Disclaimer: The information in this article is NOT financial advice and is for informational purposes only. Always do your own research and be sure to speak to a registered financial advisor before making any important financial decisions.
Choosing a financial advisor that specializes in private wealth management is one of the most important decisions an individual entering or already in retirement can make.
But with so many investment advisors and wealth management firms, how can you be sure you’re choosing the best financial advisor?
In this article, we’ll share some options for you to explore based on a private wealth managers:
Keep in mind that before working with a wealth manager, it’s important always to do your due diligence, have multiple meetings to get to know them and be sure to check them out on BrokerCheck.org by Finra
Top Private Wealth Management Firms & Advisors (Summary)
If you’re short on time, here is a list of the top 5 private wealth management firms that operate as independent financial advisors.
We recommend you explore them further to see if they’re a good fit for you:
- DBG Capital Advisors (specializes in wealth management)
- Concierge Wealth Planning Solutions (best for all-in-one retirement planning)
- Peak Financial Planning (specializes in growing your retirement income)
- Breslow Financial (offers private investment opportunities)
- PrimeauMayer (uses leverage to help grow wealth)
Each of these wealth management firms operates independently.
If you’re looking for wealth management firms from larger firms, such as banks, here are some popular options:
- Vanguard personal advisor services
- Charles Schwab
- Morgan Stanley
- Bank of America
If you’re looking for an independent private wealth management firm, keep reading for a more detailed overview of the top choices.
What are the best wealth management firms?
The word “Best” is subjective, so we recommend you interview and find an advisor matching your personality and retirement goals.
Tip: Consider working with an independent financial advisor. An independent advisor is not tied to using services or products of one firm over another. They can recommend the products and retirement services for your unique situation (that may be a better fit) even if they are from another financial firm they don’t work for. That’s why the wealth maangement firms on this list are smaller companies (not a typical bank or larger financial institutions).
Here are some of the top wealth management firms you can explore further:
1. DBG Capital Advisors
DBG Capital Advisors is a wealth management firm owned by Don Giello. Don is a private wealth management advisor focusing solely on growing and protecting your wealth in the stock market.
With over 20+ years of experience, Don has a proven track record of helping clients protect their portfolios when the markets go down and increase their wealth when the markets go up.
DBG Capital Advisors have a unique process for growing & protecting your wealth using a combination of market signals and market research.
You can watch Don’s free educational video to learn more about the strategy DBG Capital uses to protect & grow your wealth in retirement.
2. Concierge Wealth Planning Solutions
Concierge Wealth Planning Solutions is a private wealth management firm by Michael Ferrante that specializes in all-in-one retirement planning and investment services, including:
- Private wealth management
- Minimizing taxes
- Growing your wealth
- Retirement planning
Before managing a client’s wealth, Concierge WPS will create a personalized financial plan to match the goals of their private clients.
Click here to watch a video that explains the Concierge Wealth Planning process and what makes them different to other financial advisors.
3. Peak Financial Planning
Peak Financial Planning helps you with planning for retirement and specific investment strategies that can increase your retirement income by 30%.
Their fees are transparent and clear, and their process is comprehensive.
They leave no aspect of your retirement left out.
Peak Financial Planning is a Fee-Only Advisory firm that works hourly or retainer without outside forms of compensation.
Click here to watch a video that explains Peak Financial Planning’s process
4. Breslow Financial Planning
Breslow Financial Planning is an independent wealth management firm providing guaranteed returns through private investment opportunities.
If you’re looking for investment management with wealth management business and advisors that offer you unique opportunities and wealth management solutions, this firm might be worth considering.
Breslow Financial Planning differs from other financial firms because they only charge you if you make money. In other words, they only make money when you do.
Click here to watch a video that explains Breslow’s process
5. PrimeauMayer Financial
Primeau Mayer is one of the best wealth management firms offering unique ways to grow your wealth in retirement using leverage.
For example, they can help you maximize your retirement wealth and income by using banks to match your retirement contributions 2:1 or even 3:1.
This “leverage” you to build wealth through their wealth management services faster than a lot of other traditional wealth management firms.
You can watch this video that explains more about how this solution works.
What is private wealth management?
Private wealth management is essential for high-net-worth individuals and families with a net worth at least $100,000 in investable assets under management.
Most wealth management firms work with individuals and families with over $500,000, $1 Million or more in investable assets.
By working with a qualified wealth management company, clients can benefit from a coordinated and customized approach to managing their financial life.
Wealth managers can help clients:
- Grow your wealth
- Avoid losing money in retirement
- Minimize taxes & build wealth tax-free
- Advise you on when to time withdrawals
- Asset allocation
In order to provide the best possible service, wealth managers typically require a significant amount of information from their clients.
This includes detailed information about income, assets, liabilities, and investment goals. Privacy is of utmost importance to high-net-worth individuals, and most wealth managers take great care to protect the confidentiality of their affluent clientele’s information.
