You've worked hard to accumulate your wealth, so you should know how to manage it effectively, right? Not necessarily. Wealth management services are designed to help high-net-worth individuals build and secure diverse investment portfolios, negotiate intricate tax systems, plan their estates, and protect their assets in ways that ordinary financial advisors may not be able to.
But is wealth management right for you? Let’s dig in to find out.
What is Wealth Management?
While "financial advisor" and "wealth manager" are often used interchangeably, they differ in scope and focus.
Financial advisors typically work with individuals to help them make informed decisions about investing, retirement, risk management, and estate planning.
Wealth management services are generally intended for high-net-worth individuals looking for creative ways to mitigate risks that erode wealth. In short, a wealth manager offers a broader, more comprehensive approach to managing finances and considers numerous aspects of a client's financial life than a financial advisor would.
What Services Do Wealth Managers Offer?
Wealth management generally includes the following services:
1. Investment management
2. Financial planning
3. Risk management
4. Estate planning
5. Tax planning and optimization
6. Retirement planning
8. Family financial affairs
How Much Money Do I Need to Qualify for Wealth Management
While there is no fixed qualification number, wealth management firms generally choose to work with individuals who have a net worth of at least $1-2 million. There are exceptions to this, however. Some firms may offer basic wealth management to those with a net value of $250-500K.
Do I Need Wealth Management Services?
To determine whether you could benefit from wealth management services, ask yourself the following questions:
Do I Have High-Net-Worth? If you have a substantial amount of investable assets and a net value of over $1 million, you may want to consider wealth management services.
Are My Financial Affairs Complicated? You may be a strong candidate for wealth management services if you have multiple income sources, diverse investment portfolios, intricate tax considerations, estate planning needs, or significant assets to manage.
Do I have Limited Time, Energy & Expertise? A wealth manager will handle time-consuming financial management tasks, monitor your investments, conduct research, and monitor market trends—so you don’t have to.
Am I Retired or Considering Retirement? Individuals approaching or already in retirement may require specialized guidance to ensure their wealth lasts throughout their lifetime. Wealth managers can help create retirement income strategies, manage investments, and address long-term care needs.
Take Control of Your Financial Future with Wealth Management Services
Ready to secure your financial future? Our team of expert wealth management professionals is here to guide you every step of the way. Don't wait—secure peace of mind for yourself and your family. Contact us today to get started and take control of your financial future today.