Boutique Wealth Management Firms Are Tops

Investors with at least $5 million in assets and minimum annual income of $200,000 prefer smaller boutiques over the large Wall Street firms. So says a recent survey by the New York-based Luxury Institute.

While the survey measured factors from brand quality and exclusivity to the firms’ ability to deliver special client experiences, Luxury Institute CEO Milton Pedraza said “reputations for honesty and superior client service” made the smaller boutique firms stand out for investors surveyed.

That’s our focus at Bernhardt Wealth Management. We understand the specific needs of high-net-worth clients and, as a boutique wealth management firm, deliver a level and breadth of service that far surpasses a large brokerage firm’s cookie-cutter approach to wealth management. Our holistic approach integrates portfolio construction, tax planning risk management, estate planning and philanthropic planning. And we offer expert, unbiased advice to help our clients make informed decisions about their money. In all instances, we put our clients’ best interests first and no conflicts of interest ever cloud the advisory relationship. With our help to define and achieve their financial goals, our clients gain peace of mind and the freedom to focus on what is most important in their life.

Interestingly, it seems the some of the largest broker dealers are catching on that their myopic client service model is broken. I read recently where Wells Fargo launched Abbot Downing, a wealth management firm that will merge with Wells Fargo Family Wealth and their legacy wealth management business to try to compete with boutique wealth management firms.

The catch, however, is that you need to have $50 million in assets to qualify for this model that Wells Fargo celebrates as having “greater capabilities” than their other wealth management services. At Bernhardt Wealth Management, we can certainly manage your $50 million, but you don’t need to have $50 million to qualify for our comprehensive, holistic, top-of-the-line wealth management services!

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