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The Complete Guide to What We Do
The quality of life that you enjoy depends on how well your wealth is managed. According to the basic rule of economics, human wants are insatiable, but the available resources are limited. This means that for you to achieve all their goals and desires, you must plan and manage your resources extremely well. As a high net worth individual, you probably know how important it is to invest your assets wisely. Investments are an excellent way to protect, grow and multiply your wealth, which is especially true if your investment portfolio is a considerable one. If you have an investment portfolio between $5 and $500+ million and above, check out our free resource titled The Ultimate Guide to Choosing the Best Financial Advisor: For Investors with $5 Million to $500 Million in Liquid Assets. In this guide, Pillar Wealth Management covers what you need to know about investments and investing, as well as the need for a financial advisor and wealth management in Seattle to ensure that you get the best possible results from your finances.
This article looks at why wealth management is important and how you can go about it in Seattle. The article will cover topics like budgeting, taxes, investments, insurance, and so many others that are important for you to enjoy a fruitful financial life. This article, prepared by Pillar Wealth Management LLC, will prove helpful to high net-worth individuals. Pillar Wealth Management LLC is a wealth management firm that caters to the needs of affluent clients who have between $5 million and $500+ million in liquid assets and are looking to protect and increase their wealth. For more information on your investment portfolio and increasing your wealth in Seattle, schedule a free consultation call with Chris Snyder and Hutch Ashoo, the co-founders of Pillar Wealth Management LLC.
Table of Contents
Wealth Management Vs. Portfolio Management
Is there a difference between portfolio management and wealth management? Absolutely. Portfolio management is the management of investment portfolios. This is usually done by a financial professional such as a stockbroker or investment broker. Their job is to manage the assets that you put up for investment and allocate them in such a way that they are protected and provide profit for you. The major difference between ordinary portfolio management and a wealth management service is that wealth management goes beyond managing an investment portfolio. A qualified wealth manager will provide professional financial services in aspects of tax planning, estate planning, generational wealth planning, insurance, and many others.
Wealth management is the comprehensive management of your finances which includes your investment portfolio. Suppose you want more information about how to protect your wealth and investment portfolio. You can order your free copy of our hardcover book, The Art ofProtecting Ultra-High Net Worth Portfolios and Estates: Strategies for Families Worth$25 Million to $500 Million. Put together by the team Pillar Wealth Management LLC, it will provide you with strategies for protecting and growing your wealth.
When looking for professional financial service providers in Seattle, there are a lot of professionals that identity as financial advisors, which means that you need to know the types of services that each professional offers. This will help you select the one that will be the best fit for you and your unique situation, as a high net worth or ultra-high net worth individual. If you have questions about your investment portfolio, including how to protect and grow your wealth, schedule a free, no-obligation call with the co-founders of Pillar Wealth Management LLC, Chris Snyder, and Hutch Ashoo.
Let’s take a look at the various professional financial advisors out there that provide professional financial services.
Financial planners are professional financial service providers whose main duty is to help you draft a comprehensive financial and investment plan. When working with a financial planner, the major thing that they do is to work with you to determine what your financial goals are, and then help you plan a path to achieve those goals. This plan will provide a template for you on how to spend, save, and invest for the future. Achieving your financial goals will include several steps such as figuring out the bestinvestments that will help you reach your goals, managing your tax liability, and usinginsurance products to secure your financial future and lower your tax bill throughout your lifetime. A financial planner will take consideration of all your financial goals while building an investment plan that will help you succeed financially.
Although a plan is important to managing your wealth in Seattle, there are several issues that you will experience if you work with a company that offers only financial planning services. First, most financial planners in Seattle tend to give general financial advice. They might not know about specific investments and securities that affluent clients, such as those with investment portfolios of $5 million to $500 million, may need.
Second, most financial planners cannot help you purchase the investments you need.
Instead, you will need to work with a stockbroker to purchase the stocks, bonds, or
other securities outlined in your plan. If you want to improve your portfolio
performance, then get a copy of our guide, Improving Portfolio Performance: The Shifts Multi-Millionaires Must Make to Achieve Financial Security and Serenity.
These two reasons are why a financial planner, although important, is not enough to manage your considerable wealth.
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. An investment broker will help you purchase investment vehicles such as stocks, bonds, and securities to meet your financial goals. As you probably know, investing is one of the best ways of increasing your wealth, and by working with an investment brokeryou can do that.
There are two major issues with working with an investment broker as a high net worth or ultra-high net worth individual with assets of between $5 million to $500+ million, however.
