5 Best Wealth Management Services

HB Wealth

Among the wealth advisors reviewed by NerdWallet, HB Wealth gets the highest ratings for transparency, advisor expertise and accessibility, scope of advice and portfolio construction. If you have the requisite $1 million in assets under management to work with HB Wealth, you’ll get high-touch service from a dedicated advisory team and a deep bench of specialists, plus investment options tailored to high-net-worth clients.

What I like about HB Wealth

Fee-only firm: Fee-only advisors are paid by you and don’t receive commissions for selling certain investment or insurance products. HB Wealth is one of the few traditional financial advisors we reviewed that meets this definition — and the only one included in this roundup of wealth advisors.

Advisor access: Clients work with a three- to four-person dedicated advisory team consisting of advisors and support staff. You have unlimited access to your advisor, typically a certified financial planner (CFP) or chartered financial analyst (CFA). The firm has a roster of in-house specialists in estate planning, charitable giving, divorce strategy and ultra-high-net-worth family dynamics. The firm has family office services, as well.

• 👉 See how we rate HB Wealth's fees, services and more.

  Costs and minimums	To compare fees across pricing models, this category rates all providers based on what a client actually pays at two portfolio benchmarks: $250,000 and $1 million in assets under management. Flat fees are converted into an effective AUM percentage using the fee for their entry-level tier. For firms that charge AUM-based fees on a tiered schedule, we calculate a blended rate across the tiers that apply at each benchmark. HB Wealth has a client asset minimum of $1 million. The minimum annual fee is typically $12,500. How much clients pay varies depending on the complexity of their needs and level of assets under management. The standard fees listed below are for planning and investment management services, and may differ for clients receiving investment management services only. 1.25% on the first $1 million in AUM. 1% on the next $4 million. 0.75% on the next $5 million. 0.625% on the next $20 million. 0.50% on assets over $30 million. Family Office clients may pay a flat fee or a combination of a flat fee and a lower AUM fee, depending on the level of services they need.
  Advisor expertise	Clients have a dedicated wealth advisor, as well as a three to four-member team made up of wealth advisors and client service associates. Most advisors hold or are actively pursuing CFP or CFA credentials, and many have expertise in advanced planning areas, such as law, estate planning, charitable giving, divorce strategy, and ultra-high-net-worth family dynamics.
  Scope of advice offered	HB Wealth takes a comprehensive approach to personalized wealth management. Advisors integrate financial planning, investments, tax planning, estate strategies and more. Services include financial planning, multi-generational planning, retirement planning, tax planning, estate planning, insurance planning, administrative services, charitable planning, education planning and investment management. HB Wealth doesn't write legal documents or prepare taxes, but it says it regularly collaborates with clients' estate attorneys and CPAs.
  Advisor accessibility	Advisory teams are available to clients via email, chat/text, phone, video or in person. HB Wealth calls its client-advisor relationships "concierge-level care" — clients can determine how and when to meet with advisors, with some opting for formally scheduled check-ins and others connecting on an as-needed basis. Advisors also proactively reach out to clients as needed, including to touch base on charitable giving strategies and timing and to plan tax strategies at the optimal times.
  Transparency	This category rates whether the firm's fee structure reflects a commitment to avoiding conflicts of interest and acting in the client's best interest, as well as how accessible the advisor's fees are, with the highest rating awarded to advisors who clearly list their full fee structure on their website in addition to their ADV filing. HB Wealth is a fee-only advisor and does not accept commissions or affiliate revenue in exchange for promoting or selling products. The company also lists general fee information on its website, including disclosing the $12,500 minimum annual fee and providing detailed information about family office services.
  Portfolio construction	HB Wealth creates personalized portfolios based on a client's goals, risk comfort, liquidity needs and time horizon. Customers are not limited in portfolio selection, and personalized portfolios are the norm. Advisors also utilize private investments, such as private equity or credit, in portfolios where appropriate. Client assets are held at independent, third-party custodians such as Charles Schwab or Fidelity.

Where HB Wealth falls short

Account minimum: HB Wealth’s $1 million minimum is the highest among the advisors we reviewed. The firm doubles down on that as its entrypoint by charging a minimum annual fee of $12,500, which is equivalent to paying its highest rate of 1.25% on $1 million in AUM. The other advisors on this list have lower or no minimums.

No tax prep: HB Wealth has a strong handle on tax strategy for high-net-worth clients but doesn’t prepare or file taxes. Instead, advisors work closely with your CPA. This is common in the industry but might seem inconvenient if you want all your financial services under one roof.

