What is a "wealth management" service?

Wealth management is best defined as a comprehensive advisory service that addresses a client's overall financial needs. It encompasses various aspects, including investment management, financial planning, estate planning, tax optimization, and retirement planning. The goal is to provide tailored strategies that align with a client's personal financial goals, risk tolerance, and life circumstances.

This holistic approach ensures that individuals receive advice that integrates all facets of their financial portfolio rather than focusing on a singular aspect, such as investments or budgeting. By offering a broad view of wealth, wealth managers can guide clients in making informed decisions that enhance their financial situation over time. This service is not limited to just high-net-worth clients, although they may often seek it, as individuals at different financial levels can benefit from such comprehensive financial guidance.

The other options lack this holistic perspective. While some may suggest limited services or specific client types, wealth management is fundamentally about developing a strategic, personalized plan that encompasses all areas of a client's financial life.