What are the big differences between financial advising for more average-sized accounts and “private wealth management”?
This was selected as Best Answer What account size qualifies for private clients services or wealth management varies by firm. However, a common minimum is $10 million among the wirehouses (e.g. UBS). Generally, these types of clients need advisors who have broad and deep expertise in the following areas: 1) Tax minimization (particularly from passive income sources, as the source of their wealth might be inherited or from investments) 2) Estate Planning (There might be benefits to creating a family foundation, or to using sophisticated insurance and security strategies to pass wealth while minimizing taxes and maintaining control of who gets it. My company has deep expertise in this area.) 3) Sophisticated Investments (They might own precious art works or other types of collectibles. They might own precious metals or income-generating or highly appreciated real estate. They might benefit from complex securities in which only “accredited investors” are eligible to invest (e.g. private
