Notable Wealth Management Firms

7 Core Services to Look for from Wealth Management Firms

When evaluating wealth management firms, it’s important to look beyond surface-level metrics.

Many rankings focus primarily on assets under management (AUM), assuming that a higher number automatically translates to better service. But that doesn’t always reflect how well a firm meets individual client needs.

Instead, focus on the quality and scope of services provided. The most effective wealth management firms offer a comprehensive suite of services tailored to high-net-worth individuals and families.

In the following sections, we’ll outline seven essential services you should expect from any firm you’re considering.

Wealth advisors are financial professionals who offer high-net-worth individuals a broad range of services that go beyond basic investment management. These services often include comprehensive financial planning, estate planning, tax-efficient strategies, and guidance on legal and financial matters. Given the depth of these services, some wealth advisory platforms may require high minimum investment amounts—sometimes $100,000 or more—to begin working with a dedicated advisor.

Today, many financial advisors operate through digital platforms, making it easier for clients to access expert advice remotely. This shift to virtual services allows for greater flexibility and often lowers the entry barriers for new investors. Some platforms also provide options to connect clients with local advisors, offering the convenience of online access alongside the option for in-person consultation when needed.

1. Facet

Facet is a highly rated online wealth advisor, earning a perfect 5.0/5 rating as of October 2023 for its consistent service quality. The firm combines expert financial guidance with accessible online convenience, making it a strong choice for individuals seeking flexible yet comprehensive support. Facet charges an annual fee starting at $2,000 and offers a complimentary consultation to help potential clients assess their return on investment before making any financial commitment.

One of Facet’s standout features is its transparent pricing structure. Unlike many advisors with complex and layered fee models, Facet maintains a simple, flat annual fee—ensuring clients know exactly what they’re paying for with no hidden costs.

Its online-first model enables clients to access professional financial advice from anywhere, ideal for those who prioritize convenience alongside expertise. To further enhance its value proposition, Facet introduced a limited-time offer: new clients who transfer $5,000 or more into a Facet investment account within the first three months of signing up will receive a $200 bonus. This promotional offer runs from July 1 through September 30, 2024, and reflects the company’s commitment to rewarding long-term engagement.

2. Vanguard Personal Advisor

Vanguard Personal Advisor stands out as one of the leading online wealth advisory platforms, known for its affordable fees and robust financial planning services. With a management fee of just 0.35%, it offers a cost-effective solution for clients seeking expert advice without the premium costs typically associated with traditional advisors. This makes Vanguard particularly appealing to high-net-worth individuals who value ongoing planning support and access to a wide range of investment tools.

Clients benefit from personalized financial guidance that aligns long-term goals with investment strategies, all backed by Vanguard’s well-regarded suite of mutual funds—renowned for their performance and low expense ratios. The platform also integrates tax-smart planning strategies to help enhance returns and reduce losses over time.

A $50,000 minimum investment is required to get started, which may be a barrier for some, but for committed investors, the value of professional advice and low fees justifies the threshold.

Vanguard portfolios are built exclusively using Vanguard funds, which could limit external diversification options. However, the quality of the funds, combined with low-cost management, reliable service, and a strong planning infrastructure, make Vanguard a trusted and efficient choice for investors focused on long-term financial wellness.

3. Zoe Financial

Zoe Financial is recognized as a standout among online wealth advisors for its unique matchmaking model that connects clients with top-tier financial professionals. Unlike traditional firms, Zoe operates more like a financial concierge—pairing investors with advisors who hold respected credentials such as CFP, CFA, or CPA. This personalized approach ensures that clients are matched with advisors whose expertise and communication style align with their specific financial goals and needs.

Designed for high-net-worth individuals, Zoe Financial typically serves clients with a minimum of $150,000 in investable assets. However, it allows prospective clients to explore their advisor network and meet with a professional at no initial cost, giving them time to evaluate their options before making a financial commitment.

One of Zoe’s biggest strengths is the breadth of services offered through its advisor network. Clients can access full-spectrum financial planning, including investment management, tax optimization, and estate planning—all delivered with a personalized, client-first mindset. A noteworthy feature is Zoe’s three-month satisfaction guarantee, which offers clients peace of mind and confidence in their advisor relationship before committing long-term.

Advisory fees vary depending on the advisor selected, generally ranging from 0.5% to 1.5% of assets under management. While this variability can make upfront cost comparisons a bit tricky, the free consultation helps clients understand what they’re paying for and whether the advisor’s approach fits their goals.

