July 24, 2024

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What Is Wealth Management? 

What Is Wealth Management? A Definition That Works For Everyone

Wealth management is an investment advisory practice that combines other financial disciplines to meet the goals of affluent clients. It is a consultative process in which the advisor gathers information about the client’s wants, then bespoke a personalized financial strategy that would address his goals. 

A wealth manager is a high-level professional would usually provide different services, such as estate planning, investment advice, retirement, accounting, and tax services. Hence, wealth managers work with wealthy individuals who have a broad range of diverse needs. 

Wealth management is not just investment advice, it encompasses every detail of a person’s financial life. Advisors usually provide the services needed to manage their client’s assets. They also create a strategic plan to meet the client’s future needs. 

Who needs wealth management? 

While financial planning can help anyone, wealth management services are typically something you would add as you accumulate wealth. The amount you need to accumulate varies based on several factors, including your age, the complexity of your financial picture, and potentially the requirements of the firm you are working with.

All that said, typically it makes sense to begin considering wealth management once you have accumulated around $250,000 of investable assets or more. If you are not there yet, that is ok. In fact, many people will start out with financial planning, which helps them grow into wealth management as they execute their plans over time. 

Example of Wealth Management 

Wealth management offices include a team of professionals and experts to provide the right advice across different fields. For example, a client has $3 million in his bank account, trust for his grandchildren, and a partner who recently died. The role of the wealth manager is to invest these funds in a discretionary account and to provide will and trust services for estate planning and tax minimization. 

Some wealth management advisors can best handle the area of the investment strategy, especially if they are working for an investment firm. Whereas those who work for large banks can manage trusts and available credit options. In short, affluent clients choose wealth managers who will address their needs. One of the most trusted wealth managers is Exante. Exante is a broker for professional traders. For a decade, it has been providing different services, one of them being wealth management. 

What kind of services does wealth management include? 

For some people, the term wealth management goes in parallel with investing; however, it is not just that. This service includes more than just investing. This service encompasses different financial fields that contribute to your wealth through the strategic wealth management plan. 

Setting a Goal 

 Whenever you want to take a journey, you have a specific destination in mind. This is exactly how wealth managers work. Wealth managers take their managers to where they want to go in life. This is why wealth manager starts by listening and asking questions to have their clients contemplate their goals and destinations. This helps the wealth advisor to prioritize your needs and ambitions and assemble different financial options that could help the clients to reach their goals. 


Investing has been one of the ultimate, effective methods to grow and accumulate wealth. However, one investor is different than the other. This is why affluent client requires wealth managers to tailor a personalized strategy for them. The wealth manager would influence your values, risk tolerance, goals, and timelines.

Clients expect wealth managers to include a combination between portfolio management, personalized investment, and advanced investment vehicle. 


Although few people think of insurance when they think about wealth managers; however, insurance plays an essential role in wealth management strategies,  

Wealth managers will begin with evaluating the existing coverage of their clients to make it appropriate, otherwise, they would recommend additional types of level coverage according to your risk exposure. This may include permanent life insurance, term life insurance, long-term care planning, and disability planning. 

Are Wealth Managers and Financial Planners the same? 

There are some common services that both wealth managers and financial planners provide. Even some financial planners work as wealth managers. However, they are not really the same. Wealth managers deal with assets and investments, whereas financial planners focus on insurance needs and household finances, and so on.