Wealth Management

Written By:
Paul Tracy
Updated August 5, 2020

What is Wealth Management?

Wealth management is an investment advisory service for high net worth individuals.

How Does Wealth Management Work?

Wealth management combines both financial planning and specialized financial services, including personal retail banking services, estate planning, legal and tax advice, and investment management services.  
The goal of wealth management is to sustain and grow long-term wealth.  The net worth needed to qualify for wealth management services vary among institutions, but the net worth threshold typically starts at about $20 million. Also, depending on the institution, the range of services available is highly customizable in order to meet the specific needs of the client.

Why Does Wealth Management Matter?

Wealth management clients are highly sought after by financial institutions and financial service companies.  Many banks that combine traditional banking and wealth management services have specialized sales and service teams to specifically cater to wealth management clients.