Wealth Management Services Near Me: How to Choose –PillarWM
Asset allocation for high net worth and ultra high net worth individuals needs to be handled intelligently byexperts. If you’re looking to diversify your investment portfolio or to safeguard your resources, you may be asking yourself, “How do I choose from the wealth management services near me”? At Pillar Wealth Management, we have a team of wealth managerswho are experienced in helping investors with $5 million to $500 million in liquid investment assets. You can also look at our exclusive guide for individuals with $10+ millionof liquid assets on how to create a financial plan that best aligns with your goals.
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.
Table of Contents
Why You Need Wealth Management Services
A lifetime’s worth of career-building and wealth should be given the appropriate avenues for growth. Planning your finances is best left in the hands of experts who know the market and have studied the best strategies for wealth accumulation. Wealth management services cover the needs of people with a high net worth more extensively than traditional financial management services.
Wealth management offers advice on how to invest your wealth by restructuring your financial life. It allows wealth enhancement in your passive income by boosting cash flow through different strategies. With a high net worth comes high risk;therefore, you need professional advice on how to secure your active income. Wealth management covers numerous financial aspects, from insurance policies to tax mitigation and legal inheritance.
Wealth managers, in particular, have experience in working for an affluent clientele. Therefore, they can ascertain the needs of high net worth and ultra high net worth clients and implement strategies in such a way that they obtain lucrative results.
The Difference Between Wealth Managers and Financial Advisors
Financial advisor is a broad term which can be used to cover many individual financial aspects, such as life insurance or retirement. People of any financial background can approach financial advisors for assistance in their money management.
Wealth managers are experts in maximizing the cash flow of high-earners with minimal risk. They specialize in analyzing your entire financial life and optimizing it for economic growth. They take on high net worth and ultra high net worth clients.
When should you talk to a financial advisor?
You may want to seek out financial advice when you’re looking to maintain a steady income and gain a small investment for your retirement.
Financial advisors can help you by taking a look at your portfolio and advising you on your investment and retirement plans. They do not necessarily have the expertise to meet the needs of high net worth or ultra high net worth investors.If you’d like a comprehensive guide on how to choose the best financial advisor for you, click here.
When should you talk to a wealth manager?
If you’re looking for a more comprehensive and hands-on analysis of your finances, a wealth manager is more suitable for you. They do an in-depth study of your liabilities, home equities, student loans, and business debts and use strategies such as debt restructuring and tax mitigation to increase your cash flow. Theyalso review your portfolio based on market fluctuations and your life goals and revise it as necessary to make sure you receive the most benefit.Set up a meeting with our team of wealth managers today!
How financial advisors and wealth managers differ in fees
If you want to know, “How much money does a personal financial advisor charge in comparison to a wealth manager?” then you should know that the cost varies depending on the service.
Our team of wealth management experts at Pillar Wealth Management charges a fixed annual rate for an array of services, which is disclosed beforehand for your convenience.You can take multiple consultations throughout the year without worrying about being charged an additional fee.Click here to get in touch with our wealth managers.
Why You Should Choose Wealth Management Services Over Banks
From stockbrokers to financial advisors to private bankers, the fundamental purpose remains the same, but each holds a key difference.When it comes to managing your finances, you may be wondering why banks are not the best bet for wealth management and why wealth managers are only now gaining popularity.
Private banking is the traditional method for financial management, with experts known as fund managers overlooking your financial plan. The security and privacy found through reputable banks make them practical for high net worth and ultra high net worth clients. They are convenient for securing mortgages or high interest rates but do not provide the level of financial growth that high net worth individuals need. Banks cater to people of all financial backgrounds, therefore they do not specialize in creating strategies for high cash flow generation. They have policies and procedures to follow, which takes precedence over your financial performance.
Wealth Management Services
Over time, wealth management has become known as a more professionalized and institutionalized method for financial management. High earners tend to prefer it over banks nowadays.
