nerdwallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. the type of service offered by a wealth management firm is best suited to affluent clients. wealth managers generally aim their services at the highly affluent and may have expertise in the types of financial questions that affect the ultrawealthy, such as how to avoid the estate tax. for example, if all you want is help figuring out how you’ll meet your retirement income needs, some financial planners will work with you to create a retirement income plan, and you pay solely for that service. wealth managers may give their clients access to a wider range of investments than regular financial advisors, like hedge funds and private equity offerings.
those professionals will answer your financial questions and help you create a financial plan, but you generally won’t speak to the same dedicated advisor each time. a wealth manager typically refers to a specific kind of financial advisor whose work focuses on topics that concern very wealthy individuals. a wealth manager typically refers to a specific kind of financial advisor whose work focuses on topics that concern very wealthy individuals. wealth managers also tend to offer more services than financial advisors. this information may be different than what you see when you visit a financial institution, service provider or specific product’s site.
a wealth manager is a subset of financial advisor that primarily offers high-net-worth and ultra-high-net-worth clients wealth management services. in the end, the goal of wealth management is to grow and preserve wealth over the long term. here’s a breakdown of some of the more common offerings you’ll come across: additionally, a wealth manager may serve as the central point of contact for a client. wealth managers usually require prospective clients to have a certain amount of investable assets before they’ll agree to work with them. like most financial advisors, wealth managers often charge clients using a set annual fee schedule. however, even if your wealth manager only charges a percentage of aum, you may be paying more than just that.
one of the first things to take note of is a wealth manager’s account minimum. this is often an indication of whether or not the advisor is a realistic option for you. this is a document that all financial advisor firms registered with the sec or a state organization must file. some common alternatives to a wealth manager are investment advisors, financial planners and financial consultants. like a financial planner, a wealth manager can help clients identify their objectives and map out a financial plan to achieve them. if you’re an affluent individual and have many aspects of your financial life that you need help managing, the services of a wealth manager would likely be very beneficial.
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