For individuals seeking personalized financial guidance from highly qualified professionals in a flexible and accessible format, Zoe Financial is a compelling choice.

4. Harness Wealth

Harness Wealth stands out as a leading online wealth advisor by specializing in connecting clients with rigorously vetted financial advisory firms. Clients can begin working with Harness by creating an account with at least $250,000 in investable assets, gaining access to a wide range of services such as investment management, financial planning, tax planning, and estate planning. The platform offers a free initial consultation, allowing clients to evaluate their options without financial commitment upfront.

A key differentiator for Harness Wealth is its promotional offer: a $250 discount on a financial plan and one year of tax planning. This incentive appeals to clients looking for comprehensive financial solutions and is especially attractive to those seeking value in both planning and advisory services. For one-time financial planning engagements, there is no fixed minimum investment requirement, which broadens accessibility. Advisor fees typically fall around 1% of assets under management, consistent with industry averages, although clients may also opt for flat-fee financial planning or tax support based on their preferences and goals.

One challenge clients may face is understanding the full cost structure before being matched with an advisor. Fee transparency varies, which can cause some initial uncertainty. However, this is often resolved through the complimentary consultation, where potential costs and service structures are clarified.

Harness Wealth excels in facilitating personalized, full-spectrum financial guidance by linking clients with specialists across investment, planning, and tax disciplines. For those seeking streamlined, customized financial support through an online platform, Harness Wealth offers a compelling solution.

5. Schwab Intelligent Portfolios Premium

Schwab Intelligent Portfolios Premium is an online investing platform that offers comprehensive financial planning with unlimited access to Certified Financial Planner™ (CFP®) professionals—all for a transparent flat fee. With a one-time $300 setup fee and a $30 monthly subscription, clients receive ongoing, personalized financial guidance paired with automated investment management. The platform requires a minimum investment of $25,000, making it accessible to a broad range of investors seeking high-quality service at a manageable entry point.

One of the key advantages of Schwab Intelligent Portfolios Premium is its ability to deliver tailored financial plans that address a wide range of needs, from retirement readiness to investment strategies and goal-based saving. The hybrid model combines the efficiency of automated investing with human expertise, ensuring that client portfolios are aligned with their goals, risk tolerance, and evolving financial situations.

What sets Schwab apart is its strong emphasis on transparency and investor education. The platform includes a wealth of resources, such as webinars, educational articles, and interactive tools—some even designed to assist with tax optimization. This commitment to client empowerment supports better-informed financial decisions and fosters long-term confidence.

With its low-cost, high-value structure and user-friendly experience, Schwab Intelligent Portfolios Premium is an ideal option for individuals seeking holistic, CFP-backed financial planning without the high fees commonly associated with traditional advisory services.

6. Betterment Premium

Betterment Premium stands out as a leading online wealth management solution by offering competitive pricing, easy access, and a suite of modern financial tools. With a 0.40% annual fee on assets under management (AUM), it provides high-net-worth individuals with affordable, expert financial advice—at a fraction of the cost charged by many traditional institutions. The service requires a $100,000 minimum investment, making it accessible to a broad range of clients seeking professional financial guidance.

One of the primary advantages of Betterment Premium is the ability to schedule unlimited consultations with Certified Financial Planner™ professionals. These CFPs assist clients with personalized financial planning, including retirement, savings strategies, and broader wealth management goals. Combined with Betterment’s powerful digital tools and intuitive platform, clients can manage their finances efficiently while receiving expert insights at a low cost.

However, Betterment Premium does have a few limitations. Clients don’t receive a dedicated advisor—instead, they consult with a team of planners. For those who value a long-term, one-on-one relationship with their advisor, this may be a drawback. Additionally, communication is limited to phone and email, which may not suit investors seeking in-person meetings.

Still, Betterment Premium offers an appealing mix of technology, human guidance, and cost-effectiveness. For high-net-worth individuals who value flexibility, digital convenience, and reliable expert advice, it remains a competitive and trusted option in the online advisory space.

What is a Wealth Management Firm?

A wealth management firm offers a comprehensive suite of financial services tailored to the needs of high-net-worth and ultra-high-net-worth individuals. These services go beyond basic investment advice, encompassing areas such as estate planning, tax strategy, retirement planning, and business succession—each vital for preserving wealth and ensuring long-term financial security.

