Not every high-net-worth individuals (HNWI) and ultra-high-net individuals (UHNI) have similar approach towards their money. But how do HNWIs and UHNIs differ? The former are those with a net worth between $1 million and $5 million, whereas the latter have a net worth of $30 million and over. By simply looking at the numbers, you would be able to get a good picture.
While it is a wonderful blessing to have such kind of wealth, this goes along with great responsibility as wealth needs to be handled the right way in order to maintain it as well as allow it to continue growing. This is why HNWIs and UHNIs need wealth management. As the wealth of HNWIs and UHNIs grow over time, their financial situations may turn out to be more complex and where certain factors threaten their wealth, such as inflation and estate taxes. With a professional wealth manager, they can greatly help in navigating through those issues as well as getting around some of these serious financial drawbacks.
Wealth management offered by wealth management firms such as pillar wm is purposely designed to help out HNWIs or UHNIs clients to continuously grow the wealth that they already have earned, protect their assets as well as lessen their financial risks. It is a kind of financial advising that goes beyond looking for and selecting investments. It combines a set of financial services so as to meet the requirements of their clients.
Wealth managers of these wealth management firms are more than financial advisors as they are able to offer counsel on an extensive scope of financial situations and issues that are unique to clients who are handling assets that are worth millions of dollars. Among the services that wealth management firms like pillar wm offer are:
In terms of managing finances that’s worth millions, doing it alone could be overwhelming and daunting as you make an attempt to formulate an effective strategy. If you decide to get help from experts, make certain you seek advice from the right professional wealth managers, such as pillar wm.
Wealth managers are simply a subclass of financial advisors. However, they primarily cater to high-net-worth individuals and ultra-high-net-worth individuals. Hence, they have the knowledge and skills to help clients to manage their enormous amounts of wealth. Their services are more personalized since they need to match the needs as well as the financial goals of their clients. Wealth managers are quite hands-on as well as comprehensive in the services they provide their clients. HNW and UHNW clients work with one wealth manager or advisor for all their financial requirements and goals. Hence, the services that wealth managers provide will vary.