Unlike traditional financial planning or investment advice, wealth management is designed to address the full complement of an affluent client’s financial needs. These services are typically geared toward those with investable assets of $1 million or more, although they can be helpful for clients with much less. Wealth managers may work for large, private banks, brokerage firms or independent advisory practices. Some wealthy clients seek advice on specific areas, such as how to avoid tripping the estate tax threshold, while others have a more holistic need for financial guidance.
Wealth Management Services: Your Key to Financial Freedom
Wealth management is one of the most comprehensive offerings a financial advisor can provide. It is distinct from asset management, which is the process of managing a diverse portfolio of assets for an individual or business. Asset managers are focused on growing their assets under management (AUM) through investments in equities, fixed income or commodities. Wealth managers, on the other hand, are tasked with developing and coordinating an overall plan for their clients’ financial affairs, ranging from investment management to estate planning.
Choosing the right financial advisor is an important decision. You can use our free Advisor Matching tool to find a financial advisor in your area who provides Wealth Management Services. However, it’s also important to understand that wealth management is often expensive and may not be necessary for anyone with a relatively simple financial situation. For more information on evaluating an advisor, you can download our Advisor Evaluation Guide.