what is wealth management 
wealth management is an investment advisory service that uses financial services to address the needs of affluent clients using a consultative process the advisor gleans information about the client s wants and specific situation then tailors a personalized strategy that uses a range of financial products and services wealth management often takes a holistic approach to meet the complex needs of a client a broad range of services such as investment advice estate planning accounting retirement and tax services may be provided while fee structures vary across comprehensive wealth management services typically fees are based on a client s assets under management aum understanding wealth managementwealth management is more than just investment advice it can encompass all parts of a person s financial life instead of attempting to integrate pieces of advice and various products from multiple professionals high net worth individuals may be more likely to benefit from an integrated approach in this method a wealth manager coordinates the services needed to manage their clients assets along with creating a strategic plan for their current and future needs whether it is will and trust services or business succession planning many wealth managers can provide services in any aspect of the financial field but some choose to specialize in particular areas such as cross border wealth management this may be based on the expertise of a specific wealth manager or the primary focus of the business within which the wealth manager operates in certain instances a wealth management advisor may need to coordinate input from outside financial experts as well as from the client s own service professionals for example an attorney or accountant to craft the optimal strategy to benefit the client some wealth managers also provide banking services or advice on philanthropic activities wealth management examplegenerally speaking wealth management offices have a team of experts and professionals available across different fields for instance consider a client who has 2 million in investable assets in addition to a trust for their grandchildren and a partner who has recently passed away a wealth management office would not only invest these funds in a discretionary account but also provide will and trust services required for tax minimization and estate planning wealth management advisors in the direct employ of an investment firm may have more knowledge in the area of investment strategy while those who work for a large bank may focus on the management of trusts and available credit options overall estate planning or insurance options in short expertise may vary across different firms wealth management business structureswealth managers may work as part of either a small scale business or a larger firm one generally associated with the finance industry depending on the business wealth managers may function under different titles including financial consultant or financial advisor a client may receive services from a single designated wealth manager or may have access to members of a specified wealth management team fees for a wealth manageradvisors can charge for their services in several ways some work as fee only advisors and charge an annual hourly or flat fee some work on commission and are paid through the investments that they sell fee based advisors earn a combination of a fee plus commissions on the investment products that they sell a survey of financial advisors found that the median advisory fee up to 1 million aum is just around 1 1 however some advisors charge more especially on smaller account balances individuals with larger balances can often pay substantially less with the median aum fee declining as assets increase 2newer fully automated roboadvisor platforms intended as wealth management tools for ordinary individuals often charge far less than 1 per year of aum and come with low minimum account balances to get started credentials for wealth managersyou should check the credentials of a professional to see which designation and training might best suit your needs and situation the top three professional advisor credentials are certified financial planner chartered financial analyst and personal financial specialist many websites for professional certifying organizations allow you to vet if a member is in good standing or has had disciplinary actions or complaints 34the financial industry regulatory authority finra has a tool that explains professional designations you can also see whether the issuing organization requires continuing education takes complaints or has a way for you to confirm who holds the credentials 5