Wealth Management for High-Net-Worth Individuals (HNWI)

​Let’s face it: wealth comes with significant perks. That said, with wealth comes greater financial complexity. From investment and tax optimization to establishing trusts and formalizing succession plans, a high level of knowledge and experience is required in financial planning for high-net-worth individuals. This is why most high-net-worth individuals and families partner with a qualified financial advisor to help steer the ship. Zoe Financial is the premier network when it comes to matching high-net-worth individuals (HNWI) with their ideal wealth manager.

High-Net-Worth wealth management involves specific considerations characteristic of their lifestyle and assets. A wealth managers' job is about optimizing a client's portfolio. Wealth managers mainly generate income, protect assets, and manage taxes for their wealthy clients. It takes into account their risk tolerance and investing assets according to their goals. Many high-net-worth individuals and families look for a manager with whom they can build a strong financial relationship with. This is someone who does everything they can to maximize the protection, growth, and tax reduction of their portfolio. 

Who is a High-Net-Worth Individual?

Often, people wonder if they fit into the coveted “high-net-worth” category. While every wealth management firm has a different way of determining who is a High-Net-Worth Individual (HNWI), it is usually a person or family with liquid assets above a certain figure. The standard benchmark is an individual with a minimum of $1 million in liquid financial assets. Individuals with liquid assets over this amount are referred to as accredited investors by the US Securities and Exchange Commission. Research shows that in 2019, the United States had the most high net-worth individuals in the world, with more than 5.9 million people

Wealth Management For High Net-Worth Individuals 

Wealth managers use their expertise in varied fields to help people manage their wealth efficiently, especially when the person lacks the time to take care of their finances in a way that grows their wealth. 

HNWIs look at hiring someone who can generate or increase their income and tax deductions, while protecting their assets. Someone who is thinking one step ahead and contemplates all potential risks to the client's assets. 

The wealth manager tends to spend a lot of time with clients to get to know them and their lifestyles. They discuss goals, risk tolerance and risk capacity, and any other restrictions the client may have regarding their investments and assets. With that information, the manager creates an investment strategy and financial plan so the client can achieve their goals. 

They provide services such as portfolio management, estate planning, asset protection, and tax management. They can also assist in managing bank accounts as well as other financial services the client may require.

The main services a wealth manager can offer a high-net-worth individual are:

  • Generating income: wealth managers create new income and grow wealth. To do this, they may occasionally work with other experts the client works with. They take advantage of their experience and the extent of the portfolio. They also help clients invest in hedge funds and private equity funds that may not be accessible to less wealthy individuals.

  • Protecting assets: wealth managers protect assets from threats, such as lawsuits and government authorities. Wealth managers are one step ahead in finding ways to handle these types of issues, by either stopping them or making settlements out-of-court. It might also involve the use of offshore banks to protect assets, trusts, and foundations.

  • Managing tax: wealth managers advise clients so they can choose the most efficient tax plan that will save them money and still comply with authorities. It can be complex because of their multiple streams of taxable income. Managers can also advise on inheritance tax and other estate-related issues. This can range from optimizing retirement and investment accounts via tax harvesting, to identifying the ideal type of retirement account for their clients. 

Wealth Management For High Net-Worth Families

Wealth management for High-Net-Worth families is very similar to individuals. But it considers multiple family members, their dynamics, and the assets they may hold collectively. This usually comes with managing inheritance tax, the family estate, as well as approaching the topic of wealth with children.

Managers can also work with each individual member of a family to manage their personal wealth if that is something they want. The key to successful wealth management for high net worth families is strong communication with the manager. This, so they can stay on top of the family goals and the best way to optimize the family wealth. 

High-Net-Worth individuals and families hire wealth managers to plan for the future. It ensures a safe, secure, and wealthy financial future. One that corresponds to the client's individual needs, at all moments in life. Zoe Financial understands how important it is to find the right person to manage your assets. Zoe uses top-grade technology to match clients with the right manager for their circumstances. 

About Zoe Financial

Zoe Financial’s award-winning algorithm enables individuals to discover and connect with highly vetted, top fiduciary advisors in their area. All financial advisors in the Zoe Network are vetted and verified fiduciaries, along with having top credentials, education, and experience. Zoe’s service provides support from start to finish during an individual's financial advisor search. All consultation calls and interviews with Zoe’s network of advisors are completely free and are offered via video chat or traditional phone call depending on an individual’s preference.

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Source: Zoe Financial

About Zoe Financial

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