Understand this Before Working with an Independent Wealth Manager

Understand this Before Working with an Independent Wealth Manager

If you are included as an ultra-high net worth (UHNW) investor, you will need help from a wealth manager for sure. Having a high net worth is not the same as maintaining simple money management. If you own at least $5 million to $500 million, you need wealth management services. Not only to maintain your wealth but also to plan how your wealth should be allocated. You may not worry that you will not run out of money on your retirement day. However, you need to maintain your wealth and grow your wealth into different asset classes. That is why you need an independent wealth manager rather than a financial advisor. You will get a customized approach based on your wealth management needs as Pillars do. Besides, Pillar WM has launched a book on protecting ultra-high net worth portfolios, and you can also get free, no-strings-attached consultation with our professional team.

What does an independent wealth manager do?             

The main difference between how independent financial manager and financial advisors work is that independent financial managers can manage your wealth based on your customized need, not the general ones like a financial advisor. An Independent financial manager can improve your portfolio performance and achieve your financial targets. If you hire an independent financial manager, you will find ease on the following ways:

  • Can Fulfill Your Unique Needs

People included in UHNW individuals must have different income sources such as real estate, business, multiple incomes, etc. If you already have an Estate planning with more than $20 million of assets on it, it is impossible to let it be and left it unmanaged. You need help from an independent financial manager to manage and prepare your offspring to continue this business. An independent financial manager can help you to create a plan that can prepare your next generation to grow your assets for a long-term plan. In terms of estate planning, an independent financial manager can also help you create your tax planning. Pillar WM professional team will help you to expense your tax wisely. However, an independent financial manager is not only doing those things. They can also help you to make philanthropic planning, tax accounting, insurance, legal planning, and many more.

  • More Likely get Unconflicted Advice

Independent wealth manager will not prioritize their revenue or sales goals. But, a financial advisor will offer you a particular investment plan or product, mutual funds, and others that you will not know what is exactly behind it. Besides, big compaies have a special objective. They do not merely maximize your investment performance and creating a plan that can fulfill your long-term financial goals. Financial advisors will prioritize business for themselves. You may face bad years and good years. However, you do deserve so much better than that, especially if you are an ultra-high net worth individual. Start your conversation now with Pillar WM, and you will get what you need.

  • Will Not Consider Investment Performance and Wealth Management are the Same

A financial advisor will consider that your wealth management and investment performance are the same things. However, those two are totally different. Investment performance is one of many parts that are included in wealth management. This is including the planning either for the long term or short term. Do you need to imagine that someday if you face hard situations about your wealth, you will think of who will help me? Who has a better understanding of my financial plan and needs? Large firms will not care about it, and not their responsibility. That is why an independent financial manager is all you need to help you face an unexpected scenario.

  • Understand What’s At Stake For You More

A financial advisor that works for a large company will not recognize that taxes can affect you. Most of them think that tax is just part of the business’ cost you need to expense. It is because their main objective is increasing revenue which makes them sell more and trade equities more. This is including the fee you will expense, like hidden costs you do not realize that you pay and so on. You need to keep that your wealth keeps growing and last from generation to generation, and to achieve this goal, all you need to do is hire an independent wealth manager.

What Is a Wealth Manager, and What Do They Do?         

Basically, a wealth manager is someone who can help you to manage your wealth. The main difference between a wealth manager and a financial advisor is that the clientele. Wealth managers work with clients who have a large amount of assets or ultra-high net worth individuals. It is impossible for the clients to manage their own wealth as the amount at least $5 million to $500 million. If you ask what wealth managers actually do, they do many things. Sometimes, it is a whole package. The wealth manager can handle various services like financial planning, tax planning, legal, retirement planning, and many more.

Who Typically Works With a Wealth Manager?

It is clearly stated in the name that a wealth manager is someone who manages client’s wealth. It is impossible if you own $100,000 and a wealth manager will manage your money for you. That is not how they work. Someone who is included in high net worth or ultra-high net worth individual needs the wealth manager’s assistance. Why is it so? They have already made money, and they will not have the time to manage their money as well. That is why a wealth manager is needed. However, that is not the only thing a wealth manager will do. They must keep the asset grow and even keep growing from generation to generation.

Then, who is considered as high net worth and ultra-high net worth individuals? It depends on the firm that you choose. Some wealth management firms will accept you with a $1 million set, while the others only accept super-rich people with more than $5 million of assets. If you think that you are included as one of them, it is time for you to find a wealth manager, especially an independent wealth manager. The first step you can do is check on Pillar Wealth Management. You can look at the portfolio plan and maintain long-term assets based on the market changes. Schedule a chat with one of our wealth management experts and get the service you need.

The second thing is that you can read the e-Book from Pillar WM. You can find the guide on how to find the right financial advisor or wealth manager for UHNW individuals, or you can click here to choose the best wealth manager or financial advisor.