What Is Wealth Management, and Should You Use It?

Wealth management typically takes a comprehensive approach.

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Wealth management is a financial service that addresses the needs of affluent clients. It’s an appropriate service for those wealthy individuals who have a broad array of diverse needs.

But what types of wealth-management services are there? Do you really need them? And how much do these services cost?

Traditional Wealth Management

Wealth management typically takes a comprehensive approach. It offers a broad range of services. Some of these include:

• money management
• financial planning
• investment advice
• estate planning
• life insurance
• retirement planning
• tax services
• estate planning
• accounting

Wealth-management advisers use a consultative process. The adviser gathers information about a client’s wants and specific situations. The wealth manager then tailors a strategy using their services to help the client achieve their goals. They are holistic in their approach to a client’s financial needs and goals.