Wealth Management Virginia:
The Complete Guide to What We Do
Individuals with high-powered careers are always looking for new ways to safeguard their future. This can be done with the help of wealth management. Virginia residents with $5 million to $500 million in liquid investment assets should turn to Pillar Wealth Management for assistance with insurance planning. If you are an investor with $10 million or more, you can learn about our asset management strategies with our special guide.
Table of Contents
What is Insurance Planning?
Individuals with a high net worth or an ultra-high net worth spend many years building up their wealth. The goals of such individuals may vary from person to person. However, each one strives to protect their wealth in some form or the other. After all, there’s no point in working so hard to build up a great portfolio if you can’t keep it safe from threats.
Market fluctuations are an ever-present problem for investors with assets across various markets. A sudden shift in market trends can leave you with massive losses that impact your quality of life and confidence. At Pillar Wealth Management, we offer to help investors diversify their portfolio so that they are better shielded from such events. Sign up for a special free consultation to learn more about our portfolio management strategies.
In addition to protecting their portfolio, high-value investors need to protect their other forms of wealth. This includes possessions such as automobiles, homes, paintings, and jewellery.
It’s natural for high-income individuals to purchase luxury items to enhance their quality of life. After all, a bit of indulgence can motivate you to continue growing your wealth. However, your possessions are always vulnerable to theft or damage.
You may be able to protect these valuables with the right insurance coverage. At Pillar Wealth Management, we do not offer insurance coverage ourselves. However, you can use our insurance planning services to find the appropriate coverage from local providers. We discuss the importance of wealth protection in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
Why do You Need Custom Insurance Plans?
Many insurance providers top out their coverage at around $1 million. However, high net worth or ultra-high net worth individuals may own possessions that are valued above this amount. Such investors will require specialized insurance plans that offer much higher coverage, say around $100 million.
Our wealth managers can help you choose an insurance provider that understands the value of your possessions and offers the right customized coverage. Sign up for a special free consultation on our website to learn more about our insurance planning services.
The Importance of Medical Insurance Planning
Taking care of your material possessions is a priority for any high-value investor. However, looking out for your own health and safety is arguably a more critical concern. Unexpected medical emergencies can happen to anyone, including high net worth as well as ultra-high net worth individuals.
Once you have built up enough wealth, you may believe yourself to be safe from medical concerns. However, high medical bills following emergency surgery can still leave a significant dent in your finances. It’s not uncommon for wealthy individuals to liquidate some of their assets to pay off unexpected medical bills. However, such a move could compromise the stability of your portfolio and force you to downgrade your lifestyle.
To protect yourself from paying for medical bills out-of-pocket, you will need the right medical insurance coverage in Virginia. Insurance planning is essential when it comes to choosing the right insurance provider. At Pillar Wealth Management, we can help you find the right plans that keep you protected during a medical emergency.
Why You Need Wealth Management Virginia
As one of the premier wealth management firms in Virginia, we offer our clients numerous services in addition to insurance planning. This includes.
- Retirement Planning
- Estate Planning
- Tax Planning
Retirement Planning Services
If you are an individual with a high net worth or an ultra-high net worth, you may be dreaming of retiring at an early age. We don’t discourage this practice, as everyone deserves a chance to enjoy the wealth they have accrued. However, living a comfortable retirement where you can maintain the same standard of living can be tricky without the right retirement plan in place.
Indeed, wealthy individuals rarely have to worry about running out of savings during retirement. However, you may need to downgrade your lifestyle if you are not actively earning income. One way to get around this problem is by setting up some passive income sources beforehand.
Our expert wealth managers can help you make the right investment choices that will provide sufficient passive income for your retirement. This is a strategy that many investors dream of, but only a few are able to pull off successfully. Our special guide includes many options for growing your portfolio in retirement.
If you are a high net worth or an ultra-high net worth individual in Virginia, retirement planning services can help you achieve the retirement you have always dreamed of having. The secret to achieving a great retirement is to plan early. So get in touch with our expert wealth managers today and start creating your ideal retirement plan.
