Select Page

Wealth management is the highest level of financial planning services, and typically involves a measure of financial literacy by those implementing wealth management services. In a nutshell, it’s an investment advisory service that combines multiple financial products and services to address the needs of affluent clients. This consultative process helps an advisor to tailor a well-rounded strategy utilizing appropriate financial products and services to build the client’s wealth.

To most people, wealth management might seem like the services you secure once you start earning six or seven figures from your investments. There was a time when this was true, but many financial advisors now serve people who are interested in saving and growing their money from the five-figure incomes they currently have. Automated financial adviser companies spearheaded this change by creating apps that turned investing into a no-brainer process for risk-averse millennials and generation Z. Even so, most wealth management companies focus on targeting high-asset clients who want to grow their wealth. The reason I’d like to discuss this topic is that my goal for all of our clients is not to just help them get out of debt, but to educate them and help shift their thinking into a mindset of affluence, so they’re able to achieve all of their goals -- financial and otherwise.

How Much You Need in Assets

How much money you need to start depends on the company you choose to work with. Automated financial adviser apps, for instance, often have very low minimum starting balances. Some have no minimums at all and might even let you begin by rounding up the pennies on the dollar for every purchase you make via designated accounts. Nerdwallet estimates that for more traditional wealth management services, you can expect to see minimums that range anywhere from $250,000 to $10 million. High-asset clients in this range rely on more than algorithms and one advisor making decisions for their portfolios. Instead, they might have an entire team of professionals tasked with reviewing investment opportunities, giving advice, and making key decisions.

What Specific Services To Expect

Several individual services fall under the umbrella of wealth management. Traditional companies tend to provide full service. Some automated financial adviser apps do so as well but often charge higher fees for these money management services:

  • Accounting
  • Investment management
  • Philanthropic advice
  • Retirement and estate planning
  • Financial and tax planning
  • Legal planning

Why People Turn to Wealth Management Services

Most people who seek out wealth management services have much bigger plans than merely growing their assets. This is especially the case for five-figure and six-figure households as they may have to structure their finances for big purchases well ahead of time.


Whether you plan to retire at 30 or 65, wealth management services can help you get there. It’s never too early to start saving for retirement; the sooner people begin putting money away and investing for this purpose, the sooner they can give up their nine-to-five jobs.


Not everyone wants to trade traditional employment for retirement. Some want to pursue entrepreneurship. Wealth management services can help you determine if a business is worth buying, what opportunities you can take advantage of along the way, or how to start from scratch.


Most parents want to pay for their children’s college education in full, but very few can or do. The wealthy often set aside trust funds to cover the entire expense. Even five-figure families can set some money aside that might reduce the cost of education and help eliminate a strong reliance on loans.

Home Purchase

Want to purchase a mega-mansion or build a cabin in the woods as a vacation home? Many people turn to wealth management companies to help them financially prepare for these big goals. Financial advisors might help you determine how much you can qualify for with existing debts and how to maximize that number.

Whether Wealth Management Is Worth It

Sadly, only 57% of Americans are considered financially literate. The wealthier a person is, the greater the likelihood that they have access to the resources necessary to manage money well. However, sometimes even the rich need help. Alternatively, some might argue that those who are not wealthy need financial advice most of all. This makes wealth management services extremely attractive. Whether it is worth it for you and your family depends on the fees and how much you can invest. For instance, some automated financial adviser platforms charge monthly rates of $2 per month. However, if you only round up pennies on your dollar, you lose profit fast. If you invest hundreds or thousands per month, this might pay off.

Some companies also charge a percentage of the assets invested. Ideally, wealth management services work out to less than 1% of your assets. If you choose a product with a monthly rate, research the fee schedule, and estimate how much extra the services will cost.

At Financial Rescue, we offer assistance with the first step to financial stability and money growth: debt reduction and elimination. To accomplish this, we help our clients pursue both tax and private debt relief. Contact us to get started.

Share This