Many call themselves "Wealth Managers." As a specialized discipline, Wealth Management embodies and brings together the purpose of a Multi-Disciplinary approach to advisory service. Across a broad spectrum of professional advisors, attorneys, financial advisors and tax consultants, the focus of the advisory specialty is in regards to the client's estate.
As a discipline Wealth Management incorporates financial planning, investment portfolio management and a number of aggregated financial services. High-net-worth individuals, small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management. Wealth managers can have backgrounds as independent Chartered Financial Consultants, Certified Financial Planners or Chartered Financial Analysts (in the USA), Chartered Strategic Wealth Professionals (in Canada), Chartered Financial Planners (in the UK), or any credentialed (such as MBA) professional money managers who work to enhance the income, growth and tax-favored treatment of long-term investors.
The apex of Wealth Managers carry the certification of "Estate Transition Professional" because this designation integrates not only all the wealth management disciplines, but also carries with it the expertise to plan beyond the present. All other credentialed advisors will not venture deeply into tax and legal advise, and will ask that you consult your own tax or legal representative.
It is clear when one inspects their life at any given point in time that they and their estate have truly transitioned from point A to now point B, whether that span covers 5 years or more. Life is not static. In that transition, one's net worth has likely changed. The mix of assets comprising that net worth has likely changed. The people in one's life may have also changed dramatically. The individual's life views and values may have changed. Laws and available strategies for implanting estate and tax savings ideas may have changed. Once again, life is not static. So, the question becomes who is best able to navigate and understand the forces in play and provide the highest level of wealth management advise? The Estate Transition Professional Certification provides just that because the certification applies only to those who are licensed and specialized in Legal and Tax as well as Investment advisory work.
One must already have accumulated some amount of wealth for wealth management strategies to be effective. Historically the entry bar was high, however recently due to innovations such as exchange-traded funds, increased transparency in product design and more and more investors managing their own investments, this entry bar is coming down. However several firms offer this service only to those with a minimum investment of $1M.