as well as the decision-making related to your wealth. However, working with a top wealth management firm saves you time. Pillar Wealth Management, for example, has a long history of working with clients who have $5 million to $500 million in liquid investible assets.
A reputed wealth manager also brings in skills that an individual may take years to develop. Not to mention the time and effort that needs to be put in to build upyour knowledge. Another point to consider is the value of an outside opinion. If you can get an independent and unbiased outside opinion, then it can sometimes be an eye-opener. You get a fresh perspective on an issue that you may have never thought about. A wealth manager can draw on multiple past experiences when faced with a situation that has been addressed in the past. Feel free to start a conversation with Pillar Wealth Management to discuss any wealth issue that you may be facing.
Some high net worth individuals consider working with investment advisors or sign up with a robo-advisory. These options are gaining in popularity. However, they cannot address diverse needs and multiple areas of personal finance. Neither will they offer you the personal and customized approach that a dedicated wealth manager can. We encourage you to read this book The Ultimate Guide to Choosing the Best Financial Advisor: For Investors With $5 Million to $500 Million in Liquid Assets to get more insights on wealth management.
Wealth Management Services Sacramento
There are multiple wealth management services Sacramento has to offer. One can find brand-name wealth management offerings as well as niche local firms. No matter what firm you work with, some of the benefits of wealth management are common among all options. Working with a reputed wealth management firm would mean getting help in a variety of financial areas.
Many wealth management firms advise clients on retirement planning, taxation, inheritance, succession planning, estate planning, risk management, investments, philanthropy, and a few other areas. Getting all of this advice under one roof and speaking to only one manager is a major benefit. Imagine having to work with one person for taxes and accounting, another one for investments, and someone else for financial planning. You would spend most of your time going from one meeting to another.
A wealth manager is someone who makes that all-important connect between your money and what you want to achieve with that money. An online investment platform or a robo-advisory does not do that. A fund manager focuses on generating the highest possible returns or fulfilling the investment objective of the fund. But determining whether those objectives match your life goals and connecting your current financial situation to where you want to go is something that requires a personalized approach. You can read more about the approach towards wealth management in this short guide on 5 critical shifts needed to maximize portfolio growth strategies for families worth $5 million to $500 million.
Since a wealth manager covers multiple aspects of your financial life, he/she is able to make decisions that are holistic. This happens because the impacts of every decision on all areas of your life are analyzed. Get in touch with Hutch Ashoo to discuss this aspect of wealth management.
How Do The Top Wealth Management Firms Measure Performance?
Whether it is business, work, sport, or fitness, we want the best possible performance. Our money is no different. A high net worth or ultra-high net worth individual would want his/her wealth manager to perform. But, how does one measure the performance of a wealth management firm?
The traditional approach to evaluating performance was to look at the return on investments. This was done for the past 1 year, 3 years, 5 years, 10 years, and any other duration. Many funds list out their past performance records. However, you must have heard of the quote “past performance is not a guarantee of future performance”. Sure, the past performance gives you an idea of the track record of a wealth manager. But, how else can you evaluate performance?
Wealth management is a personalized service. The financial goals and the financial situation of each person are different. The wealth-related decisions for every person are also different. The answer to the issue of one high net worth individual may not resolve the issue faced by another high net worth individual. Success is achieved when a wealth manager can address the needs of every client and help the client achieve his/her life goals. Give Pillar Wealth Management a call to find out how it measures success and performance.
Performance should, therefore, also be measured by how effective a wealth manager is at helping clients achieve what they wanted to with their money.For someone, this could mean investing in high-risk high-return instruments. For someone else, it could be perfectly alright to invest in a low-cost passive investment and earn a lower return. We talk about this philosophy in this complimentary guide on improving portfolio performance for investors with $5 million to $500 million in investible liquid assets.
Honesty AndEthics Are Very Important
If you are going to trust someone to handle millions of dollars of your hard-earned wealth, then that person better be good at handling the money. That person should also be honest with you and always work in your best interests. But, how do you find out whether a wealth manager is honest and ethical?
You can start by researching the wealth manager and reading reviews. You can ask your family, friends, business colleagues, or people you know about a wealth manager. You can look up any organizations or associations that a wealth manager is a member of and try to get more information about the wealth manager.
If a wealth manager is a registered fiduciary, then he/she is legally bound to always act in the best interest of the client. If there is ever a conflict-of-interest situation, then it is the duty of the fiduciary to point that out to the client.
A client can also structure the compensation model of the wealth manager in a way that incentivizes the advisor to act ethically. For example, working on a fee-only model can help because it does not involve any commissions. Therefore, there is no scope of the wealth manager getting motivated by the hope of earning a nice commission and pushing certain investment products that a client does not really need.
Wealth Management Firms Sacramento
Finding the best wealth management firms Sacramento has takes a little bit of effort and patience. You can begin the search process by looking up wealth management firms within the Sacramento area. They could be firms within a specific radius of your zip code, or they could be located anywhere in California. The choice is yours. The idea is to start getting familiar with the wealth management offerings in your area.
Once you find some firms, go ahead and visit their websites. You can look at who the wealth managers are, what their background is, and what kind of clients they service. Almost every wealth management firm defines the account size that they work with. Also, look at the areas of financial management that the wealth management firm covers. You want your priority areas to be on that list, whether it is philanthropy, retirement planning, succession planning, etc. Learn more about wealth management offerings by downloading this guide on choosing the best financial advisors for individuals and families with $5 million to $500 million in investible liquid assets.
While reading testimonials is not a bad idea, it may be even better to ask the wealth manager to provide you with a case study. Evaluate how the wealth manager reacted in a particular situation. You should also set up a one-on-one meeting with the most promising wealth managers that you found. Get to know the personality of the wealth manager. Can you trust the wealth manager with your hard-earned money? It is why we encourage everyone reading this to schedule a call with Pillar Wealth Management. You have nothing to lose. The meeting does not have to be in-person. It can be a voice or video call.
What Makes Pillar Wealth Management Different From Other Firms?
As you go through various wealth management options, we would like to talk a little bit about Pillar Wealth Management. Being a niche wealth management firm, Pillar has the ability to literally handhold clients. The wealth management firm took on only 17 new clients last year and is not shy of turning away new business in order to maintain its white-glove level of services.
The small and focused positioning of Pillar Wealth Management allows it to offer customized wealth management to its clients and then regularly provide custom updates. Pillar Wealth Management knows every one of its clients by the first name. The firm strives to position itself as someone who the client can simply call whenever a wealth-related question needs to be answered.
The firm does not use standardized templates and a quarterly newsletter format. It stress tests all client portfolios by simulating 1,000 different extreme scenarios to see how the portfolio holds up. Pillar has had decades of experience in managing high net worth wealth. So, it uses 100 years of market data and its experience to create a wealth management system that works.
Pillar Wealth Management is also committed to saving its clients money as much as it is focused on protecting and growing wealth. In that regard, Pillar makes a unique offer to save the client $100,000 for every $10 million in assets that it is asked to manage.
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 $5 million to $500 million in investible assets, then feel free to start a conversation.
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