Wealth management is a comprehensive approach to managing your financial life. It typically includes investment management, financial planning, retirement planning, tax strategies, estate planning coordination, and ongoing advice tailored to your goals.
Wealth management is for individuals, families, and business owners who want professional guidance to grow, protect, and manage their assets over time. While often associated with higher net-worth clients, many firms work with anyone who values long-term financial planning and personalized advice.
Financial advising often focuses on specific areas like investments or insurance. Wealth management takes a broader, more holistic view, coordinating all aspects of your finances to ensure everything works together toward your goals.
A wealth manager begins with an in-depth conversation about your financial situation, lifestyle, values, and long-term objectives. This includes understanding your income, assets, risk tolerance, family needs, and future plans so strategies can be customized to you.
Common services include:
- Investment and portfolio management
- Retirement planning
- Tax-efficient strategies
- Estate and legacy planning coordination
- Cash flow and budgeting guidance
- Risk management and insurance review
Investments are managed based on your goals, time horizon, and risk tolerance. A diversified portfolio is typically created and monitored regularly, with adjustments made as markets change or as your life circumstances evolve.
Most wealth managers review plans at least annually, with additional meetings as needed. Reviews may also occur after major life events such as retirement, selling a business, receiving an inheritance, or changes in the market
While wealth managers don’t replace tax professionals, they help implement tax-efficient strategies such as asset location, tax-loss harvesting, retirement account planning, and coordination with your CPA to reduce unnecessary tax exposure.
Fees are typically charged as a percentage of assets under management, a flat annual fee, or a combination of planning and advisory fees. A reputable wealth manager will clearly explain all costs upfront so there are no surprises.
A good wealth manager should listen carefully, communicate clearly, act in your best interest, and provide transparent advice. Trust, alignment with your goals, and a long-term partnership mindset are key indicators of a strong fit.
For high-net-worth individuals, wealth management focuses on preserving and growing significant assets while addressing complex needs such as advanced investment strategies, tax efficiency, estate planning, philanthropy, and multigenerational wealth transfer.
Your strategy is designed around your total financial picture, including concentrated positions, private investments, real estate, liquidity needs, and risk exposure. Portfolios are actively monitored and adjusted as your goals, markets, and opportunities change.
Wealth management helps coordinate trusts, beneficiary planning, charitable vehicles, and succession strategies to ensure your wealth is transferred according to your wishes while minimizing taxes and administrative burdens for heirs.
Plans are typically reviewed quarterly or semi-annually, with proactive communication during major market events or personal milestones.