Top Five High-Net-Worth Financial Solutions

From the current volatility in geopolitics and the markets to inflation, a looming recession, and liquidity issues among banks, planning for a safer future has never been more important — especially for individuals looking to future-proof their hard-earned wealth. Managing wealth can be challenging but using wealth management services offers many benefits and personalized, expert advice is considered crucial for affluent individuals. With more than 1.8 million households in the US considered high-net-worth, it is essential to protect your financial legacy through proper financial planning strategies. Partnering with the right financial experts who offer investment advice, financial planning, estate planning, and retirement planning guidance can help you take the guesswork out of achieving your financial goals 

High-net-worth (defined as having at least $1M in liquid assets) wealth management requires a  different approach than financial planning for middle-class families. In addition to a customized financial plan, a wealth management partner considers all possible risks, including portfolio risks, unexpected life events, and business risks. For instance, high-net-worth families and individuals may rely on their investments to provide a steady flow of cash to fund their retirement. They also need to make special considerations regarding tax strategies. 

The top five high-net-worth financial solutions include: 

• full-service investment management 
• customized financial plans and portfolio composition 
• wealth management 
• central advisor for the day-to-day management 
• protection strategies 

These solutions help clients achieve their financial goals and manage their wealth effectively. Financial advisors play a significant role in this process; thus, it is crucial to view these experts as trusted partners (maybe even regarded as extending family).  

Financial advisors offer personalized attention and can help create a comprehensive management plan that meets your needs while protecting and growing your assets. Having one central advisor for day-to-day management establishes trust and ensures all aspects of your finances are coordinated seamlessly. Additionally, by having access to a competent advisor you are able to navigate tax and estate planning issues with peace of mind. Further, by having a a customized financial plan, you are better positioned to make more informed decisions about resource allocation and achieve long-term objectives (including how your wealth is managed after death). 

Investment management and asset allocation involve managing clients’ assets in line with their investment objectives and helping them achieve financial goals by creating a diversified portfolio tailored to their needs. A wealth manager can help navigate complex finances or multiple investment accounts.  

Protecting your assets 

You’ve built it; now protect it. A crucial part of any tax and estate planning advice is ensuring the safety (aka future proofing/ asset protection) of what you currently own. A good financial plan protects assets, allows for diversification and investment exploration, and works hard to safeguard wealth. Risk management is evaluated during the estate and insurance planning process. It weighs the risk you are willing to take in your investment strategy. 

In addition to creating a total asset protection solution and protecting it, wealth management advisors will incorporate retirement planning and advise on the advantage of charitable tax benefits and estate planning, including life insurance policies, business succession planning, trusts, wills, beneficiaries, and more.