Wealth management services offer a personalized,tailor-made experience to suit your future goals and lifestyle. Wealth managers are skilled in providing strategies to optimize the wealth of the affluent to minimize risk and maximize return. They accomplish this by gathering information on their client’s history of assets and liabilities, their purchase value and their current market value. This information is then used to plan a diverse investment portfolio across various vehicles, from equities and bonds to real-estate.If you are looking to improve your portfolio performance, our free guide offers exclusive insights.
When taking on a new client, wealth managers take into consideration:
- Your investment objectives and whether you wish to safeguard your present assets and maintain a steady income, or earn a high return in a short time span.
- The capital at your disposal to then advise a long-term or short-term investment.
- How market fluctuations can affect your asset base. A good asset allocation protects the investor’s entire portfolio from market fluctuations.
- Your risk tolerance, which then determines whether your investments will be high-risk, for example, large or mid cap stocks, or low-risk, such as municipal bonds.
- The time in which you expect returns. If you want fast-paced growth, your wealth manager will advise high risk investments with higher gains. If your timeline is more relaxed, they may offer a long-term investment with lower gains.
Thorough research is what makes this process so streamlined and optimized for specific client needs. You can contact usfor a free consultation with an expert to learn how wealth management can improve your life.
What Do Wealth Management Services Near Me Offer?
You may be questioning, “What will a financial advisor do for me?”, or “How can a wealth management service benefit me?” Apart from giving you the peace of mind of knowing that your finances are in the hands of experts, your wealth manager will advise you on various financial aspects. Here are some of the services that wealth management services offer.
- Investments for Wealth Enhancement
Wealth managers are knowledgeable about market fluctuations and can manage your investments in a way that enhances your financial growth. They are well acquainted with your risk tolerance and financial patterns, enough to make a well-informed decision about where to invest your money.
- Debt Management
Your wealth manager is skilled in evaluating your course of action for paying off your debts. They can provide you with the option to restructure your debt to allow you to pay it off at a lower interest rate. Consequently, you have more wealth to invest in.
- Retirement Plan
The task of ensuring that you have enough in reserve for your retirement years falls to the hand of your wealth manager. They provide you with the best retirement options and comprehensive policies which help you maintain your wealth status well into your golden years.
- Tax Planning
High net worth and ultra high net worth individuals need to make sure their taxes are well taken care of. Your wealth manager will assist in regularly reviewing yourincome, expenses and potential tax liabilities, and in some cases, can even help you legally bring down your taxes.
- Protection of Income and Assets
High earners need to be cautious about having legal protection over their assets. Lawsuits, ex-spouses, even offspring can be potential threats to their wealth, making it imperative that they have their wealth managers secure their finances. They also analyze which insurance policies work best for their client.If you would like to learn more about protecting your assets, you can purchase our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
- Legacy Planning
Transferring wealth to the family also requires planning in accordance with the costs, needs and behaviors of family members. Lawful division of assets in compliance with the new laws is a task that wealth managers specialize in.
- Financial Advice
Wealth managers help you adapt to life-changing events by budgeting for your family’s education, annual vacations, new business ventures and more. They monitor and advise you on how each step can affect your finances in the short term and long term. When needed, they can redirect you to a more appropriate course of action.
Which Wealth Management Firm Should You Choose?
It is crucial to do your own research into where or whom you want to trust your finances to. It would be best if you began by understanding whether the wealth management firm is suitable for your investment portfolio. This varieswith the number of assets you have, along with your financial goals.
Next, you should learn about which strategies the firm is implementing, the services they offer, and their credentials. Identify the clientele, look up reviews and ask for recommendations of different wealth management firms. Try to find a firm whose clients’ financial background closely resembles yours, as they will be more equipped to match your current and future needs.
The team you choose will impact your retirement plans, estate planning, family inheritance and more. So, take your time to makean informed decision that will give you your best future.
At Pillar Wealth Management, we help clients with $5 million to $500 million in liquid investment assets through an array of private wealth management services. We coordinate with you and guide you on how you can transition into the life you envision. Reach out to one of our experts for a conversation on how you can get the most out of your investment performance and achieve financial serenity.
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