The Best Wealth Management Firms Offer These 7 Essential Services
Don’t be fooled. There’s a big difference between ‘best’ and ‘top.’ Identifying the best wealth management firms requires much more than just looking at their assets under management (AUM), and the best tool for doing that is our signature guide, 7 Secrets to High Net Worth Investment Management, Estate, Tax and Financial Planning.
Picture a big bank that already exists and serves the banking needs for millions of average people. One day, that bank decides to “get into” wealth management. Their service and expertise will have little in common with the best personal wealth management firms that were built from the ground up to exclusively serve affluent individuals. Even though that bank will quickly amass a large AUM because of brand familiarity.
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.
This article will help you figure out how to initially qualify a wealth management company as being worth your time to investigate. There are seven services that the best wealth management firms will provide to their high net worth and ultra high net worth clients.
Those seven services are:
– Asset Allocation Analysis
– Wealth Transfer
– Tax Management
– Risk Management
– Cash Flow Planning
1. Asset Allocation Analysis
Developing the skills to allocate your assets in the right places requires years of experience. Several investors make mistakes in the initial stages of their careers. However, with time and experience, they do get a firm grip on the dos and don’ts of investment management.
The good news for you is that you can avail yourself of our asset allocation services. This way, you don’t have to go through the long and tedious process of mastering this skill. At Pillar Wealth Management, we realize that every investor has their own return expectation, investment parameters, and risk tolerance.
Our wealth managers consider all of these factors when analyzing your portfolio. Then, they provide you with recommendations based on your individual preferences and requirements. We thoroughly view each asset in the context of your portfolio and can develop plans to help you accomplish your portfolio objectives.
2. Wealth Transfer
Several investors transfer a part of their wealth to their heirs once they reach a certain age. While this process might seem simple, there are plenty of invisible risks that you need to take into consideration.
For instance, if your wealth is tied up to your business, you might want to transfer your company’s ownership to your offspring. But you will have to devise a comprehensive exit plan to ensure that the business operates smoothly once you leave.
Our wealth managers at Pillar Wealth Management will help you develop a transference plan to ensure that your business stays in safe hands. You can even register for a free consultation at our website to know more about wealth strategies.
3. Tax Management
Handling taxes is a continuous activity that can take up a good amount of your time and energy. Moreover, if you fail to meet your legal tax obligations, you will have to face serious consequences. These repercussions can range from heavy penalties to even jail time.
At Pillar Wealth Management, we closely monitor your assets and check if you need to pay any taxes on them. Thus, you won’t have to worry about delayed tax payments anymore.
Moreover, our team’s professionals will go through your portfolio to discover areas where you could save on taxes.
4. Investment Management
If you’re an investor who’s aiming to increase their returns, you’ll have to allocate your assets efficiently. Nevertheless, this is a task that’s easier said than done.
Pillar Wealth Management can assess your portfolio and recommend several techniques to maximize your returns. Our up-to-date and detailed knowledge of the different financial markets and their trends can help you make ideal investment decisions. Read our helpful guide to learn more about how you can maximize your portfolio.
We understand how tiring it can be to keep a regular track of market trends. So, we strongly recommend you let our experienced professionals take care of it!
5. Risk Management
High net worth and ultra-high net worth individuals who invest their assets in different markets face several risks. For instance, market trends can take a turn and can sabotage your long-term gains in the blink of an eye. It is quite difficult to ascertain when a specific market will crash, but you don’t have to stress over it!
At Pillar Wealth Management, we can help you formulate strategies to minimize the harm from any such event. For instance, we will use lifestyle risk factors that provide a precise risk assessment. Our advisors will go through your portfolio and identify the assets that are at risk. Please read our guide for investors with $10 million or more to learn why risk tolerance shouldn’t be the most influential factor in your investment plan.
If you want to diversify your portfolio, we can help you determine where you should invest. This approach offers higher profits along with safety as opposed to randomly investing in various markets. To know more about asset allocation, read our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 Million to $500 Million.
6. Cash Flow Planning
Managing cash flow is a key component of financial planning. Wealth frequently goes through the hands of several high net worth and ultra-high net worth individuals. If you fail to track the rate at which you are gaining wealth and spending it, you might know which direction your finances are headed towards.
Pillar Wealth Management provides you with cash flow planning services. This allows you to have complete knowledge of your cash inflows and outflows. We do this by assessing your sources of income, assets, liabilities, and expenses. Our team then creates a cash flow plan that allows you to keep a check on your finances easily.
7. Retirement Planning
If you haven’t given much thought to your retirement plans, there are several things you need to consider. After you quit your profession and retire, you won’t have an active source of income. Thus, you will have to depend on the passive net income from your investments.
You might want to spend your retirement comfortably with your savings. Or you might wish to accomplish some new financial objectives. Whatever you want to do, our experts have years of experience to help you out.
We will thoroughly study your asset portfolio and develop a realistic strategy to keep your assets safe. Plus, our strategies can even help you increase your wealth even after you retire. When you can enjoy a great retirement, there’s no point settling down for a good one! Please read our guide to learn more about strategies that can increase your portfolio.
The wealth managers at Pillar Wealth Management are fully aware of accounting’s critical role in wealth management. In fact, monitoring your cash flow should be your biggest priority to ensure that your assets remain secure.
What Are the Top Wealth Management Firms?
If you’ve made up your mind to avail the services of a wealth management firm, the biggest question on your mind will be, “what are the best wealth management firms for me?”.
