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Why do you need a wealth manager in the first place? If you have a high net worth, you need a wealth manager to empower your relationship with wealth. A wealth manager provides financial services, assessing the gaps between the client’s goals and current financial status. This professional can help you build a financial plan, assess your alternatives, and come up with a sound decision-making process. 

In this article, you’ll learn more about the important roles of a wealth manager. 

1. Wealth Management Advisor 

Wealth management advisors are experts in providing a comprehensive wealth management approach for all clients. A wealth manager offers expert advice on wealth management strategies, such as: 

  • Tactical Strategies: These strategies aim to keep clients invested in low-risk markets, reducing exposure in high-risk markets. 
  • Fully Invested Strategies: These strategies aim to keep clients remain invested at all times, disregarding overall market risks. 
  • Other Strategies: A wealth manager can help you find the right combination of wealth management strategies to alleviate risk. Also, a wealth management professional can help you find fixed income solutions, a more solid approach for your desired level of risk. 

2. Investment or Portfolio Manager

Wealth managers help their clients in managing their investments to establish a good portfolio over time. For instance, they can buy and sell stocks on their clients’ behalf. Wealth managers spend a considerable amount of time to get their clients to understand their full financial picture. In this way, clients will know where they’re headed in their investment goals define the best strategies to execute. 

A good wealth manager is highly skilled in strategic investing, offering a good combination of fully invested and tactical strategies. By doing so, you can achieve financial growth during low-risk periods and keep invested throughout market cycles to attain long-term growth.  

Portfolio managers have the following responsibilities: 

  • Generate investment policy statements outlining investment objectives. 
  • Build successful investment portfolios, considering economic trends and market conditions. 
  • Buy and sell securities on client’s behalf to maintain a particular investment strategy and reach investment objectives. 
  • Determine acceptable risk levels based on risk preferences, time frames, market conditions, and return expectations. 
  • Maintain client relationships by meeting with them to tackle their investment objectives and portfolio performance. 
  • Evaluate investment portfolio performance and ensure compliance with the standards set by regulatory organizations, which include conformance with privacy laws, investor disclosures, anti-fraud measures, and anti-money laundering requirements. 

3. Wealth Auditor

After implementing the right investment strategies, a dedicated team of financial advisors can meet you regularly to keep you on track with your financial situation. Check-ins are important to ensure that your goals and investment strategies are on the same page. Here’s how a wealth manager can help in auditing your wealth and financial status: 

  • Develop Customized Investment Approach: A wealth manager can design a custom investment approach to ensure your accounts are managed properly to achieve your goals. Now, you can reinforce your main goals, whether they involve financial growth or wealth protection.  
  • Regular Constant Communication: Wealth managers provide regular communication to keep their clients well-informed. You don’t have to worry about the status of your investments and finances from time to time because a professional keeps an eye on them. 

4. Financial Advisor

Wealth managers also act as financial advisors. They talk to clients about setting appropriate financial objectives depending on their risk tolerance. Wealth managers also recommend appropriate financial planning strategies. They are licensed and have in-depth knowledge of the latest financial products.  

Wealth managers are also financial advisors, with the following responsibilities: 

  • Manage and update client portfolios. 
  • Contact clients regularly to determine changes in financial status.  
  • Talk to clients to know their financial objectives, retirement goals, income, expenses, insurance coverage, tax status, and risk tolerance to develop a sound financial plan. 
  • Answer questions about financial strategies. 
  • Advise strategies for investment planning, cash management, and insurance coverage to reach financial objectives. 
  • Review client accounts and investment plans regularly to understand if changes are necessary for any event of changes in the client’s life, economic changes, or changes in financial performance. 
  • Analyze financial data to develop strategies and meet the client’s financial goals. 
  • Prepare or interpret financial document summaries, income projections, and investment performance reports for clients. 
  • Implement financial plans or refer clients to other professionals who can help. 

5. Tax and Estate Planner

A wealth manager is also an estate planner, assisting in preparing a will and succession planning. Wealth managers help minimize future property disputes, addressing tax implications to maximize tax benefits by the beneficiaries of your estate. 

6. Client Advocate

Wealth managers are client advocates. They prioritize the needs and preferences of their clients by providing unbiased financial advice. A wealth manager points out the strong and weak points of a client, ensuring that sound decisions are made every time. 

How To Choose A Wealth Management Firm 

Wealth management services aim to help clients preserve their wealth regardless of the economic, financial, and life situations. It is crucial to choose the right wealth management firm for you following these tips: 

  • Determine Specific Services: Not all wealth management services are the same. Some are specialized in investment management, and others are more focused on long-term wealth preservation. 
  • Determine Investment Approach: Identify the wealth management firm’s investment offerings, whether they offer internal or proprietary investment or provide a client or model-based investment approach. 
  • Know The Trends: A good wealth manager should be abreast with the latest wealth management landscape. Ask relevant questions about the latest wealth management news you have read or heard to gauge the wealth management advisor’s knowledge on emerging trends. 
  • Work With The Best: The best wealth managers have a proven track record. They are licensed, experienced, and dependable. A good wealth manager comes from a trusted firm with years of experience and offers a broad range of services. 


Wealth management advisors provide strategic, progressive, and holistic financial planning approach that starts with your goals and risk tolerance. A good wealth manager implements a unified system, offering different wealth management solutions according to your unique needs. Wealth managers act as financial advisors, estate planners, client advocates, portfolio managers, and wealth auditors. 

Post Author: Ben Tejes

Ben Tejes is a co-founder and CEO of Ascend Finance. Before Ascend, Ben held various executive roles at personal finance companies. Ben specializes in Chapter 13 Bankruptcy, Debt Settlement, Chapter 7 Bankruptcy and debt payoff methods. In his free time, Ben enjoys spending time going on adventures with his wife and three young daughters.

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