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Published on: 11/15/2023 • 5 min read

What Does a Private Wealth Manager Do in Austin?

“What does a private wealth manager do?” is a question that prompts a complex answer, as the process of guiding a client’s financial life can be incredibly intricate. Private wealth management firms in Austin, Texas do more than just manage investments; they play a pivotal role in shaping the financial future of their clients through a multi-faceted, comprehensive approach — or at least they should. 

Private wealth managers in Austin help their clients navigate the complexities of wealth management, incorporating financial planning, investment portfolio management, and a host of other financial services like retirement and estate planning into their daily operations.

So, what is private wealth management, and how is it different from traditional financial planning? The private wealth managers at Avidian Wealth Solutions are here to offer an exhaustive overview of what a private wealth manager does in Austin, and how they can help you achieve your financial goals.

What is private wealth management in Austin?

Your Austin private wealth manager should provide a specialized form of financial planning that caters to high-net-worth individuals and families. These individuals typically have complex financial situations that require personalized attention and tailored solutions. The goal of private wealth management is to help clients grow and preserve their wealth, while also addressing other concerns related to their financial lives, such as:

  • Financial planning. In a broad sense, private wealth managers assess their clients’ current financial situation and help them develop a comprehensive plan to achieve their short and long-term goals.
  • Investment management in Austin. Private wealth managers handle the day-to-day management of their clients’ investment portfolios, making strategic decisions to maximize returns while minimizing risk.
  • Tax planning in Austin. Wealth managers work with their clients to identify tax-saving opportunities and develop strategies to minimize their tax burden.
  • Estate planning. Private wealth managers help clients plan for the distribution of their assets after they pass away, ensuring that their wishes are carried out and minimizing the impact of taxes on their heirs.
  • Risk management. Wealth managers assist clients in identifying potential risks to their financial well-being, such as market volatility, and develop strategies to protect against them.
  • Retirement planning in Austin. Private wealth managers create personalized retirement plans for their clients, taking into account factors such as lifestyle goals, inflation, and investment returns.

Essentially, a private wealth manager in Austin acts as a financial quarterback for their clients, coordinating various aspects of their financial life to help them achieve their goals.

What is the difference between a financial advisor and a private wealth manager?

While both financial advisors and private wealth managers provide financial guidance, there are a few key differences between the two roles.

  • Client base. Financial advisors typically work with a broader range of clients, while private wealth managers cater specifically to high-net-worth individuals and families.
  • Scope of services. Private wealth managers offer a more comprehensive range of services beyond just investment management, including tax planning, estate planning, and risk management.
  • Personalization. Private wealth managers provide highly personalized services tailored to the unique needs of their clients. Financial advisors may offer more standardized advice and solutions.
  • Credentials. Private wealth managers in Austin often have advanced certifications and degrees in finance, accounting, or law, while financial advisors may have different backgrounds and qualifications.

Private wealth managers play an integral role in navigating the complexities of wealth management for high-net-worth individuals and families. Their broad spectrum of services, personalization, and advanced qualifications set them apart from traditional financial advisors. Hence, if you are a high-net-worth individual in Austin whose wealth needs careful management and strategic planning, a private wealth manager should be your go-to professional.

How much money do you need for private wealth management?

We mentioned above that private wealth management firms typically cater to high-net-worth clientele, but what exactly does that mean? The exact amount of wealth required to work with a private wealth manager may vary from firm to firm, but in general, it is recommended to have at least $1 million in investable assets. This could include cash, stocks, bonds, real estate, and other assets that can generate income or appreciate in value.

Of course, the more assets you have, the more complex your financial situation may be, and the more you can benefit from the services of a private wealth manager. 

The top private wealth management firms will typically have a minimum so if you are just starting on your wealth-building journey, working with a financial advisor until you can meet that minimum may be more ideal. They can provide guidance and advice to help you make sound financial decisions that will set you up for future success.

Avidian Wealth Solutions offers private wealth management to high-net-worth families and business owners in Austin

So, what does a private wealth manager do and how can they help you achieve your financial goals? Private wealth management offers a holistic approach to financial planning, taking into account the various aspects of your financial life and creating tailored solutions that take each variable into account to help you achieve your goals. 

If you’re looking for a private wealth management firm, Avidian Wealth Solutions offers the experience of a private, boutique family office in Austin, that focuses on personalized service and long-term relationships with clients. Our team of experienced private wealth managers can help you navigate the complexities of wealth management and develop a comprehensive plan that works to help you achieve your financial goals.

While we have physical offices in Houston, Austin, Sugar Land, and The Woodlands, we can serve you wherever you are in Texas. Schedule a conversation to meet with one of our wealth managers today. 

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