Wealth Management San Diego
The Complete Guide to What We Do
Financial management is a vital subject for everyone. Irrespective of the worth of the assets you own, $100,000 or $100 million, you have to manage them properly to ensure that you can achieve financial freedom and maintain the kind of lifestyle you wantwithout your wealth vanishing. As a high net worth individual in San Diego with an investment portfolio of $10 million or more, managing your wealth can be challenging, so you should consider getting a wealth manager.
But who is a wealth manager, and how do they fit into your quest for achieving your financial goals as a resident of San Diego? This article, prepared by Pillar WealthManagement LLC, will answer your questions about wealth managers and why you need them as a high net worth individual in San Diego. Pillar Wealth Management LLC is a Wealth Management firm that provides financial and investment advice to high net worth and ultra-high-net-worth individuals who own assets between $5 million and $500 million. If you fall into this class, you should also schedule a free consultation call with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.
Table of Contents
What does a Wealth Manager Do?
Simply put, the job of a wealth manager is to help you manage your wealth. They usually work with high net worth or ultra-high net worth individuals, who have between $5 million and $500 million in liquid assets.
As an affluent individual that is a part of the top 1%, many finance professionals can help you manage your money, buy and sell securities, purchase insurance, and so many other activities related to your financial life. There are even financial advisors who specialize in reducing your tax liability or minimizing the risk you incur on investments. To find out more about the type of financial professionals out there, schedule a free conversation with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.
When it comes to succeeding financially as a resident of San Diego, you must consider several things. The first is that at every point in your life, you would require a unique financial plan. It can be challenging to decide how to achieve your financial goals, especially if you are a wealthy individual. This is where a financial advisor San Diego comes in. A qualified and experienced wealth manager would look at your finances, compare them to your future goals, and then determine the actions you need to take to manage your wealth successfully.
Do you want to know all the details behind selecting a San Diego wealth advisor? Our team at Pillar Wealth Management, LLC, created this valuable resource for you. Receive your copy of The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. It will explain the steps and considerations behind selecting the right San Diego wealth manager.
Is a wealth manager worth it?
Perhaps you might be considering if hiring a wealth manager in San Diego is worth it. If you are thinking about it, then the first thing you want to do is consider your alternatives.
The first and most basic alternative is to manage your wealth by yourself. However, to manage assets worth between $5 million and $500 million, you should have specialized knowledge. At the very least, you should need to be knowledgeable in investing, accounting, tax planning, and estate planning. You would also need to develop many other fiscal management skills. If you lack any or all these skills, you can lose out on a lot of your money and be missing opportunities you may be unaware of.
For example, if you don’t have the required knowledge at handling taxes, you might unknowingly break the law and fall guilty of tax evasion, which can be disastrous to your net worth. If you are poor at investing and invest your money incorrectly, you could lose all your investments.
As you can see, managing your finances personally might not be the best idea unless you have the required knowledge and skills. For this reason, most affluent individuals and families in the San Diego area do not manage their wealth by themselves.
If you want to live a life that is enhanced by your wealth, instead of entirely focused on it, there is a better way than to do it alone. The right type of wealth manager can turn personal wealth into generational wealth.
If you would like to receive information about improving your investment portfolio, get our free guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity. This guide was prepared by Pillar Wealth Management, a wealth management company that caters to high net worth and ultra-high net worth clients with $5 million to $50 million in assets.
Wealth Management Options
Another option for managing your finances and achieving your financial goals is a financial planner. The job of a financial planner is to help you develop a solid plan for your investment portfolio. This plan, when made properly, will guide how you spend, save, and invest – and also build generational wealth. A good financial plan can be likened to a financial blueprint that describes how you are going to achieve your financial goals. It will include several things, such as the kind of insurance that you should get, how to diversify your investments to minimize risk, and so on.
Let’s take a look at how a financial planner will create a financial plan for you.
First, the financial planner will ask you about your future goals and expand on them to create a comprehensive wealth management plan. This process is a lot more complicated than it sounds and requires a fair bit of financial and technical know-how. Once your financial planner understands your needs, they will then determine how realistic your goals are. A financial advisor may use various tools such as a capital needs analysis to see if it is possible to reach your goals. To achieve this, they will compare your assets and liabilities to determine the cost of meeting your goals. Something like buying a yacht in a few years, or an additional vacation home should be properly worked into your plan.
