Becoming ultra-wealthy ranks highest on the “I wish” list of many metropolitan inhabitants.
For this reason and many others, high net worth wealth management and ultra-high-net-worth wealth management is of considerable importance for those who possess ultra-wealthy.
So, read on to see the top advisors on high net worth wealth management
What is a High Net Worth Management?
According to Investopedia, a high-net-worth management/individual is someone with at least $1 million in liquid financial assets.
HNWIs are in high demand by private wealth managers because it requires more effort to protect and safeguard those assets. Also, these individuals are eligible for higher and better benefits.
What qualifies as high net worth?
Liquid assets such as cash, stocks, bonds, mutual funds, et cetera of at least a million dollars make one a high net worth individual.
Having liquid assets of at least five million dollars qualifies one as a very high net-worth individual.
Ultra-high-net-worth individuals have at least thirty million dollars in liquid assets.
Who is a financial advisor?
Being a financial advisor or an investment advisor representative involves providing financial services or advice to clients depending on their financial situation. After training, they become registered and not licensed.
What do financial advisors consider high-net-worth?
Generally, a high-net-worth individual should have at least a million dollars, as previously stated.
For financial advisors, high-net-worth individuals and ultra-high-net-worth individuals are clients with at least $750,000 in investable assets or $1,500,000 in total net worth.
You can read this: What Is Wealth Management? Overview, Types, And Process
Is it worth paying a wealth manager?
Wealth management is about protecting what you have accumulated and finding growth opportunities.
High net-worth wealth management and ultra-high-net-worth wealth management for the ultra-wealthy could be cumbersome in the long run.
For this reason, it makes sense to put vast wealth management in the hands of a wealth manager (financial advisor).
They bring expertise, experience, and perspective that you most likely wouldn’t have, though at a cost, with so much to gain.
How do I become a high-net-worth financial advisor?
Not minding the area of specialization, all financial advisors have the same aim: to help their clients figure out their life’s economic puzzles.
Suppose you are passionate about managing people’s wealth and seeing them grow under your tutelage, comfortable with networking and reaching out to strangers. In that case, this might be the right career path for you.
However, you still have specific formal requirements to meet, which are:
- Having or earning a bachelor’s degree.
- Possessing needed experience in the field. This might be difficult for freshers but could be obtain through internship programs before vying for full-time jobs.
- Acquire the proper certifications.
With all the above satisfied, you should try to get your first job.
The Top High Net-Worth Advisors in The USA
#1. JEFF ERDMANN
Beginning his Merrill Lynch career in 1984, Jeff Erdmann, the founder and leader of the high-net-worth management and ultra-high-net-worth Management Company: Erdmann Group, is America’s most valued and sophisticated wealth manager of ultra-wealth.
He is the only advisor to have been named no.1 on Forbes’ “America’s Top Wealth Advisors” list for six years and running from 2016 to 2021.
The Erdmann Group, based in Connecticut, was the no.1 Private Wealth Group by Barron’s Magazine in 2019.
Furthermore, directional portfolio management, stock option analysis, sophisticated retirement planning services et cetera, are among the services offered by the Erdmann Group.
Jeff Erdmann holds an Economics and Business degree from Ohio Wesleyan University.
Click here to know more about him.
#2. BRIAN PFEIFLER
Born in 1972 and once one of the USA’s youngest advisors, Brain Pfeifler would later join the Morgan Stanley high-net-worth and ultra-high-net-worth wealth management firm domiciled in New York City.
He’s ranked by Barron’s as the second most valued financial advisor in the States. Forbes also named him the second most ranked ultra-wealthy advisor in the USA.
A few years under his reign, Morgan Stanley’s portfolio also spread to Europe.
#3. MARK CURTIS
A branch of Morgan Stanley, Graystone Consulting has one of the finest ultra-wealth managers in the USA in Mark Curtis.
Being consistently ranked high by leading industry magazines such as Barron’s magazine, he is ranked as the third most sought after by very-high-net-worth individuals and ultra-high-net-worth individuals for management of ultra-wealth.
Click here to read more about Mark Curtis.
#4. CHRISTOPHER ERRICO
A UBS elite Pinnacle Council member, Christopher Errico is ranked by Barron’s as amongst the Top 100 Financial Advisors.
Forbes ranks him as the fourth most valued ultra-wealthy manager by very-high-net-worth individuals and ultra-high-net-worth individuals in 2022.
