Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. Using a consultative process, the advisor gleans information about the client’s wants and specific situation, then tailors a personalized strategy that uses a range of financial products and services.
Often, a holistic approach is taken within wealth management. To meet the complex needs of a client, a broad range of services—such as investment advice, estate planning, accounting, retirement, and tax services—may be provided. While fee structures vary across comprehensive wealth management services, typically, fees are based on a client’s assets under management (AUM).
Key Takeaways:
Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients.
A wealth management advisor is a high-level professional who manages an affluent client’s wealth holistically, typically for one set fee.
This service is usually appropriate for wealthy individuals with a broad array of diverse needs.
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