Wealth management is one of the highest levels of financial planning services. It typically includes investment management, financial advice, tax guidance, estate planning, and legal assistance. This service is generally used by the most affluent clients at financial planning firms. While you may not need this yet, you may find that you would like a wealth management advisor in the future. Prepare yourself for this day by learning about this service now.

What Is Wealth Management?

Wealth management is an advanced form of investment services. A wealth management advisor’s main job is to create a custom investment strategy and help clients manage their assets. These services are aimed at the very affluent and managers can help with issues that affect this client base, such as how to avoid estate tax. They may also work with your lawyer or accountant on your behalf to help you with these questions. Hiring a local firm, such as Summitry in the San Fransisco Bay area, will often get you a nearby manager who can meet with you regularly to discuss your portfolio and provide you with the most services.

How Much Money Does It Require?

Hiring a wealth manager requires a lot of money. Often, a firm will have very high minimums for clients to partake in wealth management services. Unless you have several million dollars to invest, you are probably not going to be able to receive these services. However, working on your money management skills now can help you get to this point in the future.

Is It Worth It?

Your wealth manager should be able to help you with all of your financial planning needs, from managing your business taxes to setting up a fund for your charitable donations. While financial planners offer similar services, a wealth manager provides the entire package. In other words, you get a lot more than just help planning for your retirement. If you need help with estate planning, taxes, and investing, then hiring a wealth manager would be worth it.

How Does It Relate to Portfolio Management?

This service offers more planning services than hiring a portfolio manager. A portfolio manager will simply craft an investment plan for you. It involves picking the investments that will minimize your risk and maximize your return. Wealth managers do this and help you with other financial needs such as estate and tax planning, accounting, retirement funds, and legal guidance.

How Does It Relate to Financial Planning Services?

Wealth managers target the highly affluent. However, financial planners are willing to work with both the affluent and the middle class. They can help you with investing and in-depth financial planning. Some firms offer different levels of financial planning for individuals looking for a specific service. Plus, some of these advisors work online, making their services more flexible.

If you are currently or plan to be among the highly affluent, wealth management services may be for you. A wealth manager is the most advanced planner who can help you with investing, taxes, estate planning, and other services that the highly affluent may require.