What Is Wealth Management?

If you have a large amount of wealth that you want to protect, grow and pass onto your family, then you may need to consider the services of a wealth manager.

A wealth manager can help coordinate all of the financial planning services that are required to keep your assets secure, including investing, tax and estate planning. They often collaborate with accountants, tax attorneys and insurance agents to provide clients with a holistic approach to their money.


Investing is the act of purchasing and holding securities (stocks, bonds, mutual funds or exchange-traded funds), which can help your money grow over time. But investing can also be risky, and it’s important to manage your investments carefully to avoid losing all or a significant portion of your wealth.

Whether you’re an individual investor or an institutional investor, it’s important to find a financial professional who understands your unique goals and risk tolerance. A good wealth manager can also help you rebalance your portfolio when things change.

A successful wealth management Kansas City firm is constantly seeking to evolve its offering by incorporating new products and services that address evolving client needs. This could mean entering adjacent revenue pools, such as banking or retirement, or acquiring capabilities that will be key for growth, such as direct indexing or tax solutions.


Taxes are payments collected by governments from individuals and businesses to fund government budgets, public works, and various other expenditures. They are also used to provide social services, such as welfare programs and law enforcement.

Taxation is a major issue in wealth management because it reduces the income of taxpayers, which affects their ability to spend on personal goods and services, save for retirement, and invest for growth. Whenever new taxes are proposed, taxpayers have to decide whether the additional benefits are worth the loss in income.

Individual income taxes levied on net personal income earned by an individual or a couple, such as salary, capital gains from investment appreciation, dividends or interest received as additional income, and payments for goods and services, are common in most countries. They are commonly adjusted to take into account family status, age of children, and financial burdens resulting from illness.

In addition, the government can impose excise or customs duties on products or services that are either essential or luxuries. These taxes yield the bulk of government revenues from excises in most countries.

Estate planning

Managing your wealth is one of the key ways to protect your legacy for your descendants. Planning your estate can help ensure that the assets you’ve worked so hard for are passed down in a way that reflects your wishes.

In addition to reducing taxes, estate planning can also minimize family fights over inheritances and financial decisions. The best way to avoid these disputes is to educate and communicate your wishes and estate plan to your beneficiaries.

Titling your assets correctly, naming the right people on your tax-deferred retirement plans, and updating beneficiary designations as new accounts are opened can all save your heirs time and money after your death.

While estate planning can be difficult, it’s important to do it as soon as possible. Having a wealth manager that keeps you accountable for putting a plan in place helps ensure that it happens before something tragic occurs.


Insurance is an important part of wealth management. It provides peace of mind and can be used to meet your specific financial needs as your life changes over time.

In exchange for a premium, an insurance company will pay out a predetermined amount in the event of loss. Insurance also acts as a form of risk pooling, which makes it more affordable for policyholders to purchase coverage.

When working with a wealth advisor, they should be able to assess your current situation and help you evaluate how insurance could play a role in your financial plan. This may include a look at long-term care options to help protect your family’s future in the event of disability or death.

Life insurance is a great example of an insurance solution that builds wealth for beneficiaries. As a part of a comprehensive estate plan, it can help to cover estate taxes, equalize inheritances among beneficiaries, and even secure a legacy for family members.