As your wealth grows, your individual or family finances may become too complicated for you to handle on your own. Even a standard financial plan crafted by a financial advisor may not cut it anymore for your unique circumstances. You’re likely in need of ongoing guidance from a specialized financial expert such as a private wealth manager.
What is private wealth management?
In many ways, a private wealth manager offers similar services to a traditional financial advisor or wealth manager, but private wealth management is geared specifically toward high-net-worth individuals and families. Banks, brokerages, and independent advisors may offer private wealth management services that have a different level of expertise and client service to cater to the unique needs of wealthy clients, with many firms requiring a minimum amount of investable assets (such as $1-$2 million) to access private wealth management services.
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These managers may also sell proprietary and nonproprietary investment products and services.
“Proprietary investment products are investment vehicles that are issued and managed by the same institutions that are advising clients on their investments,” says Angie Spielman, founding partner and financial advisor at Manhattan West.
Some private wealth management companies also provide clients with a team of professional accountants, bankers, and planners for additional financial needs.
The fees often end up being similar to what financial advisors charge, though perhaps tilting a bit more toward the high end of the scale.
“Most private wealth managers charge a percentage of assets under management,” Spielman says. This fee is typically about 1%.”
Online financial advisors are a more accessible and often cheaper option for expert investment advice. Find the best financial advisors that can help you get started with investing.
Services offered in private wealth management
The point of private wealth management is to give you access to experts for specialized planning and investment management through a customized wealth plan.
“A private wealth manager advises high-net-worth individuals and families on how to invest portfolios based on specific risk tolerances and investment horizon,” says Spielman. “However, in addition to that, they offer services such as portfolio management, estate and tax planning, as well as business management via additional team members.”
Specifically, some common private wealth management services include:
Holistic financial planning
The overarching service offered by private wealth managers is holistic financial planning, which combines areas like retirement planning, estate planning, tax planning, and more. To figure out these more specific areas, though, you often need to come up with a holistic financial plan that takes into account areas like your financial goals and risk tolerance.
Investment management
To build and protect wealth, private wealth managers often help clients manage their investments. This can include creating tailored investment portfolios based on their financial plan and providing ongoing monitoring and rebalancing of clients’ portfolios to help them stay on track.
Risk management
Having more wealth also means having more to lose, so private wealth management isn’t just about trying to earn higher returns. A big part of it often involves implementing risk management strategies, such as insurance planning and investment diversification.
Estate planning
Estate planning is another key aspect of private wealth management, as wealthy individuals and families likely have more unique needs in this area. For example, a private wealth manager can help clients establish trusts and wills so that clients can pass on inheritances as intended.
Tax planning
Since having more wealth can lead to more taxes, private wealth managers often help clients come up with ways to optimize taxes, such as choosing more tax-efficient investment strategies. Private wealth managers might also help with actual tax preparation and filing or at least connect clients with qualified accountants who can help when it comes to complex tax returns.
Philanthropic planning
Wealthy clients who want to donate to charity in an optimal way, such as through donor-advised funds to also maximize tax benefits, often turn to their private wealth managers for help.
Benefits of private wealth management
Using private wealth management isn’t available to everyone, and some prefer to manage their own finances. For many people, however, private wealth management is worth it because it offers potential benefits like:
Personalized advice
If you have a lot of money, you may have more complex financial needs and goals, so using a generic financial plan might not be what’s best for you. Using a private wealth manager often comes with more personalized advice and perhaps the ability to meet more frequently if that’s something you find useful.
“The frequency of meetings with a private wealth manager is usually guided by the client and their needs. Some clients prefer monthly communications, others quarterly meetings, and others just annual touches,” says Spielman.
Access to expertise
Private wealth management often comes with greater access to a team of experts in specialized areas. So, clients with complex needs might prefer to gain access to these professionals.
Comprehensive services
Since private wealth management tends to provide access to a wide range of experts and offers support across many types of financial services, it can help wealthy individuals and families save time and enjoy the peace of mind that can come from simply managing everything under one roof.
Who needs private wealth management?
In general, private wealth management is reserved for the wealthy. While some find that they don’t need private wealth management, such as if they prefer to assemble their own team of experts, in general the following types tend to benefit from using private wealth management services:
High-net-worth individuals (HNWIs)
HNWIs, which are often defined as those with at least $1 million in investable assets, may prefer to receive more tailored financial advice to help them protect and grow their wealth.
Wealthy families with complex financial needs
Wealthy families with complex financial needs also tend to be good candidates for private wealth management, as they can access services such as for passing on wealth to multiple generations or get advice on handling business succession plans.
Business owners
Business owners who have amassed wealth and want to find ways to optimize taxes, sell the business, or pass it on to family members may prefer to work with a private wealth manager who has experience navigating the intersection of business success and personal wealth.
How to find a private wealth manager
In many ways, finding a private wealth manager is similar to the process of finding any other financial advisor, you just have to look for ones offering private wealth management services. Some common places to look include:
Referrals
Asking for referrals from friends and family, as well as trusted professionals like attorneys or accountants, can help you find a private wealth manager that you can feel comfortable with.
Online directories
Use online directories or a simple Google search to find private wealth managers near you. You can also potentially use financial advisor directories like from the National Association of Personal Financial Advisors (NAPFA), but keep in mind that not all may specialize in working with HNWIs, so you may have to do some digging on different advisors’ websites.
Interview potential managers
Once you do find some names of potential private wealth managers you can use, don’t stop there. Schedule consultations — often for free — to ask them questions such as about their experience, fees, and investment philosophy. Doing so helps you find someone you’re confident in and comfortable working with for many years to come.
Is private wealth management right for you?
If you have at least $1 million worth of investable assets and need help managing your finances on a more customized basis, a private wealth manager may be right for you.
Unlike regular investment management/asset management, wealth management has a more holistic approach to finances. Plus, private wealth managers tend to have more experience than traditional financial advisors when it comes to unique needs for wealthy clients, like around tax and estate planning.
But if you don’t have substantial assets or would prefer to pay lower fees for less customized advice — or use a service like a robo-advisor — then a private wealth manager might not be right for you.
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FAQs about private wealth management
Fees for private wealth management can vary substantially based on location and the specific services you’re looking for. In many cases, though, private wealth managers charge in the ballpark of 1% of assets under management annually, or they might charge a retainer fee of a few hundred to a few thousand dollars per month that covers basic financial planning, with perhaps additional fees for more specialized services.
Private wealth management is generally geared toward high-net-worth individuals and wealthy families, and thus it offers more specialized services, such as estate planning and philanthropic planning.
The qualifications you should look for in a private wealth manager depend on exactly what you’re hoping to get out of working with them, but often seeing if they have certifications like CFP, CFA, or CIMA is a good place to start.
