Key takeaways
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Wealth management is a comprehensive financial advisory service that helps people grow and preserve their wealth.
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It can include services such as investment management, financial planning, tax planning and estate planning.
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Finding the right wealth manager is key to meeting your financial goals. Understanding their fee structure is crucial before hiring one.
Wealth management is a comprehensive service focused on taking a holistic look at a client’s financial picture. It is generally considered a “high-end” service, and some wealth management firms may require a certain level of investment assets or a minimum net worth. For clients who need this level of service, it can be useful to consolidate all types of financial advice in one place with a single firm.
Compare advisors: Bankrate’s list of the best financial advisors
What is wealth management?
Wealth management is a holistic service that focuses on helping mid- to high-net-worth clients grow their money, manage their liability exposure and devise strategies to pass their wealth on to their designated heirs. Wealth managers take a more comprehensive approach compared to an advisor focused solely on financial planning or investment management.
Some typical services offered by wealth management firms include:
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Investment management and advice
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Financial goal-setting
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Comprehensive financial planning
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Tax planning and accounting services
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Estate planning
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Philanthropic planning
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Legal services
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Retirement planning
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Business succession planning
Some of these services may be offered in conjunction with an outside partner, however. Legal services are a prime example.
The objectives of wealth management will vary depending on the investor. The primary goal is to help clients maintain and maximize wealth through comprehensive planning.
Learn more: How to find the right wealth manager for you
How to find a wealth manager near you
Choosing the right wealth manager is essential to meeting your financial goals.
To find one near you, follow these four steps:
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Research wealth managers in your area to see what minimum asset requirements they have and what services they offer. Ask friends and family for recommendations. Bankrate’s financial advisor matching tool can also help you identify advisors who provide wealth management services.
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Review wealth managers’ qualifications, such as the certifications they hold. Examples include CFP (certified financial planner), CPA (certified public accountant) and CFA (chartered financial analyst).
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Decide whether you want to use an independent wealth manager or someone who’s part of a larger firm.
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Understand your wealth manager’s fee structure.
