Private Wealth Management

Wealth 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 are more likely to benefit from a holistic approach. In this method, a single manager coordinates all services needed to manage their money and plan for their own or their family’s current and future needs.

Many wealth managers can provide services in any aspect of the financial field, but some choose to specialize in particular areas. 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 have to coordinate input from outside financial experts as well as 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.

The wealth manager starts by developing a plan that will maintain and increase a client’s wealth based on that individual’s financial situation, goals and comfort level with risk. After the original plan is developed, the manager meets regularly with clients to update goals, review, and rebalance the financial portfolio, and investigate whether additional services are needed, with the ultimate goal being to remain in the client’s service throughout their lifetime.