High-net-worth individuals and families have unique needs that require specialized knowledge and experience. With a Personal CFO helping you with your financial plan and managing investments on your behalf, you can feel confident, knowing that your wealth is being cared for while you live your life. 

This article explores the following: 

● What is a Personal Chief Financial Officer (P-CFO)? 

● Successful individuals deserve concierge wealth management 

● How to handle additional complexities of financial success 

● Mitch Silberman: Dramatically different, intensely personal

What Is a Personal Chief Financial Officer (P-CFO)?

A Personal Chief Financial Officer (P-CFO) is a wealth advisor for individuals who fulfills comparable duties to those of a corporate CFO. In other words, we provide dynamic, consultative financial insights as well as individually-tailored wealth strategies. 

However, there’s far more to what we do than just these aspects. Overall, we enjoy helping our clients create an amazing life of significance. While it’s true that we help you make intelligent choices about your money, we strive to help clients see that life is about so much more: It’s about taking care of those you love, giving generously to causes you care about, and making a real difference in the world. 

For example, let’s say that someone has worked their entire career for a company. She may have saved millions of dollars for her retirement (which is great), but when the time comes, she’s not sure exactly what to do with it all. In fact, she feels pressured whenever she tries to decide. 

This is where we are here to serve. My team and I can help you prepare and then make well-informed choices that you can have absolute confidence in, removing the pressure.

Successful People Deserve Concierge Wealth Management

We should probably start here with a little more of the basics: A wealth advisor is someone who helps you plan out your financial future and then pursue the short- and long-term goals you’ve planned to reach. This is typically accomplished through strategized saving, investing, and tax planning. 

Your retirement plan, estate planning, and charitable giving (if applicable) are often parts of the process, as well. Before going further in detail about these, let’s answer what may be your biggest question at this point: Why does someone who’s financially successful need wealth management? 

There are multiple reasons, but the first and foremost is that it can mean the difference between having wealth now and still being affluent in the future. News headlines about inflation’s impacts on the U.S. economy are everywhere—and have been for a couple of years now. 

Hopefully, the U.S. economy will eventually recover from inflation, but while it persists, our money could be worth even less by next year. Under normal circumstances, someone with a degree of affluence might be able to shrug some of this off.

However, these are not normal circumstances: Thanks to COVID-era supply chain issues and other factors, the stock market is experiencing unprecedented volatility. Put another way, assets that are normally considered to be safe investments have become noticeably less so. 

Combine inflation with today’s bear market and you may begin to see the bigger picture: Even the wealthy can be caught in this pinch between inflation and uncertain markets. Those who don’t prepare their savings and assets to weather these unusual conditions, to be blunt, may not remain wealthy in the long-term.

Why Settle for Financial Planning When You Could Have Concierge Wealth Management?

How To Handle Additional Complexities of Financial Success

Let’s look at an example: Kathy is in her mid 50’s and has accumulated $5 million over the years. When the economy was better, she could plan on a luxurious retirement in about 10 years as a foregone conclusion. 

Today, however, things are different. Although she enjoys a number of costly amenities as part of her day-to-day lifestyle now, without planning out her finances, Kathy fears she could run out of money during her retirement. 

Thankfully, since Kathy’s retirement is a few years away, there’s still time to map out a preferable financial future. We can meet and, assuming we’re eager to work together, we can begin devising a personalized financial roadmap for the next few decades. 

Believe it or not, it’s still possible to grow your wealth, even given today’s crazy economy. It’s mainly a matter of commitment, consistency, and strategy. For example, as a high-net-worth financial advisor, I often save clients money by lowering their income tax liability. 

We might save Kathy on a single year’s taxes, but that may be minimal compared to what long-term planning may save her. Perhaps we change her traditional IRA to a Roth IRA, performing what’s called a “Roth conversion.” By doing this, we may lower the amount of taxes she’d otherwise have owed over the next 10 years.

At the same time, we similarly strategize her investment portfolio, balancing it for diversification (varying its types of assets to reduce the bite of a single type’s losses). This means that even if one of her funds has a bad year, her real estate and other assets may not be impacted.

Mitch Silberman: The Millionaire Next Door’s Secret Weapon

We should mention that our process is designed to provide time for us to get to know one another. This is deliberate because we will only formally engage with a client after a minimum of three meetings.

protect your wealth

Our commitment is to build a long-term relationship built on mutually-shared values and trust. That’s partly because wealth management is an ongoing process and partly because your best results require longer time frames over which to plan out. It’s also partly because I relish watching clients grow as investors, increase their financial literacy, and improve their lives in ways that can’t be done overnight. Contact Silberman Wealth Strategies to learn more.

These examples are hypothetical only, and do not represent the actual performance of any particular investments.  Investments in securities do not offer a fixed rate of return. Principal, yield and/or share price will fluctuate with  changes in market conditions and when sold or redeemed, you may receive more or less than originally invested. 

For a comprehensive review of your personal situation, always consult your legal advisor. Neither Cetera Advisor  Networks LLC, nor any of its representatives may give legal advice. 

Registered Principal of and Securities and Advisory Services through Cetera Advisor Networks LLC (doing insurance  in CA as CFGAN Insurance Agency LLC CA Insurance Lic.#0644976), member FINRA/SIPC, a broker dealer and  Registered Investment Advisor. Advisory Services also offered through Silberman Wealth Strategies, Inc., a  Registered Investment Advisor. Cetera is under separate ownership from any other named entity.

Key Concerns of Today's Affluent
Mitch Silberman

More about the author: Mitch Silberman

With over 30 years of experience, using his investment expertise and analytic skills, Mitch has helped his clients pursue their dreams with confidence and financial security. He is the President and Founder of Silberman Wealth Strategies, Inc., which is a fee-based Registered Investment Advisor.