• Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients.
• A wealth management advisor is a high-level professional who manages an affluent client's wealth for one set fee.
• Affluent clients 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.
• This service is usually appropriate for wealthy individuals with a broad array of diverse needs.

For example, those in the direct employ of a firm known for investments may have more knowledge in the area of market strategy, while those working in the employ of a large bank may focus on areas such as the management of trusts and available credit options, overall estate planning or insurance options. The position is considered consultative in nature, as the primary focus is providing needed guidance to those using the wealth management service.

Wealth managers may work as part of a small-scale business or as part of a larger firm, one generally associated with the finance industry. Depending on the business, wealth managers may function under different titles, including financial consultant or financial adviser. A client may receive services from a single designated wealth manager or may have access to members of a specified wealth management team.

The wealth manager starts by developing a plan that will maintain and increase a client's wealth based on that individual's financial situation, goals and comfort level with risk. After the original plan is developed, the manager meets regularly with clients to update goals, review and rebalance the financial portfolio, and investigate whether additional services are needed, with the ultimate goal being to remain in the client’s service throughout their lifetime.