Wealth management primarily serves which group of clients?

Wealth management primarily focuses on providing financial services and advice specifically tailored to high-net-worth individuals and families. This group typically possesses substantial financial resources that require personalized strategies for investment, estate planning, tax optimization, and overall wealth preservation. Wealth management services often include financial planning, risk management, and bespoke investment portfolios designed to meet the unique goals and situations of affluent clients.

The emphasis on high-net-worth individuals arises from their complex financial needs, which often require a more sophisticated approach than what is typically offered to other segments, such as small businesses, middle-class families, or non-profit organizations. These other groups may have different financial goals and challenges which do not necessitate the same level of personalized, comprehensive wealth management services. Thus, wealth management is distinctly oriented towards individuals and families with significant assets who are seeking to manage and grow their wealth effectively over time.