Wealth management is financial planning for the affluent — a holistic service combining investment management, tax optimization, estate planning, retirement planning, and insurance. Unlike basic financial advising, wealth managers look at your entire financial picture and create a coordinated strategy.
Major wealth managers include UBS ($3.9 trillion AUM), Morgan Stanley ($4.9 trillion), and Bank of America ($3.6 trillion). In India, private banks like Kotak, IIFL, and HDFC offer wealth management for clients with Rs 5 crore+ in investable assets. Fees are typically 0.5-1.5% of assets managed annually.
The global wealth management market manages over $130 trillion in assets. Digital disruption is changing the space — robo-advisors like Betterment and Wealthfront offer automated wealth management for lower fees and smaller account sizes. However, ultra-high-net-worth clients ($30M+) still prefer human advisors for complex multi-generational planning.