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Strabo Glossary: Wealth Manager

Wealth Manager


A wealth manager is a financial professional or firm that provides personalised financial advice and comprehensive wealth management services to high-net-worth individuals (HNWIs) or affluent clients. Wealth managers typically work closely with their clients to understand their financial goals, assess their financial situation, and develop customised strategies to help them grow, preserve, and manage their wealth effectively.

Key Points

Here are some key points about wealth managers:

  1. Holistic Approach: Wealth managers take a holistic approach to managing their clients' wealth, considering various aspects of their financial life. This includes investment management, financial planning, tax planning, estate planning, retirement planning, risk management, and other aspects relevant to the client's financial well-being.
  2. Personalized Advice: Wealth managers provide personalized advice tailored to each client's unique circumstances, financial goals, risk tolerance, and time horizon. They work closely with clients to develop a comprehensive financial plan that aligns with their objectives and helps them achieve their long-term financial goals.
  3. Investment Management: Wealth managers oversee the investment portfolios of their clients. They analyze the client's risk profile, investment preferences, and goals to construct a diversified portfolio that seeks to generate returns while managing risk. They may recommend a mix of asset classes, such as stocks, bonds, real estate, alternative investments, or private equity, based on the client's objectives and risk tolerance.
  4. Financial Planning: Wealth managers assist clients in developing and implementing a comprehensive financial plan. This may include analyzing income and expenses, budgeting, setting savings targets, planning for major life events (e.g., education, marriage, retirement), and developing strategies to achieve financial goals.
  5. Tax and Estate Planning: Wealth managers help clients optimize their tax positions and develop tax-efficient strategies. They also assist with estate planning, including wealth transfer, succession planning, philanthropy, and trust structures, to help clients preserve and distribute their wealth according to their wishes.
  6. Risk Management: Wealth managers assess the risks faced by their clients and help implement strategies to manage and mitigate those risks. This can include insurance planning, evaluating potential risks to the client's financial well-being, and developing contingency plans.
  7. Coordination with Specialists: Wealth managers often work with a network of specialists, such as tax advisors, estate planning attorneys, insurance experts, and other professionals, to provide comprehensive advice and services. They coordinate with these specialists to ensure all aspects of the client's financial needs are addressed.
  8. Relationship Management: Wealth managers develop long-term relationships with their clients, typically providing ongoing advice and support. They maintain regular communication, conduct portfolio reviews, and adjust strategies as needed to keep pace with changing circumstances and market conditions.

In Summary

Wealth managers play a crucial role in helping high-net-worth individuals navigate complex financial decisions and achieve their financial objectives. They provide expertise, guidance, and a range of financial services tailored to the unique needs of their affluent clients. Working with a wealth manager can help individuals optimise their financial affairs, make informed decisions, and navigate the complexities of managing substantial wealth.

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