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  • Writer's pictureMike Rogers

How Does Wealth Management Work?

Updated: Mar 19

Find Out If You Need a Wealth Manager

How does wealth management work?

In a time where financial instability is a huge concern, you may be wondering, “How does wealth management work?” This is a great question. When you start building wealth, the last thing you want to do is put it in a savings account that doesn’t make any interest.

In contrast, wealth managers make your assets and wealth work for you.

Sounds too good to be true? Keep reading while we explain wealth management and how it can benefit your finances.


What Is Wealth Management?

Wealth managers help you not only save your wealth but also build upon it. They look at your financial goals and help you pursue financial freedom and security. Wealth managers help you manage your assets, invest wealth, and preserve wealth for future generations.

A wealth manager will help you set up an investment plan that suits your goals and risk tolerance. They can advise you on how to achieve your goals by providing specific investment recommendations. They’ll help you make informed decisions about how your money is being invested.

Wealth Management Process

If you want to understand how wealth management works, here are the steps that a wealth manager will take:

  1. Meet with you to understand your goals, needs, and financial situation.

  2. Research investment options to find those that align with your goals and needs.

  3. Create an investment plan based on your preferences, goals, and risk tolerance.

  4. Collaborate with you and make sure you’re comfortable with your plan.

  5. Manage your investments over time.

  6. Monitor your financial progress and make changes as needed.

You’ll be in communication with your wealth manager throughout the whole process to ensure your needs are met.

How Is a Wealth Manager Different from a Financial Planner?

While financial planners consider a broader vision of your finances—from insurance to everyday expenses—wealth managers might only focus on assets, investments, will and trust services, and estate planning.

At What Point Do You Need a Wealth


The higher your assets are, the less you’ll have to pay a wealth manager. That’s why typically only affluent people invest in wealth management. Wealth managers typically only serve high-net-worth individuals (HNWI), which is those with over $750,000 in assets. (+) (+)

what is the wealth management process?

Are Wealth Management Fees Worth it?

The truth is: It’s impossible to be an expert in everything. Wealth managers take the financial stress off your shoulders by giving you the knowledge and advice you need to continue building your wealth responsibly.

However, if you’re not a high-net-worth individual, wealth management fees are probably not worth it. In those cases, you can seek a financial planner.

What Are the 4 Pillars of Wealth Management?

Key Takeaways:

  1. Wealth management is for affluent people who need comprehensive wealth management services.

  2. Your wealth management plan will be specific to your financial goals and needs.

  3. Wealth managers help you invest and build your wealth.

Next Steps

At 360 Financial, we take the time to get to know you and your goals. We create a customized financial strategy to help you reach those goals. We’ll work with you every step of the way.

About the Author

Mike Rogers

Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.

In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”

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At 360 Financial, we believe that every client deserves personalized attention from our team of experts. You can be confident in knowing that your financial needs are our first priority.

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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.


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