What is Wealth Management and Do You Need It?

January 26, 2023

Francis L. Ostrom, III, CFP®, CBEC®, Director of Financial Services

Wealth management is more than standard financial planning. It is a specialized form of financial planning that takes a holistic look at a client’s entire financial picture.

With an eye to managing the client’s full financial life, wealth management includes a variety of different services including investment management, financial planning, tax planning and estate planning. At Davie Kaplan, every wealth management team includes both Certified Financial Planners™(CFP) and Certified Public Accountants (CPA) who work together to ensure that wealth plans always proactively include tax planning.


Wealth management includes establishing a relationship of advocacy with a financial planner, who helps invest your assets in alignment with your desire to take risks and achieve long-term goals. If you work with a CFP® or a wealth manager employed by a Registered Investment Advisor (RIA), he or she will take on the role of a fiduciary. That means the professional is required to prioritize the needs of clients over their own profits, so he or she must put your needs first and work in your best interest.

In addition to working with a professional, wealth management requires you to set financial goals. With goal-based financial planning, your investment returns are always a means to an end—accomplishing your individual financial goals.

Davie Kaplan’s wealth managers help clients reach their goals by developing a holistic plan that includes all aspects of the client’s income and assets. Regardless of where your assets are located, they are all included in the wealth plan to make sure they complement each other and work together to help you reach your goals. For example, if you have funds in IRAs, a 401(k) and your kids’ college accounts, and you own real estate and expect an inheritance in the next 10 years, all those assets would be included in your wealth plan.

More than simply stock picking, wealth management involves an entire suite of services, including retirement preparation, insurance, estate planning, tax abatement strategies and investment management. Because no one professional is an expert in all these areas, the best wealth management relationships often involve working with a team of professionals, such as a Certified Public Accountant and a Certified Financial Planner™, rather than a single professional, for guidance in managing your assets.


Wealth management is geared toward high-net worth individuals, but that threshold can vary. Some wealth management firms require clients to have several million dollars in investable assets, while others require a lower threshold, such as $250,000 in investable assets.

Many people decide they need a wealth management plan when they have amassed significant wealth but don’t have the time or inclination to focus on growing and protecting that wealth. If you want to build a legacy for your family, plan for a secure retirement, pay for your children’s education, preserve your wealth and maximize its growth, or all of the above, wealth management may be the comprehensive solution you need.

As you look to optimize your current portfolio and take advantage of the right opportunities to improve and secure your overall position, Davie Kaplan’s tax-centric wealth management solutions provide experienced, objective advice to develop a comprehensive financial plan and a clear roadmap that takes you where you want to go.

Categories: Financial Planning