From Yahoo Finance: 2025-05-16 15:11:00

Are you a high-net-worth individual (HNWI) with $250,000 or more in cash assets? Consider working with a wealth management firm to meet your financial needs and manage your wealth effectively. Learn how wealth management can benefit you and if it’s the right choice for your financial goals.

Wealth management provides affluent individuals with comprehensive financial planning services. Wealth managers develop customized plans based on your specific financial goals, values, and risk tolerance. They can help you with managing your investment portfolio, estate planning, and passing on your wealth to heirs effectively.

The cost of wealth management services varies depending on the company you choose. Fee-only firms typically charge 1% to 3% of your assets under management (AUM). Commission-based firms charge annual account fees and extra fees/commissions for specific transactions, potentially focusing less on growing your net worth.

When choosing a wealth manager, consider recommendations from your network, compare services and fee structures, and verify their credentials using BrokerCheck. Look for advisors with credentials like Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC) to ensure they are qualified to handle your financial needs.

For high-net-worth individuals, fee-only wealth management services can be worth the cost. Finding an experienced advisor at an established firm can help you tackle a comprehensive list of financial needs effectively. If you’re not a high-net-worth individual, consider hiring a financial advisor for specific financial challenges like retirement planning or investment advice.

Wealth managers help high-net-worth individuals protect and grow their wealth by analyzing assets, designing individualized plans, and offering services like estate planning and tax management. Different wealth management agencies have varying requirements, with some firms willing to work with clients who have at least $250,000 in cash assets.

Read more: What is wealth management, and is it right for you?