In 2020, Investopedia made a list based on the assets under management (AUM) managed by the wealth management firms as AUM is the main benchmark to determine the success of a wealth management firm and brings more clients. Here is the list of the ten biggest wealth management firm in the world:
Top 10 Ranking List of The Largest Wealth Management Firms in the World
UBS Wealth Management
With $2.6 trillion of AUM, UBS Wealth Management has 286 branch locations in the United States. Based on Swiss, UBS offices are also located in over 50 countries. UBS wealth manager offers investing, planning, private wealth management, and several managements. Not too bad for the standard wealth management firm. In Pillar Wealth Management, you can get more than that services, and you can consult your idea with a family ambiance with our founder Hutch Ashoo instead of consulting with staff like the other wealth management firms else.
Similar to UBS, Credit Suisse is a Swiss-based company. Credit Suisse had managed $1.25 trillion of AUM. Credit Suisse’s services are transferring, accumulating, and preserving the clients’ wealth. This firm can be a good choice if you are only middle individuals about starting to manage your asset, but it will not be suitable if you are UHNW with a broader volume of assets. The only solution to find the best firm to manage your broad asset is only Pillar WM. Pillar WM is operating in the strategic areas starting from Chicago, Boston, Los Angles, New York, Houston, San Francisco, and many more places else.
Bank of America Global Wealth Management & Investment
Banks of America Global Wealth Management and Investment consists of Bank of America Private Bank, and Merrill Lynch Wealth Management has managed $1,22 trillion of AUM. Either Bank of America Private Bank or Merrill Lynch offers services either to a company, family, or individuals. Bank of America’s main focus is targeting clients who have high net worth and clients with total investable assets of more than $250,000. In short, this wealth management firm is only focused on middle to low people. We do really believe that if you can reach this article, you must be a UHNW person who needs more treatment in managing your wealth. You can talk and arrange a consultation with our leader, known as the virtuoso, in managing the UHNW asset, Hutch Ashoo, and getting a further solution with Pillar WM.
J.P. Morgan Private Bank
Managed $677 billion of AUM, J.P. Morgan assisted the clients in making the financial plan and how to achieve it. J.P. Morgan Private Bank focused on banking, lending, investing, and estates. It is not too bad for the private bank in the US, but the mechanism in managing the wealth will be general. In Pillar WM, our leader, Hutch Ashoo, will guide you personally and give you some solutions using the family approach that makes you more close and comfortable. On the other hand, you can get a stress-free service from an expert.
Clients who use Goldman Sachs services will work with private wealth management teams to plan their client assets such as fixed income, equities, cash, and so on. Goldman Sachs managed at least $558 billion of AUM. If you are an ultra-high-net-worth individual, Goldman Sachs is not suitable for you. Then what the best for you? the answer is Pillar Wealth Management.
Citi Private Bank
With $500 billion of AUM, Citi Private Bank offers services for wealthy individuals, investors, families, lawyers, or firms. This wealth management firm set a high ratio of the wealth manager to ensure the clients’ portfolio has the standard results. Citi Private Bank offers investment and global banking services for investors, wealthy individuals, legal professions, and so on. Pillar wealth management is working in more detail compared with CPB. Here, Pillar WM is only concentrated on providing the best service for ultra-high net worth individuals and does not intend to accept a broader segment of clients, which will drive the management to go blurry and unclear.
BNP Paribas Wealth Management
BNP Paribas managed $424 billion of AUM and provided a standard portfolio for the clients. The investment team of BNP Paribas usually assists you in managing, personalized, and diversified the clients’ portfolio. While in Pillar Wealth management, you can comprehend assistance in managing your portfolio to the detail. With the help of the master wealth management, Hutch Ashoo, that already accomplished a long journey in managing affluent people’s prosperity. With $5 million to $500 million in liquid assets, you can feel relief for your wealth security.
Besides Investopedia, you can also collect information regards to financial advisors or services on the articles section on Pillar WM’s official website that provide reliable information, or you can access some of the unreliable webs like ALM Media Properties LLC All Rights Reserved. Thus, you can compare which companies have the most suitable services based on those two media and ease you in finding high net worth wealth management companies. If you are a high net worth or an ultra-high net worth individual, you have the option to choose from several wealth management companies. But the tricky part is to pick the firm that best meets your needs. Read our special guide to know the steps you need to follow for selecting the right wealth management firm for your needs.
At Pillar Wealth Management, we have positioned ourselves as a premier wealth management firm for several reasons. Here are some of the reasons why you should opt for Pillar Wealth Management:
One of the key factors you need to consider when selecting a wealth management firm is their experience. Even though this sounds like an obvious factor, several investors underestimate the importance of opting for an experienced wealth management firm.
You might be inclined to avail of the service of a newly-launched wealth management firm as they might have a lower fee. But remember that if you use their services, your assets are at high risk. For instance, an amateur wealth manager will not know about abrupt market shifts and handle them.
Thus, it would be best if you opted for an experienced firm. At Pillar Wealth Management, we have more than 60 years of experience providing services to high net worth and ultra-high net worth individuals. We can help you make smart investment decisions to ensure that you accomplish your financial goals.
We take pride in offering personalized service to each client. We place high importance on listening and understanding your individual preferences and needs before giving you financial advice.
Our financial advisors spend a lot of time studying your finances and use a holistic approach before developing any investment strategy.
Increasing Your Net Worth
High net worth and ultra-high net worth individuals often avail of wealth management firms’ services to secure their wealth. Pillar Wealth Management not only keeps your wealth safe but also works to boost the growth of your existing wealth.
This is important for investors who have not yet retired. However, this is critical for those who have hit retirement and are depending on their assets for income.
Why Select Pillar Wealth Management?
At Pillar Wealth Management, we provide clients with $5 million to $500 million in liquid assets.
Our wealth managers can adept at performing a comprehensive assessment and analytics of your portfolio and create customized strategies to accomplish your financial goals. Sign up for a completely free consultation with our wealth managers to learn more.
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