Home Personal Finance Maximizing wealth: A guide to selecting a high-net-worth financial advisor

Maximizing wealth: A guide to selecting a high-net-worth financial advisor

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As your net worth grows, so does your financial situation, making a competent financial advisor essential to your financial success.

If you are a high net worth or ultra high net worth individual, finding a financial planner who specializes in providing personalized advice is essential, but not always easy. Some financial tactics and strategies apply to everyone regardless of income or assets, while others apply only to wealthy families.

More general financial strategies may include retirement savings and budgeting. Asset planning by generation Complex tax minimization strategies are less common, but often the most important for the wealthy.

Wealthy financial advisor

Wealthy financial advisors specialize in providing advice and services tailored to the needs of wealthy individuals, families and businesses. They specialize in the more complex areas of investments, tax planning, estate planning, philanthropy, and insurance.

A good financial advisor will create a separate and comprehensive financial plan in each of these areas. For example, investment advice and management are often top priorities for high net worth individuals, and experienced advisors can provide valuable advice and execute strategies. minimize taxes and maximize returns. This process of improvement is continuously dictated by the client’s goals and continues across each area of ​​the client’s financial life.

what to look for

Working with a professional financial advisor provides many benefits, including increased financial security, peace of mind, and optimizing intergenerational wealth.

A good high net worth advisor should have extensive experience in dealing with high net worth clients. Through advisor-provided investment oversight, financial market updates, and timely tax strategies, high net worth clients need to gain security and peace of mind in their financial situation.


An effective high net worth advisor should have extensive experience with high net worth cases and have navigated clients through market and economic downturns and a variety of financial situations. Advisors addressing specific issues for the first time are risky.

It is important to understand the advisor’s approach and the services they offer specifically to high net worth clients. In particular, affluent-focused advisors should be adept at developing long-term strategies for wealth planning and wealth protection to serve future generations.

Expertise and Certification

Wealth advisors should be knowledgeable and proficient in all aspects of financial planning, especially investments, taxes, estate planning, and insurance. Additionally, some certifications and professional qualifications are particularly relevant to high net worth clients. CFP Professional Designation or Certified Financial Analyst (CFA) specify. These certifications are generally considered the highest qualifications in property management.

Fees and transparency

High net worth financial advisors typically charge a fee based on the value of the portfolio and the services provided. It is important to understand the Advisor’s fee structure before engaging in any services.

Fee-only advisors have the fewest conflicts of interest (cannot receive commissions from third parties) and as a result tend to provide the best overall advice. The best advisors also act as fiduciaries who are legally obligated to act in your best interests.

Finding the Right Financial Advisor

Initial consultation/interview

Start by scheduling an initial consultation with your financial advisor. This provides an insightful opportunity to build relationships, discuss purpose, and determine compatibility. Ask about their approach, experience working with high net worth clients, pricing structures, additional services, and any other concerns. A good advisor gives you the space to gather information and make decisions at your own pace.


The right advisor should have a thorough understanding of your goals and objectives and be able to detail the process of how you plan to help them reach their goals.

monitor progress

Once a formal relationship is established, continue to monitor progress together. Over time, wealth advisors should add significant value to your financial life, far exceeding the fees they charge. It may be realized in a concrete form, such as by doing so, or it may be realized in an intangible form, such as deepening one’s understanding of finances or increasing a sense of economic security.

Ultimately, finding the right high net worth financial advisor is critical to your financial success. With the right professionals, you can reach your goals in a safer and more efficient way. When choosing an advisor, take your time and make sure they have the necessary qualifications, experience, and expertise. Finding the right financial advisor is the path to a richer financial future.

For the team at TrueNorth, it’s more than money. To serve families across Utah and help bring freedom and flexibility to their lives. For more information or to schedule a free consultation, please visit: True North Wealth Call us at (801) 274-1820.

Sam Watkins, CFP®, TrueNorth Wealth

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