At Morgan Stanley, he also gained internal recognition as a member of the firm’s Chairman’s Club.
#5. GREG VAUGHAN
The 5th most valued manager of ultra-wealthy is a managing director and Private Wealth Advisor with Morgan Stanley’s Private Wealth Management division based in Silicon Valley.
This division of Morgan Stanley develops ultra-wealthy management solutions for clients.
In addition, he graduated from the University of Arizona With a bachelor’s degree in Business and Finance in 1978.
#6. CHARLES ZHAN
Having more than $4.5 million in assets under his oversee, Charles Zhang is the CEO and founder of Zhang Financial.
He has been named the no.1 most valued wealth manager in all of Michigan nine years in a row by Barron’s.
Also, Forbes named him the 6th best hands in high-net-worth wealth management and ultra-high-net-worth wealth management in America.
#7. JAMES HANSBERGER
Being the founder of The Hansberger Group at Morgan Stanley, He has become a member of an elite group of wealth managers of very high-net-worth individuals and ultra-high-net-worth individuals at Morgan Stanley, where he has been for forty years.
Forbes named him “The Best-In-State Wealth advisor” in Georgia. He is also America’s 7th most valued financial advisor, ranked by Barron’s.
Click here to learn more about James Hansberger.
#8. ROD WESTMORELAND
Joining Merrill Lynch in 1978, he’s become one of the choicest wealth managers for hire for very-high-net-worth individuals and ultra-high-net-worth individuals for ultra-wealth management.
As of today, he is Georgia’s second most valued wealth manager by Forbes and America’s 8th top wealth advisor as ranked by Barron’s.
#9. LYON POLK
Rated as Forbes’ Best-In-State Wealth Advisor in New York, Lyon Polk is the founder of The Polk Wealth Management Group at Morgan Stanley.
Lyon Polk has been recognized yearly from 2008 – to 2022, as one of Barron’s top 25 most valued wealth managers in the USA.
Also, he is America’s 9th most ranked financial advisor for high-net-worth wealth management and ultra-high-net-worth wealth management.
#10. RAJ SHARMA
The wealth management group, Sharma Group, owes its existence to its founder, Raj Sharma, who birthed this institution in 1987 in Boston, Massachusetts. He is Massachusetts’ most valued wealth manager as ranked by Forbes.
Barron’s named him the 10th most sought-after financial advisor by very-high-net-worth individuals and ultra-high-net-worth individuals in the United States.
He possesses a Master’s degree in Business Management, with a concentration in Finance. He also obtained a Master’s degree in Mass Communication from Emerson College in Boston.
Also, you can check this: Financial Advisor vs Wealth Manager: Overview, Difference, and Similarities
As a recapitulation, high-net-worth wealth and ultra-high-net-worth management involve the guided protection of wealth accumulated over time, proffering ideas for wealth growth and maintenance by a wealth manager.
Ranked from top to bottom, the most valued wealth managers in the USA are
- Jeff Erdmann
- Mark Curtis
- Christopher Errico
- Greg Vaughan
- Charles Zhang
- James Hansberger
- Rod Westmoreland
- Lyon Polk
- Raj Sharma.
A financial advisor functions by providing advice and broadening an individual’s or company’s perspective about their wealth or financial situation. Wealth managers help create strategies to create more wealth, reduce costs and eliminate debts.
To elucidate more, they use their knowledge and expertise to build personalized financial plans which are made to achieve the client’s financial goals.
Understanding how high-net-worth wealth and ultra-high-net-worth wealth management works are very beneficial, as it opens the mind of clients and potential clients to the very important need of employing the services of professionals who have what it takes to guide their financial choices.
Frequently Asked Questions (FAQs)
What is considered the minimum to be classified as high-net-worth?
A million dollars in liquid assets.
What most important trait do ultra-high-net-worth individuals require from wealth managers?
The most important trait is TRUST.
What is the first most needed requirement to become a financial advisor?
A bachelor’s degree at least.
Is it expensive to hire a financial advisor?
The fee charged is based on how much money they manage.
What should wealth managers be conversant with?
- Tax and accounting services.
- Estate planning.
- Retirement planning.
These include, but are not limited to.
As we draw the curtains on this article, it is believed that readers have been exposed to the most evident intricacies involving ultra-wealthy management and its need of wealth managers.