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Wealth management is a high-level financial service that combines financial planning, investment management, and other financial services to manage the wealth of affluent clients.
In Depth
It's a comprehensive approach that looks at your entire financial picture, including investments, taxes, estate planning, and retirement. Wealth managers work with you to create a personalized strategy to meet your long-term financial goals. This service is typically for individuals with significant assets who need more specialized guidance than standard financial planning.
Example
After selling his business, John hired a wealth management firm to help him invest his earnings and plan for his family's financial future.