Wealth management is more than just investment advice, as it can encompass all parts of a person's financial life. The idea is that rather than trying to integrate pieces of advice and various products from a series of professionals, high net worth individuals benefit from a holistic approach in which a single manager coordinates all the services needed to manage their money and plan for their own or their family's current and future needs.
While the use of a wealth manager is based on the theory that he or she can provide services in any aspect of the financial field, some choose to specialize in particular areas. This may be based on the expertise of the wealth manager in question, or the primary focus of the business within which the wealth manager operates.
In certain instances, a wealth management advisor may have to coordinate input from outside financial experts as well as the client's own agents (attorney, accountants, etc.) to craft out the optimal strategy to benefit the client. Some wealth managers also provide banking services or advice on philanthropic activities.
This service is usually appropriate for all individuals with a broad array of diverse needs.