Range

Range is the only wealth advisor on our list that offers flat-fee pricing — a newer fee model that benefits high-net-worth households best of all. When you pay based on AUM, the fee scales with your portfolio. But a flat fee becomes a smaller percentage of your assets as they grow. Someone with $2 million in AUM could pay roughly $10,000 for Range’s best set of services, and it would amount to just 0.50% of their portfolio. That’s less than half the cost of the other wealth advisors on this list.

Why Range stands out to me

Transparent pricing: Range offers three service levels that are all designed around the needs of high-earning households with varying complexity. Each level’s price and list of services are plainly listed on Range’s website, making it easy to see what you’ll pay and what you’ll get at that price.

Range’s top-tier offering — Titanium, priced at $9,950 — is where it truly competes with other wealth advisors. Key features of that level include complex tax planning, alternative investment planning, equity compensation planning and international planning, among others.

Tax filing included: Range includes tax filing as part of its all-in-one annual fee. Its tax filing services include filing federal and state returns in multiple states, reporting on foreign assets, investment properties, some types of business income and more.

• 👉 See how we rate Range's fees, services and more.

  Costs and minimums	To compare fees across pricing models, this category rates all providers based on what a client actually pays at two portfolio benchmarks: $250,000 and $1 million in assets under management. Flat fees are converted into an effective AUM percentage using the fee for their entry-level tier. For firms that charge AUM-based fees on a tiered schedule, we calculate a blended rate across the tiers that apply at each benchmark. Range doesn’t impose a client minimum. The firm charges a flat annual fee for financial planning and investment management services. Fees range from $2,950 to $9,950 per year, depending on the service tier. At its entry-level price, someone with $250,000 in AUM would effectively pay 1.18% of their portfolio for Range’s services. Someone with $1 million in AUM would effectively pay 0.30%.
  Advisor expertise	Range clients work with a team of fiduciary advisors made up of CFPs, CFAs, CPAs and other specialists covering investment strategies, startup equity, taxes, real estate, crypto and other areas. Clients also can chat any time with Rai, a proprietary AI wealth advisor that is trained on the client's portfolio and Range's financial advisement philosophy.
  Scope of advice offered	At its Premium service tier, Range offers comprehensive financial planning services covering investment planning, some tax planning, some estate planning, budget and cash flow advising, retirement planning, insurance planning and education planning. Additional services, including equity compensation planning, are available at higher service tiers. At this entry-level tier, tax services include a review of your previous year tax filing and some retirement income distribution analysis. It also performs tax-loss harvesting and offers direct indexing in clients’ investment portfolios. More comprehensive tax planning and filing services are available at higher service tiers. The company can also review existing estate planning documents and make recommendations, but executing more complex strategies or drafting new documents is not covered as part of the standard fee. Additional estate planning services are available at higher service tiers.
  Advisor accessibility	Clients have unlimited access to their team of advisors. As they arise, questions are funneled to the advisor on your team who is best-suited to answer it. Advisors are available through messaging on Range’s client platform, as well as virtual video meetings.
  Transparency	This category rates whether the firm's fee structure reflects a commitment to avoiding conflicts of interest and acting in the client's best interest, as well as how accessible the advisor's fees are, with the highest rating awarded to advisors who clearly list their full fee structure on their website in addition to their ADV filing. Range is a fiduciary fee-only financial advisor, and does not earn commissions. All fees are paid directly by the client. Its pricing and services are fully described on its website at range.com/pricing.
  Portfolio construction	Range offers model portfolios and customizes portfolios to suit clients. Range can invest in and incorporate any publicly traded security that aligns with its investment philosophy. It does not provide alternative investment planning at its entry-level service tier. Client assets are held at Altruist. Range can manage a variety of account types, including Solo 401(k)s and minor accounts (e.g. UTMA/UGMA and IRAs for minors). Range can advise on 529s and 401(k)s but can't actively manage them.

Good to know about Range

• Range is a young firm trying to change the industry. Its experience and stability are relatively untested. And clients could see changes in pricing and offerings as the company establishes its identity.

• AI will be a major part of your experience. Range clients have unlimited access to an AI financial advisor called Rai, which is trained on members’ portfolios, as well as the firm’s underlying investment and advisory philosophies.

• Range offers publicly traded investments only. At the Titanium level, your advisor will provide alternative investment planning, including any investments already in your portfolio. But you’ll be referred out for access to new private investment opportunities. For this, Range has an established relationship with Long Angle, another advisory firm.

