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Steven Elliott, MST, CPA
Tax Director
High-net-worth individuals and households often need more sophisticated and tailored wealth management expertise.
The use of acronyms including (HNW) high-net-worth, (VHNW) very-high-net-worth, and (UHNW) ultra-high-net-worth are increasingly more common, not only in wealth advisor-related news articles, advertisements, and marketing materials but around the workplace as well. These terms signify more than just a household’s financial assets; they reflect the greater depth, breadth, and sophistication of wealth advisory needs that arise as individual and family wealth grows.
What qualifies someone as having a high, very high, or ultra-high net worth?
Unlike an income tax approach, an individual’s net worth comprises financial assets including real estate, securities, and retirement, minus debts and liabilities. Financial service providers regard a HNW client as someone with at least $1 million in liquid – or investable – financial assets. Clients with assets between $5 and $30 million are considered VHNW, while UHNW clients have assets greater than $30 million.
Why do these individuals need specialized wealth advisors?
As household assets climb, a qualified wealth advisor can provide essential services and expertise in four vital areas:
The importance of professionally prepared tax returns and estate planning documents
High-net-worth individuals benefit significantly from professionally prepared tax returns and estate planning documents. Expertise preparation helps ensure compliance with complex tax regulations while legally limiting tax liabilities. Proper estate planning helps facilitate the smooth transfer of wealth, reduces the risk of disputes, and ensures your wishes are honored.
When should you consider hiring an advisor?
Regardless of your financial status, the financial stakes at these asset levels can quickly surpass what most people feel equipped to manage on their own. Consider the following:
Unless you can confidently answer “yes” to each of these questions, hiring a specialized wealth advisor can help you achieve your goals and strengthen your legacy through a holistic, personalized team approach.
For nearly 40 years, Mercer Advisors has integrated expertise in financial planning, investment management, tax, estate, insurance, and more, all managed by a single team of dedicated strategists working together to offer you options and choices. Ready to learn more about our services for individuals and families with sophisticated wealth and investment management needs? Connect with our team today for a no obligation meeting to see how Mercer Advisors can help you.
Mercer Advisors Inc. is a parent company of Mercer Global Advisors Inc. and is not involved with investment services. Mercer Global Advisors Inc. (“Mercer Advisors”) is registered as an investment advisor with the SEC. The firm only transacts business in states where it is properly registered or is excluded or exempted from registration requirements.
All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change. Some of the research and ratings shown in this presentation come from third parties that are not affiliated with Mercer Advisors. The information is believed to be accurate but is not guaranteed or warranted by Mercer Advisors. Content, research, tools and stock or option symbols are for educational and illustrative purposes only and do not imply a recommendation or solicitation to buy or sell a particular security or to engage in any particular investment strategy. For financial planning advice specific to your circumstances, talk to a qualified professional at Mercer Advisors.
Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning document preparation and other legal advice is provided through select third parties unaffiliated to Mercer Advisors. Tax preparation and tax filing are a separate fee from our investment management and planning services.