Estate planning is another important service that all investors can benefit from. After a certain age, you may stop pursuing wealth for your own gain and instead focus on providing for your spouse and children. Indeed, your family is irreplaceable, and you should strive to do all you can to ensure they remain financially secure in the future.
The recent pandemic has shown us how fragile human life can be. Otherwise healthy individuals can perish quickly, leaving their family to deal with wealth distribution themselves. This task could cause strife between family members if you did not have an estate plan in place.
In addition to this, your wealth may be subject to certain taxes, which can reduce the amount your spouse and children receive. Our wealth managers can help you craft a special estate plan that minimizes taxes on your wealth following your demise. This plan will also chart out a wealth distribution strategy that keeps all your beneficiaries satisfied.
If you are interested in distributing part of your wealth to charity, we can help you find the right ones that align with your values in Virginia. Estate planning is also vital if you intend to set up a trust to finance the education of your children following your departure. Our wealth managers can aid you during each step of this otherwise tedious process.
Individuals with a high net worth or ultra-high net worth are expected to pay the highest taxes in the country. This is generally how the tax system functions. However, this may lead you to believe that all the taxes you are paying are absolutely necessary.
Almost everything you own is taxed in some form of the other. This can make it difficult to track exactly how much you owe on each of your assets. We don’t blame you for being confused about tax calculation, as it is something that is best left to professionals.
As professionals in the wealth management Virginia industry, we can help ensure all your taxes are up to date. However, in addition to this, we can also formulate different strategies to make your portfolio more tax efficient.
Why Use a Wealth Management Firm?
The aforementioned services should have demonstrated the various benefits of using a wealth management Virginia firm. However, there are plenty of other reasons why high net worth and ultra-high net worth individuals in Virginia seek out our services. This includes:
Catering to High Net Worth and Ultra-High Net Worth Individuals
One of the best reasons to use a wealth management firm is because we have experience dealing with high net worth and ultra-high net worth clients. By contrast, ordinary financial advisors offer their services to just about anyone, regardless of how much wealth they possess.
This makes wealth managers uniquely suited for offering advice to wealthy individuals. We understand your unique needs and concerns and strive to address them to the best of our ability.
Understanding Your Finances
It’s not uncommon for wealthy individuals to have a poor understanding of their own finances. This may be the case if they do not have a background in finance, or if they have accrued so many assets that they are unable to keep track of their income and expenditures.
In either case, our wealth managers can study your portfolio and finances and help you develop a clearer understanding of where they are headed. Our experts can then create plans to assist you in achieving your short term and long term financial goals.
At Pillar Wealth Management, we understand that each individual has unique financial goals in mind. For this reason, we avoid giving our clients generic one-size-fits-all plans. Instead, we opt to create a personalized plan for each one.
Our plans often include advanced strategies for asset management and investment. Some of these strategies are mentioned in our guide for investors with $10 million or more. However, our wealth managers ensure that each plan they create remains simple enough for you to understand and carry out. Why make your financial plan more complicated than it needs to be?
Helping Your Wealth Grow
Many investors eventually reach a plateau after growing their wealth over a long period. Getting over this hump requires an advanced understanding of investment that few individuals possess. Luckily, with the help of our wealth managers, you can get back on your journey of continuously growing your wealth. You can learn more about the strategies we use to grow your wealth in this special guide.
By doing this, you can create a luxurious retirement for yourself and ensure a greater inheritance for your children.
At Pillar Wealth Management, we charge clients a fixed annual fee for our services. We strive to ensure that clients do not face any hidden charges and that they can seek out our services as regularly as they need to without paying additional fees.
This is in contrast to ordinary financial advisors that charge clients an hourly rate, or a fee each time their services are used. We discuss the hidden fees that financial advisors charge in more detail in our special guide.
Why Choose Pillar Wealth Management?
At Pillar Wealth Management, we have 60+ years of experience serving high net worth as well as ultra-high net worth clients. We take on a limited number of clients each year because we understand the importance of providing each one with personalized attention.
Wealthy individuals have unique problems that should be tackled by experienced professionals. At Pillar Wealth Management, we take a comprehensive approach to wealth management Virginia and ensure your portfolio and wealth are protected into the future. Schedule a completely free consultation at our website today.
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