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 a client’s wants and specific situation. They then tailor a personalized strategy that uses a range of financial products and services to help the client achieve their goals.

Wealth management often takes a comprehensive approach. That is, to meet the complex needs of an affluent client, a broad range of services—such as money management, financial planning, investment advice, estate planning, accounting, life insurance, 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).