Clark Wealth Partners offer a wide range of financial services for high-net-worth individuals. These include personalized investment strategies, comprehensive financial advice, and estate planning. They generally charge a percentage fee of investable assets and require minimum investments in the millions of dollars.

Ask a potential wealth manager whether they’ve worked with clients similar to you. This is a good way to determine whether they’ll be able to handle your unique needs.

Fee-only fiduciaries

There are several things to consider when choosing a financial planner. One of the most important is their compensation structure. Some charge a flat fee, while others earn commissions from the sale of certain financial products. The difference between these two models is substantial. The National Association of Personal Financial Advisors (NAPFA) recommends the fee-only model because it eliminates conflicts of interest. This type of model also ensures that your planner acts as a fiduciary.

A reputable wealth manager will be happy to discuss their fees with you. If they are unable or unwilling to answer your questions, it may be time to find another provider. In addition, you should always ask about their experience with high-net-worth individuals and how they handle retirement planning issues. If they do not have experience with these issues, it is unlikely that they will be able to help you create a successful strategy.

Another good question to ask is how they minimize risk for their clients. The answer to this question will give you a sense of their philosophy and how they plan to approach your case. For example, a wealth manager who is focused on asset protection will suggest strategies like setting up an irrevocable trust to protect your assets from creditors. In contrast, a wealth manager who is focused on aggressive growth will probably advise you to invest in higher-risk assets.

You should also ask a potential wealth manager how they work with their clients to maximize results. This is a great way to determine whether they are a good fit for you. For example, if they are unable to explain how they would achieve their goals in your situation, it may be time to look for a different wealth manager.

Finally, you should ask a potential wealth manager what their investment philosophy is. The answer will tell you a lot about their personality and how they will work with you. A great wealth manager will be able to answer this question quickly and clearly. They will also be able to provide you with a list of past clients that they have worked with.

Certified financial planners (CFPs)

If you want to serve as a wealth manager for high-net-worth individuals, you need to have the right combination of qualifications. This includes a bachelor’s degree in business, certification as a financial planner (CFP), and specialized training in the complex issues that HNW clients face. You must also pass a rigorous background check and a comprehensive exam.

CFPs are ideal for clients who need assistance with specific planning needs, such as retirement strategies or estate planning. They can also help you create a budget and improve cash flow management. They may be able to coordinate with other professionals, including estate attorneys and accountants, to offer a holistic approach to managing your finances.

However, if you have substantial assets and want to work with a professional who focuses on investment management and growth, a CFP might not be the best choice. Wealth managers are more suited to affluent clientele and have specialized knowledge of areas like tax optimization, asset preservation, and intergenerational wealth transfer. They can also provide more comprehensive services, such as investment management and strategic philanthropic planning.

HNW individuals expect an elevated level of service and customized strategies that align with their unique goals and aspirations. They seek advisors who have experience with a broad range of asset classes, including alternative investments, real estate, and private equity. They also require a deep understanding of the intricacies of family governance, taxation, and legacy planning.

When choosing a financial planner or wealth manager, consider your current net worth, long-term goals, and preferred fee structure. CFPs typically charge flat fees for their planning services, which can be more affordable and flexible if you are looking for one-time advice. On the other hand, wealth managers often use a percentage-based fee model that aligns their interests with your portfolio’s growth.

To become a certified financial planner, you must undergo extensive coursework and exams focused on the principles of financial planning. This process includes completing the CFP board’s ethics course and passing the proctored final exam. In addition, you must complete three years or 6,000 hours of full-time professional experience, or two years of apprenticeship.

Minimum asset requirement

High-net-worth individuals require specialized services that help them preserve their wealth and transfer it to the next generation. These services include tax planning, estate planning, and investment management. Some advisors may have minimum asset requirements, while others charge a flat or hourly fee. You should always ask a potential advisor about these fees before signing an agreement. You should also ask how they work with other advisors to ensure that their advice is comprehensive and coordinated.

When searching for a wealth manager, look for someone with a minimum asset requirement of $10 million. This is important because it indicates that the advisor can manage a large sum of money and understands the complex issues of high-net-worth clients. Additionally, the minimum asset requirement demonstrates that they have experience working with wealthy people.

It is also crucial to ask about the advisor’s past clientele and how many people they have worked with. A successful wealth manager should be able to provide a list of testimonials from satisfied clients. This is a great way to vet the advisor and ensure that they have the right skills for your situation.

You should also ask the advisor about their background and education. It is best to find one who has a background in investment management or business development, as this will allow them to better serve their clients. They should also have a strong knowledge of the securities markets and regulations. Additionally, they should be able to create a customized financial plan that aligns with your goals and risk tolerance.

Lastly, it is important to ask the advisor about their process for setting up an asset protection trust. This will give you an idea of how long it will take to set up the trust and whether or not they are the best fit for your needs. If you find a financial advisor who fits your needs, it is a good idea to schedule a consultation.

Private wealth management (PWM) is a specialized service for wealthy individuals and families, including investment management, financial planning, tax optimization, and estate planning. It is designed to meet the unique needs of high-net-worth clients, and the minimum assets required can vary between firms.

Qualifications

The requisite qualifications for private wealth managers include capital markets proficiency, portfolio construction ability, financial planning knowledge, quantitative skills, technology skills, and foreign language fluency. They also need to have a deep understanding of tax laws and regulations. Private wealth managers should be able to work with a wide range of clients, from high-net-worth individuals to philanthropic families.

A high-net-worth client is defined as having liquid assets of at least $1 million. They are sought after by wealth managers because of their unique needs and eligibility for services that are not available to other investors. High-net-worth individuals are typically more comfortable with investments in public and private companies and may require a more customized approach than other clients. This requires a deep understanding of how to diversify their portfolios, and how to assess risk in the context of those assets.

In addition to investment management, high-net-worth clients need help managing their taxes and charitable giving. They also need a thorough understanding of estate planning and the implications of various trust structures. This section of the exam evaluates test takers’ abilities to determine appropriate strategies for these situations, including the use of cashless collars and prepaid variable forwards, equity compensation plan deductions and limitations, and Section 83(b) elections.

While retirement concerns are a key focus of all wealth managers, those working with high-net-worth clients face a unique array of opportunities and challenges. This section of the test assesses test takers’ ability to identify and implement appropriate strategies for these situations, including sustainable withdrawal rate determinations, asset location analysis, Roth conversions, and stretch IRA planning.

Effective wealth management for high-net-worth individuals requires the ability to identify and navigate family dynamics. The best NYC wealth management firms understand how to effectively communicate with different members of a family and to provide guidance around intergenerational transfers and values. They also have a process for engaging younger generations in the management of their assets and an appreciation of how to work with complex legal entities, trusts, and structures. They should also be able to address issues related to family conflict, valuation discounts, and income in respect of a decedent.

Miles Romano