Ellevest

Ellevest’s wealth management services focus on the unique needs of high-net-worth women. Its investment portfolios take into account that women generally live longer, earn lower incomes, have different lifetime earning curves and want to make an impact with their wealth. The majority of Ellevest's wealth advisors are CFPs, and the all-women advisory team specializes in high- and ultra-high-net-worth individuals.

To work with Ellevest, you’ll need at least $500,000 in AUM.

What else I like about Ellevest

Values-based investment options. Ellevest portfolios are constructed using stocks, bonds and alternatives that align with a client’s values without compromising returns. That is paired with a broader wealth management process that focuses on goals-based planning, diversification, cost and tax management, while avoiding stock picking or market timing. These investments are researched by Ellevest’s team of CFAs and other investment experts.

• 👉 See how we rate Ellevest's fees, services and more.

  Costs and minimums	To compare fees across pricing models, this category rates all providers based on what a client actually pays at two portfolio benchmarks: $250,000 and $1 million in assets under management. Flat fees are converted into an effective AUM percentage using the fee for their entry-level tier. For firms that charge AUM-based fees on a tiered schedule, we calculate a blended rate across the tiers that apply at each benchmark. Ellevests's client minimum is $500,000. Fees are based on assets under management and the client's needs. For each tier, the specified fee rate is applied only to the portion of the client’s assets that falls within that tier: $500,000 to $1,000,000: 1.25% $1,000,001 to $2,000,000: 1.00% $2,000,001 to $3,000,000: 0.95% $3,000,001 to $5,000,000: 0.90% $5,000,001 to $7,000,000: 0.80% $7,000,001 to $10,000,000: 0.70% $10,000,001 to $15,000,000: 0.65% $15,000,001 to $25,000,000: 0.60% $25,000,001 to $50,000,000: 0.55% $50,000,001 to $75,000,000: 0.50% $75,000,001 to $100,000,000: 0.40% $100,000,001 and above: 0.35%
  Advisor expertise	All financial advisors are women, fiduciaries and Investment Advisor Representatives; most are CFPs. Reviews are scheduled at least annually or more depending on the client’s circumstances and needs. Advisors are available in person, by video, text, phone, or via email during flexible hours.
  Scope of advice offered	Retirement planning, financial windfall planning, estate and family planning, cash flow analysis, budget analysis, and tax strategies. Tax and estate planning are coordinated with the client’s CPAs and estate planning attorneys.
  Advisor accessibility	Advisors work to provide a personalized report within the first six months of the engagement. The advisor periodically meets with the client through the remainder of the engagement to monitor the plan, recommend any changes and ensure the plan is up to date. The financial planner is available to the client for support throughout the engagement.
  Transparency	This category rates whether the firm's fee structure reflects a commitment to avoiding conflicts of interest and acting in the client's best interest, as well as how accessible the advisor's fees are, with the highest rating awarded to advisors who clearly list their full fee structure on their website in addition to their ADV filing. Ellevest is a fiduciary fee-only financial advisor, and does not earn commissions. All fees are paid directly by the client.
  Portfolio construction	Ellevest specializes in managing client assets while seeking to reduce fees, current taxes, and investment risk through diversification. Ellevest will make investment selections from a wide range of investments, including, but not limited to, common and preferred stocks, bonds, municipal securities, government securities, cash and cash equivalents, mutual funds, exchange-traded funds (“ETFs”), unit investment trusts, hedge funds, private non-traded funds and investment vehicles and alternative investment products or investment options which may have liquidity restrictions and limitations. Ellevest also requires that clients open a brokerage and custody account with Charles Schwab & Co.

Where Ellevest falls short

Lacks tax planning specialists. Ellevest uses a number of strategies to help reduce taxes in your investment portfolio. But the firm doesn’t have the in-house tax experts found at the other wealth advisors on this list, which may hinder its broader tax planning capabilities.

Wealth Enhancement

Wealth Enhancement is a large national firm that will match new clients with one of its 600-plus advisors, depending on your goals, stage of life and other preferences. It has flexible options to meet with advisors via email, phone, text, video and in-person meetings. Wealth Enhancement doesn’t strictly serve high-net-worth clients. But the wealthiest households likely could take best advantage of the firm’s in-house planning experts and sophisticated investment options. And you’d need more than $5 million in AUM for its fees to drop below the national average of 1%.

What I like about Wealth Enhancement

A collaborative take on financial planning. Wealth Enhancement clients work with their primary advisor, who is part of a larger advisory team and has support from a centralized group of specialists covering every aspect of financial planning. This seems particularly valuable to households with complex financial needs who’d otherwise have to seek out specialized advice on their own.