The first is that just like financial planners, many investment brokers in Seattle are experienced with managing investment portfolios for only the average class. This means that they may not be able to appreciate the complexities that come with handling large investment portfolios worth $5 to $500+ million or more. If you want more information on how large investment portfolios should be handled, you can schedule a free conversation with the co-founders of Pillar Wealth Management LLC, Chris Snyder and Hutch Ashoo.
Wealth Management for High Net Worth
Insurance agents, accountants, stockbrokers, and financial planners all identify with
the title “financial advisor.” And to an extent, they are right because they do provide financial advisory services.
However, the recommended financial professionals that offer a comprehensive set of services that are custom built to fit high-net-worth and ultra-high-net-worth individuals are wealth managers. It is, therefore, necessary to define what wealth management is. A wealth manager in Seattle will help you manage your investment as well as follow aholistic financial plan. The role that a typical wealth manager plays will span a widevariety of financial services from banking to estate planning, investing, and even taxplanning. The goal of a wealth management service is to ensure that you plan for andachieve your financial goals. You can think of them as the quarterbacks of your financial team.
As a high-net-worth individual, you have diverse financial needs, and will thus require different services from the average individual. Managing your own wealth will take extensive amounts of knowledge as well as valuable time. You would have to specialize ininvestment strategies, insurance options, estate planning, tax liability, and many otherfinancial services that are almost impossible for you to know without extensive training.With a wealth management firm, however, you have access to some of the best professionals in the financial industry that understand how best to grow your wealth,protect it, and pass it on to future generations. To grow your investment portfolio, be sure to get our free resource, 5 Critical Shifts For Maximizing Portfolio Growth Strategies For Families Worth $5 million to $500 million. This guide will show you the shifts that your investment portfolio must go through to keep growing.
Additional Reasons for Wealth Management in Seattle
Another reason why wealth managers are suited for managing the considerable wealth of affluent clients is that they are bound by fiduciary duty. Fiduciary duty means that your wealth manager is bound, by law, to provide financial and investment advice that is in your best interest. This is a significant advantage that wealth managers have over investment brokers. Investment brokers are paid on commission, which means that they get paid a percentage every time you buy or sell a security through them.
For instance, let’s assume that you want to invest in your retirement. You then explain to your investment broker that you would like to know about investments that can help you grow your investments. If you have the best investment broker, they will provide you with a list of the best investments that can help you achieve your goal, and of course, earn a commission on the purchase. But what if another investment provides your stockbroker with more commission but is not the best investment for you? Unfortunately, there is nothing that stops your investment broker from recommending the higher fee investment. If they suggest something that fits your need to boost your retirement savings, they are free to sell it to you. While we hope that your investment broker will be honest enough to suggest the best possible financial products for you, you can never be too sure.
This is not the case with a wealth manager in Seattle, as they are bound by law to provide you with the best investment advice within the limit of their abilities. You can expect your Seattle-based wealth manager to give you the best possible investment advice to meet your goals. As a high net worth individual with an investment portfolio of $10 million or more, you probably have questions about how to diversify your investment portfolio or protect your portfolio in terms of market uncertainty. Thankfully, you can get the free guide tailored specifically to you, that the team at Pillar Wealth Management has put together on protecting your portfolio.
Comprehensive Seattle Wealth Management
When working with a wealth manager in Seattle, the manager will help by first creating a financial plan for you. The financial plan will take into consideration what your financial and investment goals are. Your goals will depend on where you are currently and age and the stage of life that you are in will affect the kind of goals that you have.
Your wealth manager might ask you to list out all your needs and wants, and then arrange them in order of priority and time. Some goals will be short-term, while others will be long-term; some goals will also be more important than others. By arranging your financial goals according to the order and time of importance, your wealth manager can easily work out an implementation schedule for it.
Once your wealth manager understands your investment goals, they will prepare a comprehensive plan, as well as an investment policy statement that is specifically suited for you. This plan and statement will cover everything that your wealth manager plans to do with your finances. It will cover how your assets are currently allocated, as well as how the manager plans to redistribute your portfolio to better protect it, and of course, help you achieve your goals.
Seattle Largest Wealth Management Firms
With over 30 years of experience managing wealth for affluent clients, Pillar Wealth Management LLC is a wealth management firm that offers financial advisory services into affluent clients in Seattle. They specialize in wealth management for families that are worth between $5 million and $500+ million in liquid assets. Contact us today to
schedule your free consultation call with our co-founders Hutch Ashoo and Chris Snyder, who will help you decide how best to protect and manage your investments.
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