Wealth Management For Retirees

Wealth Management For Retirees

Let’s take a look at wealth management and when you should seek out a wealth management advisor.

Updated on Jun 12 2020


Wealth management is considered to be the highest level of financial planning. This type of service is generally reserved for those with vast amounts of wealth, but your needs may change over time. Let’s take a look at wealth management and when you should seek out a wealth management advisor.

Who needs wealth management?

It’s true that most people do not need a wealth manager. To have one, you need a lot of money. Many wealth management advisors and services will not work with anyone who has less than $5-10 million in assets. That’s a lot of money! Because of the vast amount of assets that wealth managers work with, a highly-tailored plan is created to help manage those assets. Those who are ultra-wealthy deal with different situations that don’t arise unless there are millions of dollars involved—issues like the estate tax, tax brackets, etc.

Is wealth management the same thing as portfolio management?

Portfolio management is done by many types of financial advisors. When it comes to your portfolio, most find it beneficial to pick investments that minimize your risk while maximizing your return. If a financial advisor just does portfolio management they will not include other kinds of financial services.

Wealth management encompasses not only portfolio management, but other aspects of financial planning, as well. This is a comprehensive planning approach to one’s wealth and can include legal, tax, and retirement guidance.

What you should do if you don’t need wealth management

It’s true—the vast majority of Americans do not need a wealth manager. However, it’s important to not conflate a financial planner with a wealth manager. A financial planner can be essential to a successful future, even if you don’t have millions of dollars. Retirement planning, estate planning, creating wills, and just being prepared for whatever life throws at you can all be handled by a financial advisor. You don’t need to be rich to have one. In fact, most financial planners do not deal with the super wealthy. Keep your finances and retirement on track and speak with a financial planner today.


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