Wealth Management San Diego – Challenges
The major challenge of using only a financial planner is with the implementation of the plan. A financial plan for a high net worth individual with $5 million to $500 million in liquid assets is likely going to be complex, and most financial planners cannot directly invest. This makes implementing the plan a major challenge. To know more about implementing that of your financial plan and successfully managing your investments, you can schedule a free, no-obligation call with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.
Another option that you have when considering how to manage your wealth is to work with a stockbroker. Stockbrokers or investment brokers are financial professionals that help clients manage their investment portfolios. An investment broker is knowledgeable about investment solutions that can help you achieve your short and long-term investment goals.
As a high net worth or ultra-high net worth individual, your financial needs will differ significantly from the middle class or average person. However, most stockbrokers are used to working with those classes of people, and as such, you’ll need the services of both a financial planner and an investment broker to achieve your financial goals. This combination can help you build a financial plan uniquely suited to your needs and then work towards creating an investment portfolio that will follow the guidelines of that plan.
Problems with Hiring Several Wealth Management Individuals
However, the first major problem is that you must hire two different individuals to
manage your investments. This is a problem because you’ll have to do double the work to find the perfect fit. You must find a financial planner and an investment broker that you feel comfortable working with, and also feel comfortable working with each other. If that synergy is not present, then the whole team can break down and it can be crippling to your net worth. To plan for generational wealth, you need synergies. For more information on how your assets and estate can be better managed, request your free copy of our hardcover book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth $25 Million to $500 Million. Our team at Pillar Wealth management will ship it to your home for free.
As you can see, while there are several options available for you to manage your wealth, many of them cannot provide you with exactly what you need, especially as a high net worth individual. This is where a wealth manager specializes. A good financial advisor combines the work of a financial planner, a stockbroker, and many more. They are knowledgeable in multiple fields such as tax planning, estate planning, insurance, investment, and so on. This makes them uniquely positioned to deal with the challenges that high-net-worth individuals face because of their large investment portfolios
Now, let’s take a look at how a wealth manager in San Diego will help you, the high net worth and ultra-high net worth individual, and manage your investment portfolio.
San Diego Wealth Management
While many other financial professionals get paid a fixed, an investment broker is
usually paid on commission, which means that the broker receives a percentage of your invested funds anytime you purchase stocks, bonds, or other securities through them. Occasionally, this system is normal, but when left unchecked it can allow your broker to act in their best interest instead of yours. And when you have an investment portfolio of $10 million or more, you want to avoid this scenario.
This is a significant difference between an investment broker and a wealth manager. A fiduciary duty bounds a wealth manager. It means that the wealth manager is obligated by law to act in your best interest. You can expect your San Diego wealth manager to give you the best financial and investment advice that they can, even if it will result in lower commissions for them. This is a crucial distinction, and it becomes more advantageous if you have a large portfolio.
For example, you and a friend each have a $10 million investment account. If your wealth manager invests in a 1% more profitable vehicle than the one your friend’s investment broker chooses, this will result in an increase of $100,000 over that of your friend’s. That is big money, and can be used to fund your vacation at no extra work to yourself.
Now, you can see just how helpful fiduciary duty is. For more advice on how to grow your portfolio, you should get our free resource 5 Critical Shifts For Maximizing Portfolio Growth Strategies for Families Worth $5 million to $500 million. The resource contains insights from expert wealth managers with 30 years of experience in shifting your investment success into a higher gear.
San Diego Wealth Management Firms
Wealth management firms are established as Registered Investment Advisors (RIA). They have wealth managers that work with high net worth and ultra-high net worth individuals, offering the services of both financial planners and investment brokers.
When it comes to selecting a wealth manager, you can do a quick Google search for
“wealth manager near me” or “wealth managers in San Diego,” but that alone will not help you select the best possible wealth manager. In your choice of a wealth advisor, you must choose a uniquely suited manager to meet your personal financial goals. To do this, you must understand your personal financial goals before you speak with the advisor. You must know exactly the kind of wealth advisor that you need. What areas would you like your wealth manager to specialize in? Once you have this knowledge, you can then begin to conduct interviews.
Pillar Wealth Management, LLC is a well-respected wealth management firms in the USA. They are located in California and offer financial advisory and wealth management services to high net worth and ultra-high net worth individuals who own assets between $5 million and $500 million or have investment portfolios of $10 million and above. With over 30 years of experience in managing the wealth of affluent clients, you can be sure to get the best possible investment and financial advice that they can provide. You can get started by scheduling a free, non-obligatory conversation with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth LLC.
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