Wealth Management

Wealth management is a comprehensive financial advisory service that helps individuals grow, preserve, and protect their wealth. It includes investment management, financial planning, tax strategies, estate planning, and risk management, tailored to an individual's financial goals.

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.

Key Features

Investment Management: Optimizes portfolios for long-term growth.

Financial Planning: Helps set and achieve financial goals.

Tax Optimization: Reduces tax liabilities through strategic planning.

Estate Planning: Ensures wealth transfer and inheritance management.

Risk Management: Protects assets from market volatility and unforeseen events.

Who Needs Wealth Management?

High-Net-Worth Individuals (HNWIs) seeking personalized financial strategies.

Business Owners managing corporate and personal wealth.

Retirees planning for financial security in later years.

How to find a wealth manager near you

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.

Review wealth managers’ qualifications, such as certifications they hold. Examples include CFP (certified financial planner), CPA (certified public accountant) and CFA (chartered financial analyst).

Decide whether you want to use an independent wealth manager or someone who’s part of a larger firm.

Understand your wealth manager’s fee structure.