How to choose the right wealth management firm
The best private wealth management firm are firms with individual private wealth managers with a long history of success with client assets and a proven track record of helping clients reach their financial goals.
They offer comprehensive services, including investment, retirement, and estate planning.
And they take the time to get to know their clients, understanding their unique needs and preferences.
When choosing a wealth management firm, look for firms that have experience working with and understanding the specific needs of their clients.
The ideal wealth management firm should have an in-depth knowledge of the financial markets and should be able to provide customized solutions tailored to each client’s unique requirements.
They should also offer a range of services, such as investment advice, retirement planning, and estate planning.
What types of wealth management options are there?
There are many different types of wealth management. Most advisors invest in stocks, but others also invest in real estate and still others in precious metals.
There are also a variety of investment vehicles for investing in, such as mutual funds and exchange-traded funds. Each has its risks and rewards.
It is important to consult with a financial advisor to determine which type of investment is best for you.
What types of Private Wealth Managers are available?
There are a variety of different types of private wealth managers. Some manage the money of wealthy individuals, while others manage the money of large corporations. Some managers specialize in certain types of investments, such as hedge funds or real estate.
No matter their manager type, these professionals share one thing: they all work to grow their clients’ wealth.
Some private wealth managers work for big financial firms (such as Merrill Lynch, Edward Jones, Vanguard, Russell Investments, Bank of America, and more). Others are independent financial advisors.
Private wealth managers typically have a great deal of experience in the financial industry and use their knowledge to create investment plans to help their clients reach their financial goals.
They also offer advice on issues such as estate planning and tax planning. In addition, they keep their clients up-to-date on the latest news and trends in the financial world.
What are the benefits of hiring a wealth manager?
Hiring a wealth manager can provide numerous benefits for individuals looking to maximize their net worth. Access to exclusive investment opportunities not available to the general public is one of the primary advantages.
Wealth managers can draw upon resources and data that may be out of reach for private investors, enabling them to make more educated decisions concerning where and how they put their funds.
Another benefit of hiring a wealth manager is reduced stress associated with managing finances alone. A qualified professional can take on many burdensome financial management tasks such as budgeting, tracking investments, tax planning, estate planning, and more.
Wealthy institutional clients can experience a sense of ease, realizing their funds are in capable hands and freeing up space to focus on other activities like business operations or quality time with loved ones.
Utilizing a wealth manager’s expertise assures you that any financial decisions will be based on sound advice rather than guesswork or intuition, especially during market turbulence or economic instability when so much is at stake.
With their in-depth knowledge and tailored plans crafted to fit your particular goals and requirements, you can be confident that your finances are managed by experienced professionals – leaving more time for other pursuits like running a business or spending quality moments with family.
What to consider when working with top wealth management firms
Finding the right wealth manager is essential to achieve your wealth management goals.
When deciding on a financial advisor, it’s crucial to take into account your monetary allowance, the services you require from them, and if virtual or physical guidance is favored.
Determine your budget before selecting a wealth manager. Before engaging with a financial advisor, it’s important to understand how much you can afford to spend on their services. This will help narrow the list of potential wealth advisors who fit your price range and provide the best value for money.
Many wealth advisors also operate on a percentage based of total assets under management (AUM).
Decide what specific services you need from an advisor.
Different advisors offer different types of advice and assistance when managing finances and investments.
Consider whether you prefer in-person or online advice when making your selection.
Some high-net-worth clients may have preferences when it comes to receiving professional advice – some may prefer face-to-face meetings. In contrast, others may be more comfortable with digital communication platforms such as Skype or Zoom calls for convenience.
It’s important to factor this into account when looking at prospective wealth managers or financial advisors so that they can provide the type of service that best suits individual needs and preferences.
Before bringing on a wealth manager, business owners should take into account various factors to ensure they have selected the ideal individual who will aid them in achieving their financial objectives effectively and expeditiously.
Finding the right advisor is critical to meeting your wealth management needs.
Now, it is time to comprehend the interplay between individual finances and corporate funds for devising tailored strategies for both short-term requirements and long-term goals.
Hiring a private wealth manager can be a great decision for those looking to maintain their wealth and strive to ensure its security. By working with a professional who understands the complexities of managing and preserving wealth, individuals can rest assured that their finances are in good hands.
In addition, a private wealth manager can provide valuable advice on how to grow one’s assets over time.
For these reasons, it is highly recommended that anyone with significant assets consult with a private wealth manager to help them achieve their financial goals.
If you’re a financial advisor looking for leads, check out our annuity leads and wealth management lead generation resources.
Ashley Davis (or ‘Ash’ for short) is the CEO & Founder of Skyline Social. For over 15 years, he has been helping business owners with lead generation. Ash specializes in helping businesses get high-quality leads, appointments and clients each month in an automated, scalable and profitable way. You can watch his free Masterclass training to learn more.