For those looking to manage their wealth and prepare for the future, there can be a lot of stress involved. This often comes from making important financial decisions knowing that each one could have a huge impact on your short-term and long-term success. However, it doesn’t have to be unpleasant: Working with a reliable high-net-worth financial advisor can make a profound difference.

They can help you prepare realistic, concrete steps toward your financial goals. However, this is only part of the big picture: Just as importantly, they can help you avoid losing money along the way. That’s why we’re focusing today on how hiring an experienced high-net-worth financial advisor could mean added value for you over both the short and long term.

Please explore these topics with us:

• What is a high-net-worth financial advisor?
• How do you know if you need a high-net-worth advisor?
• Why working with a high-net-worth advisor matters
• How to find the right high-net-worth advisor for you

What Is a High-Net-Worth Financial Advisor?

A high-net-worth financial advisor is a professional who focuses on providing comprehensive advice and services to clients with significant wealth. Such advisors may have more experience than other financial advisors, as well as access to more sophisticated products and services. 

They may also be able to provide more specialized advice tailored specifically to the needs of the affluent. Typically, this means helping clients make sound investments, plan for retirement, and do tax and estate planning in conjunction with your tax advisor and estate attorney. At the same time, they work toward mitigating risks for their clients, wherever possible, along the way. 

Additionally, they may also help with budgeting, retirement planning, insurance selection, asset preservation strategies, debt management strategies, and tax planning. Some of these advisors also provide guidance on philanthropic giving strategies and succession planning for family businesses or estates.  

Are Your Retirement Savings & Assets Market-Weather-Proofed? We Can Help.

How Do You Know if You Need a High-Net-Worth Advisor?

Again, by definition, a high-net-worth advisor is someone who specializes in helping people with substantial wealth. This is only one of the criteria that may apply, however. Let’s take a look at some of the factors you may want to consider before seeking one.

• Your portfolio size. This is one of the biggest factors to consider when determining whether or not you need a high-net-worth advisor. If your portfolio is worth over $500,000, then it’s recommended that you do. 

• Your retirement plans. It bears repeating: Today’s uncertainty means that even enjoying lavish comforts today doesn’t necessarily guarantee a lavish retirement in the future. Everyone, including the affluent, has to compensate for the economic weather—and you may have larger goals than standard advisors typically work with, such as investing in multiple properties. 

Why Working With a High-Net-Worth Advisor Matters

A high-net-worth advisor focuses on providing comprehensive financial services tailored specifically to the individual needs of a client with savings and assets as potentially complex as your own. This includes knowledge about estate planning and taxes.

Similarly, they’re more likely to understand how different markets are likely to affect your overall financial picture. Many of these advisors also have access to a network of contacts providing specialized services or advice, such as accountants or attorneys. These resources may prove invaluable for navigating complex issues. 

How To Find the Right High-Net-Worth Advisor for You

The right advisor will be someone who understands your needs and can provide advice tailored to your specific situation. The following are important questions to consider.

1. What Are Your Qualifications?

A properly qualified wealth manager will follow a fiduciary standard, have experience managing high-net-worth portfolios, and be able to provide references from other clients. Additionally, they should hold any relevant certifications or licenses that pertain to their profession.

2. How Do You Charge for Services?

Some advisors may charge an hourly rate, while others might charge based on assets under management (AUM). Others may have additional costs associated with their services, so ask upfront if there are any additional fees involved.

3. What Type of Investments Do You Suggest?

You need to know, upfront, what types of investments a prospective advisor recommends for a high-net-worth individual—and why they make sense for your portfolio, in particular. These may ultimately determine the success of your portfolio in the long run. 

Make sure that your values align with possible wealth manager-to-be before committing to working with them, as well. Humanity Wealth Advisors is an independent financial advisor providing high-net-worth financial planning in San Ramon. Contact us today.

Humanity Wealth Advisors and LPL Financial do not provide legal advice or tax services.  Please consult your legal advisor or tax advisor regarding your specific situation.

Investing involves risk, including possible loss of principal.