Once you hit a certain threshold of financial success (at least $250,000 in investable assets is a good benchmark), you may discover it’s time to move from managing assets to managing wealth. You can take on the responsibility yourself or work alongside a wealth management firm.

Either way, wealth management encompasses many types of investments, but you’ll need to keep a close eye to make sure you’re getting the most out of each one.

Here are five areas of wealth management that could be working harder for you.

Retirement Planning

Proper wealth management will outline a plan for retirement, including how much money you’ll need each month to live and the accounts where that money comes from. To make sure you’re maximizing wealth in retirement, be sure to determine the tax implications of removing money from certain accounts and know about any required minimum distributions in advance.


Securing wealth through smart investments is an important aspect of managing wealth, but it’s critical to have appropriate insurance in place too. That way, if something unexpected happens to you, loved ones will be protected.

A well-rounded plan may include disability coverage and term or whole life insurance. There are compelling reasons to consider both whole and term life insurance: term life can offer a robust death benefit for an affordable premium. On the other hand, you can use a whole life insurance policy for two key purposes: to protect loved ones with a guaranteed death benefit payout and to accumulate cash value to use later in life.


Charitable giving is a significant part of wealth management. By distributing some of your assets to charity, you’re not only making a significant impact on that organization but can also reduce your taxable income. In addition, these tax benefits often encourage future giving. A knowledgeable wealth manager can help ensure your giving plan aligns with what will serve you the most financially.

Estate Planning

While you’re alive, planning for wealth is essential, but it’s also critical to figure out how wealth will be distributed once you’re gone. Your estate plan should include what happens to your assets, including investments, but it also includes essential financial and legal documents, like a healthcare power of attorney and living trust.


With many moving pieces when it comes to wealth management, getting and staying organized is a top priority. And failure to understand how each aspect of your financial life works together could mean things are missed.

Instead, strive to have a single place to view legal and financial documents, account details, and contact information, whether that’s via an online tool or a safe that contains physical paperwork. If you’re not sure where to start, a wealth manager may be able to help compile this information and make it readily available to you.

The Bottom Line

Proper wealth management takes a multi-faceted approach using many kinds of tools. If you’re not aware of the many moving pieces, your wealth management may not be making the impact you want. However, working alongside a reputable wealth management firm can help you maximize your money’s potential.

Tags: real estate, investment, Wealth, Wealth Management, Insurance, retirement planning