Financial Insights

Different types of financial services offered by wealth management firms

20th Mar 2024

5 minute read

Mariel Diez

Mariel Diez

Head of content

Compare Wealth Managers

Rob Burgeman

Rob Burgeman

Investment Manager

RBC Brewin Dolphin

Ann-Marie Atkins

Ann-Marie Atkins

Managing Partner

Evelyn Partners


From investment management to estate planning, wealth management firms cater to a diverse set of needs and objectives.


Wealth management firms are key players in the financial world, providing a selection of services tailored to private clients and families. These firms offer comprehensive financial solutions aimed at growing, preserving, and transferring wealth across generations. From investment management to estate planning, wealth management firms cater to a diverse set of needs and objectives. Let's look into the various types of financial services they offer and how they contribute to the overall financial well-being of their clients.

Investment Management

At the core of wealth management services lies investment management. According to Rob Burgeman, investment manager at RBC Brewing Dolphin, wealth manager takes a comprehensive approach that considers a client’s complete financial picture including pensions, inheritance planning, long-term savings, personal goals and of course investment planning.

With these goals in mind, wealth management firms analyse clients' financial goals, risk tolerance, and time horizon to develop personalized investment strategies. These strategies involve asset allocation (where exactly your money will be invested), portfolio diversification (different types of investments, so as not to put all of your eggs in one basket), and selection of investment vehicles such as stocks, bonds, mutual funds, and alternative investments. Continuous monitoring and periodic rebalancing are crucial to ensure the alignment with clients' evolving financial objectives and market conditions.

Financial Planning

«It’s important that people understand that when looking at financial planning, there is no one-size-fits-all solution. You have no certainty about how people's plans are going to evolve or what the tax situation will be in the years to come» explains Rob Burgeman.

Comprehensive financial planning is another cornerstone of wealth management. It involves a holistic assessment of clients' financial situation, encompassing budgeting, retirement planning, tax optimization, insurance coverage, and education funding. By evaluating various aspects of clients' financial lives, wealth managers devise strategies to optimize wealth accumulation and mitigate risks, thereby fostering long-term financial security.

«Financial planning is like building a portfolio; you need a mix of assets for different needs. You need to consider cash savings and pensions, but you also need rainy-day money. Regular reviews are essential as life changes, ensuring your financial plan stays relevant. It's a journey with twists and turns, so planning should be an ongoing, iterative process.» adds Burgeman.

Estate Planning

Wealthy individuals often seek assistance in structuring their estates to facilitate smooth wealth transfer and minimize estate taxes. Wealth management firms collaborate with legal experts to craft estate plans that align with clients' wishes while adhering to applicable laws and regulations. Strategies may include the establishment of trusts, wills, charitable giving vehicles, and succession planning for family-owned businesses.

Tax Planning and Management

Tax efficiency is paramount in wealth management. Firms employ tax professionals to identify opportunities for reducing clients' tax liabilities through strategic planning. This includes optimizing investment portfolios for tax efficiency, utilizing tax-deferred accounts, implementing charitable giving strategies, and staying abreast of changing tax laws to proactively adjust clients' financial plans. In many cases, pension contributions can help reduce tax payments while growing that retirement pot.

Risk Management and Insurance

Preserving wealth involves mitigating various risks, including market volatility, longevity, disability, and liability. Some wealth management firms also evaluate clients' insurance needs across life, health, property, and liability insurance. They recommend different coverage levels and types of insurance policies to protect against unforeseen events and ensure the continuity of financial plans.

Philanthropic Planning

Many wealthy individuals aspire to make a positive impact through charitable giving. Wealth management firms facilitate philanthropic ventures by advising on effective charitable giving strategies, establishing donor-advised funds, and maximizing tax benefits associated with charitable contributions. 

Ann-Marie Atkins, managing partner at Evelyn Partners, explains that philanthropic work is quite beneficial from a tax perspective: “You could set up your own charitable trust. This could carry additional tax benefits and you set the criteria as to how people can qualify to be able to benefit. Cash flow modelling can be used to determine how much you can give away and still benefit from tax reliefs. "

By integrating philanthropy into clients' wealth management plans, firms help align financial goals with personal values.

Family Office Services

For ultra-high-net-worth individuals and families with complex financial affairs, wealth management firms may offer family office services. These custom-made solutions encompass a wide range of services tailored to the unique needs of wealthy families, including wealth consolidation, multi-generational wealth transfer, family governance, concierge services, and lifestyle management.

Wealth management firms play a crucial role in catering to the intricate financial needs of individuals and families with different goals and needs. By offering a comprehensive suite of services, these firms strive to optimize wealth accumulation, preservation, and transfer across generations. With the best finance professionals at hand, financial and investment advisers empower clients to navigate the complexities of wealth management and achieve their long-term financial objectives with confidence and peace of mind.

If you are looking for a financial adviser to help you with your financial goals, Compare Wealth Managers can find the right partner for you. We have carefully selected a portfolio of partners including investment management companies, integrated wealth management firms (financial planning and investment management), private banks, and offshore specialists who, together, offer our clients a full spectrum of financial services.


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