← Back to Glossary
Wealth Management
Definition
Wealth management is a comprehensive financial service combining investment management, financial planning, and tax advice for high-net-worth individuals.
Explanation
Wealth management goes beyond basic financial planning to include sophisticated investment strategies, estate planning, tax optimization, and risk management. Wealth managers typically work with clients who have substantial investable assets.
Effective wealth management preserves and grows wealth across generations, addressing complex financial situations and coordinating multiple advisors.
Example
A wealth management client with $2 million in assets receives coordinated advice on investments, tax strategies, estate planning, and insurance.