What Does a Wealth Manager Charge for Services?

Answer:
Catering to affluent clients, a wealth manager

usually charges a client a percentage of their portfolio on an annual basis.

Wealth management is a type of financial planning. Most wealth managers work with individuals that have a high net worth. They assist clients with investment management, tax management, estate planning, and retirement planning, as well as exercising stock options. Wealth managers earn approximately 60% of their income from investment related products. The rest of their income is usually made up with fees for consultation services.

A wealth manager may discourage you from doing anything that will decrease the value of your portfolio, especially if their fee is linked to the value of your account. Your total annual costs could add up to be well in the thousands of dollars. For instance, if you have $1 million – a 1% fee is going to cost you $10,000 – and that’s not counting any expenses incurred on your mutual funds.