• 👉 See how we rate Wealth Enhancement's fees, services and more.

  Costs and minimums	To compare fees across pricing models, this category rates all providers based on what a client actually pays at two portfolio benchmarks: $250,000 and $1 million in assets under management. Flat fees are converted into an effective AUM percentage using the fee for their entry-level tier. For firms that charge AUM-based fees on a tiered schedule, we calculate a blended rate across the tiers that apply at each benchmark. Wealth Enhancement's client minimum is $25,000. Fees are based on assets under management and the client's needs. For each tier, the specified fee rate is applied only to the portion of the client’s assets that falls within that tier: Up to $1 million in AUM: 1.25% $1 million to $3 million: 1% $3 million to $5 million: 0.90% $5 million to $10 million: 0.80% $10 million and higher: 0.60%
  Advisor expertise	Wealth Enhancement has over 600 advisors across 182 offices in 35 states, and more than half of them are certified financial planners (CFPs). All advisors are licensed fiduciaries. The team also includes CPAs, JDs, certified fund specialists (CFSs), accredited asset management specialists (AAMS) and certified retirement counselors (CRCs). Some advisors specialize in providing financial advice to women.
  Scope of advice offered	Wealth Enhancement advisors offer clients comprehensive financial planning, which can include retirement planning, investment management, tax strategy, college planning, estate planning, equity compensation planning, concentrated stock planning, charitable strategies, cash management strategies and more as part of the financial advisory fee. Certain services, such as tax preparation and filing and trust services, may be billed separately.
  Advisor accessibility	Advisors are available via email, phone, text, video and in-person meetings. Meetings may occur on an annual, semi-annual or quarterly basis. Clients drive the cadence of those meetings.
  Transparency	This category rates whether the firm's fee structure reflects a commitment to avoiding conflicts of interest and acting in the client's best interest, as well as how accessible the advisor's fees are, with the highest rating awarded to advisors who clearly list their full fee structure on their website in addition to their ADV filing. Wealth Enhancement has referral fee arrangements with third parties such as Goldman Sachs, Flourish and CoverRight Insurance.
  Portfolio construction	The company says it crafts portfolios that are thoughtfully diversified and aligned with each investor’s unique needs. The team analyzes market conditions and explore investment options to create strategies designed to fit long-term objectives. The firm says it consistently monitor markets globally to assess market risks, rebalance when appropriate, and take advantage of opportunities.

Good to know about Wealth Enhancement

Fees could be calculated in multiple ways. The firm says it recommends that advisors use a tiered fee schedule (found in the table above), but advisors may use a flat-rate AUM fee schedule in some circumstances. We think this could be confusing, and it underlines the importance of negotiating fees where you can. Prospective clients should investigate all fee options before hiring the firm.

The firm discloses referral fee arrangements. Wealth Enhancement is a fee-based firm, and it discloses several referral fee arrangements in its Form ADV. Those arrangements mean Wealth Enhancement is compensated by third parties, such as Goldman Sachs, Flourish and CoverRight Insurance, when clients sign up for certain accounts, products or services. Arrangements like this aren’t uncommon — and Wealth Enhancement adequately discloses them for potential clients — but they can be conflicts of interest.

Mariner

Mariner is another national firm offering highly customized portfolios and comprehensive financial planning services tailored to high-net-worth households. That includes in-house CPAs and enrolled agents who can represent and support clients facing IRS or state tax audits.

Technically, Mariner doesn’t impose a firm-wide minimum account balance. But the firm charges a minimum fee of $1,875 quarterly, or $7,500 annually. You’d want to have at least $600,000 in AUM to avoid paying more than its highest AUM fee rate of 1.25%.

What stands out about Mariner

Broad national presence. With offices in 42 states, as well as Puerto Rico, Mariner is one of the best choices on our list for someone who wants an in-person relationship with their wealth advisor.

Financial services under one roof. Mariner has in-house specialists and next-level services that could allow you to take care of all your financial services needs in one place. Financial planning and consulting services are a standard offering under its AUM fee, with an advisor coordinating with specialists to cover investment and non-investment planning topics. Additionally, Mariner offers family office services (including banking, bill-paying, record keeping, authorizing users and other administrative work) and coordinated tax services.

• 👉 See how we rate Mariner's fees, services and more.

