Wealth management is a broad term that means many things to many people. At a high-level, wealth management is a professional service to manage financial risk and tax obligations. A combination of services are offered including portfolio management, insurance and estate planning, accounting and tax services for one fee. Compensation for wealth management services is typically a percentage of assets under management. Wealth management advisors look not just to maximize wealth for their clients, but also to meet financial goals for the family--to ensure as much as possible is passed down to the heirs and also to meet charitable and philanthropic objectives. While top wealth management firms may require account minimums that are in the millions, smaller firms may offer the advisory services for portfolios as small as $50,000.
Manulife Financial is a large, diversified, Canada-based financial services company.
