Wealth Manager

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Definition

A Wealth Manager offers immensely personalized services to high net worth clients. These services include financial planning, investment advice, accounting/tax services, retirement planning and legal/estate planning.

The goal of a Wealth Manager is to evaluate their client’s needs and help them to sustain and grow their wealth over a long period of time. Because of the customization of services, Wealth Managers have only a few clients. This allows them to provide attention and time to analyze and develop financial strategies for each of their clients, as well as working with other professionals (lawyers, accountants) the client employs.

High net worth clients vary between Wealth Managers some will accept clients with a net worth of $1 million or more and others require their clients to have above a $5 and $10 million net worth.

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LAYMEN TERMS

If you have a net worth of $1 million dollars or more it is best to secure the specialization of a Wealth Manager. They will develop recommendations for you to keep your high net worth and offer solutions to help you grow your money over time.

HOW DOES THIS TERM APPLY TO YOU

Suppose you are 55 years old with a net worth of over $10 million. You are looking to retire and but still wanting your money to grow over time, as well you are looking toward estate planning for when you pass away. A wealth manager will analyze your current situation and investments. They will work with your lawyer and accountant to develop a plan to make sure your money continues to grow over time as well as planning for your finances after you are gone.

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