  Costs and minimums	To compare fees across pricing models, this category rates all providers based on what a client actually pays at two portfolio benchmarks: $250,000 and $1 million in assets under management. Flat fees are converted into an effective AUM percentage using the fee for their entry-level tier. For firms that charge AUM-based fees on a tiered schedule, we calculate a blended rate across the tiers that apply at each benchmark. Fees are based on assets under management and vary by service. Typical rates are: 1.25% on the first $1 million. 1% on assets of $1 million to $5 million. 0.80% on assets of $5 million to $10 million. 0.60% on assets above $10 million. Mariner has no firm-wide client minimum, though some investment strategies or custodial platforms may require a starting balance. However, the firm charges a minimum fee of $1,875 quarterly ($7,500 annually). To avoid paying more than its highest AUM fee rate of 1.25%, you’d want to have at least $600,000 in assets under management.
  Advisor expertise	Each client is typically paired with a dedicated advisory team that may include an advisor, investment specialist and planning support staff. Advisors meet a fiduciary standard and may hold CFPs, CPAs, CFAs or JDs. The firm also has specialists in trusts, estate planning, investments, divorce planning, investments and insurance.
  Scope of advice offered	Financial plans are customized to address clients' goals, priorities and financial complexity. Services include wealth and investment planning, retirement planning, tax, estate, insurance and trust planning. Mariner’s advisory teams work with in-house tax professionals to help identify potential tax efficiencies. Services include multi-year tax planning and tax-efficient investment strategies, such tax-loss harvesting and asset location, among others. The firm may provide tax preparation and filing for an additional fee. Mariner will review existing estate planning documents and beneficiaries, as well as make recommendations for potential changes, including those that minimize taxes. If estate planning documents need to be drafted or updated, Mariner partners with unaffiliated estate attorneys, which requires clients to pay additional fees.
  Advisor accessibility	Clients will have regularly scheduled reviews and check-ins with their advisor. Advisors are available in person, virtually or by phone.
  Transparency	This category rates whether the firm's fee structure reflects a commitment to avoiding conflicts of interest and acting in the client's best interest, as well as how accessible the advisor's fees are, with the highest rating awarded to advisors who clearly list their full fee structure on their website in addition to their ADV filing. Mariner is a fee-based advisor, which reduced its score in this category. Additionally, we could find the firm’s fees only in its ADV, which also reduced its score in this category.
  Portfolio construction	Each portfolio is customized to meet a client’s goals, time horizon and risk tolerance. Portfolios can be constructed using individual securities, exchange-traded funds (ETFs), mutual funds, separately managed accounts and/or limited partnerships when appropriate. Individual stocks, alternative investments and other investment options may be included. Client assets are held at multiple third-party custodians, including Fidelity, Schwab and Pershing. Mariner supports a broad range of account types, including individual, joint and family accounts; retirement accounts (IRA, Roth IRA, 401(k) rollovers); and trust, charitable and business accounts.

Good to know about Mariner

High minimum fees. Mariner charges a minimum fee of $1,875 quarterly ($7,500 annually). Technically, it doesn’t impose a firm-wide minimum account balance. But you’d want to have at least $600,000 in AUM to avoid paying more than its highest AUM fee rate of 1.25%.

Conflict disclosures. Like Wealth Enhancement, Mariner is a fee-based advisor. The firm discloses several compensation arrangements in its Form ADV. We think Mariner discloses these in a transparent way that makes it possible for clients to ask good questions and advocate for themselves. Still, these are potential conflicts of interest to weigh as you consider working with this firm.

• Mariner receives referral fees when clients make deposits into certain cash management programs, earning a percentage on the value of the account balance.

• Some of Mariner’s advisors are licensed to sell insurance, and would receive commissions on the sale of any insurance products. 

• Some advisors may also be registered with Mariner’s affiliated broker-dealer, MSEC, and receive commissions when clients purchase certain investment products through that firm.

Frequently asked questions

What can wealth advisors do for you?

Advisors at wealth management firms tend to have expertise in the types of financial questions that affect the highly affluent, such as how to reduce estate taxes or set up a donor-advised fund. Many private wealth managers will coordinate with other financial experts — such as accountants or estate planning specialists — on behalf of clients to offer holistic financial management and advice.

For instance, a wealthy individual who has been married and divorced, owns multiple properties and has numerous investments and accounts may need expertise in legal matters, property taxes and investments. A wealth manager could create a complex financial plan that takes each of those needs into consideration, either on their own or with outside counsel.

Wealth advisors typically offer guidance (or referrals to someone who can offer that guidance) in these areas:

A large part of a wealth manager's focus will be on executing investment strategies. Advisors use a variety of approaches to help increase their clients’ wealth, from value investing (Warren Buffett’s favorite) to growth investing. Wealth managers tend to have slightly different approaches since they are working with such large accounts. They may:

• Give their clients access to a wider range of investments than regular financial advisors, like hedge funds and private equity offerings. 

• Use strategies that are more holistic, meaning that any financial plan a wealth manager puts together should incorporate all aspects of a wealthy individual’s life, including things like estate and tax planning, not just their investments.

The strategy a wealth manager employs should also match your risk tolerance and financial goals. For example, if you're nearing retirement, a wealth manager might start shifting the focus from risky growth investments to safer investments that can help you maintain your wealth.

What is the average fee for wealth management?

The average fee for a wealth advisor is 1.05% of assets under management^[1]. The range is typically 0.25% to 2% of assets under management^[2]. Wealth management firms tend to charge higher fees than traditional financial advisors.

Keep in mind that it’s common for wealth management fees to be tiered, which means fees are highest for the lower portion of your asset balance, and then the fee drops as asset levels increase. For example, Mariner charges 1.25% on the first $1 million of assets under management. The rate drops to 1% on assets of $1 million to $5 million. It drops even further as AUM increases above that level. If you had $5 million, you'd pay $12,500 per year on the first $1 million but $10,000 on each additional million up to $5 million. Your total blended fee would be 1.05%, right in line with the average.

Some wealth advisors charge a flat annual fee for asset management and financial planning. This fee model tends to favor high-net-worth households because the fee doesn't scale with your portfolio, making it a smaller and smaller percentage of your investable assets as your portfolio grows. To compare advisors who charge flat fees to those who charge AUM fees, calculate the effective AUM rate you'd pay under the flat-fee model. For example, Range charges $9,950 for its top-tier level, which best compares to a typical wealth management firm. At $1 million in AUM, you'd be effectively paying 1% in fees. At $5 million, you'd be paying about 0.20%.

Knowing what you’ll pay for services and how that fee is applied is critical to choosing the right wealth manager. You should always ask a potential advisor what their fee structure is. It’s a good rule of thumb to work with a fee-only fiduciary, which means that they are paid directly by you for their services and they can’t receive compensation for recommending certain products. Having a fiduciary duty means that they are legally obligated to put your needs first.

How much money do you need for wealth management?

Wealth management makes the most sense for investors who already have significant investable assets — say, $1 million or more.

For one thing, some wealth management services require steep account minimums, which exclude investors with low balances from becoming clients. Minimums of at least $250,000 are the norm; $500,000 is not at all uncommon. And as you can see above, HB Wealth sets its minimum at $1 million. Some firms also have a minimum fee, which would kick in if your account balance isn't high enough to generate a minimum amount from the AUM fee alone. For example, if a firm's AUM fee is 1% and you have $500,000 invested, your fee should amount to $5,000 per year. But if the firm's minimum fee is $10,000, you'd pay that instead until your balance hits $1 million, enough for the 1% AUM fee to equal the $10,000 minimum.

And then as previously noted, wealth management fees tend to drop as the investor’s asset level moves into higher tiers. Depending on the advisor you choose, you'll pay a lower effective rate (as a percentage of your assets under management) if you have a higher asset balance.

If wealth management minimums are more than you bargained for, then you probably don’t need wealth management. Financial advisors also offer portfolio management and in-depth financial planning. And if you solely want investment management, you may want to consider a robo-advisor.

The services offered vary by provider, so it’s important to shop around and choose the financial advisor who best meets your needs.

» View our list of the best financial advisors

What credentials should you look for in a wealth advisor?

The titles “wealth advisor” and “financial advisor” don't technically require any level of accreditation. However, many wealth managers are registered investment advisors or certified financial planners. CFPs possess a rigorous certification for financial planning and are held to a fiduciary standard. Some wealth advisory firms have other experts on staff, such as certified public accountants or chartered financial analysts, who can work together to help you manage your full financial picture.

Use the Financial Industry Regulatory Authority's BrokerCheck tool to verify that an advisor is registered as an investment advisor with the Securities and Exchange Commission or their state, regardless of what title they use. You can use the CFP Board’s site to verify a CFP’s certification and CPAverify.org to verify a CPA.

In addition to formal verification, you should be sure to ask a potential advisor about their background, education and experience in general, and whether they've worked with clients who have a financial situation similar to your own. Don't hesitate to ask for testimonials from those clients — a good advisor should be excited to offer this kind of validation.