Due to the complexity of their financial lives, affluent clients often hold a diverse range of assets including real estate, business interests, and specialized investments. This complexity necessitates a coordinated, strategic approach that only experienced wealth management professionals can provide. Effective wealth managers integrate all aspects of a client’s financial life into a unified plan designed to protect, grow, and transfer wealth efficiently.

A key responsibility of a wealth manager is to fully understand the client’s unique financial circumstances, goals, risk tolerance, and long-term aspirations. From there, they develop tailored strategies that address everything from investment performance and risk mitigation to tax optimization and estate planning.

Ultimately, the role of a wealth manager is not only to manage existing assets but also to anticipate future needs and challenges—ensuring that clients are well-prepared for life transitions, market volatility, and generational wealth transfer.

What Does a Wealth Advisor Do?

Within a wealth management firm, financial professionals often operate under the titles of wealth manager or wealth advisor. Their primary role is to understand each client’s unique financial situation, needs, and long-term objectives to deliver personalized, comprehensive strategies that promote financial stability and long-term success.

Wealth advisors typically develop holistic financial plans that include investment advisory services focused on long-term asset growth and preservation. They assess risk tolerance and help clients implement risk management strategies to safeguard their portfolios from potential losses.

A key aspect of their role is providing guidance on complex financial regulations and legal considerations, often in coordination with legal professionals. This ensures clients can navigate financial decisions with clarity and compliance.

Wealth advisors also deliver tax planning and accounting services, helping clients minimize tax liabilities while maintaining compliance with relevant laws. They play a vital role in estate and legacy planning, ensuring that wealth is transferred according to the client’s wishes and that future generations are provided for effectively.

Additionally, insurance planning is often included to shield clients from unexpected events and protect overall wealth. Retirement planning is another critical component, focused on creating sustainable income streams to support clients’ lifestyles post-retirement.

For clients with philanthropic goals, wealth advisors offer strategic advice on charitable giving, helping them maximize their impact while aligning contributions with their broader financial and legacy objectives.

Finding the Right Wealth Management Firm

Selecting the right wealth management firm is a vital step toward achieving long-term financial security and success. The right partner can provide expert guidance across all aspects of your financial life—from investment strategy to estate planning and tax optimization. A reputable firm will tailor its advice to your specific goals, risk tolerance, and life circumstances, ensuring a strategy that evolves as your needs and market conditions change. This personalized approach not only improves the potential for strong returns but also provides peace of mind, knowing your finances are in capable hands. Ultimately, choosing a firm that acts in your best interest is key to building and protecting your wealth over time.

Fees

Understanding a firm’s fee structure is crucial to making an informed decision. The way a wealth management firm earns its fees can significantly impact the objectivity of its advice. Some firms operate on a commission-based model, which may incentivize the sale of specific products, potentially creating conflicts of interest. Others charge flat fees or a percentage of assets under management (AUM), which may offer more transparency and better alignment with your financial interests. Be sure to evaluate how the firm is compensated and whether that model supports unbiased, client-focused service. A clear and conflict-free fee structure increases the likelihood that the firm’s recommendations are designed with your financial success in mind.

Experience and Capabilities

When selecting a wealth management firm, it’s important to assess both their experience and capabilities. A firm’s track record in working with clients who have similar financial profiles and goals can be a strong indicator of its expertise. Look for firms that have successfully delivered investment advice, tax planning, estate planning, and other critical financial services over time. Additionally, consider the credentials of the firm’s advisors—such as Certified Financial Planners (CFPs), Chartered Financial Analysts (CFAs), or professionals with legal and tax expertise. These qualifications signal a deeper level of knowledge and commitment to high standards. Evaluating these factors will help you determine whether the firm is equipped to manage your wealth effectively and support your long-term financial success.

Resources

A firm’s resources—including its human capital, technology, and operational infrastructure—play a key role in delivering quality wealth management services. Top-tier firms employ a multidisciplinary team of professionals with specialized expertise in areas like financial planning, law, taxation, and investment management. In addition, access to advanced financial planning tools and investment software ensures accurate analysis and real-time portfolio optimization. Strong infrastructure also includes secure communication systems and streamlined client service platforms, which enhance both efficiency and client experience. Ultimately, a well-resourced firm is better positioned to offer tailored strategies and responsive support to help you meet your financial objectives with confidence.

Historical Performance

A wealth management firm’s historical performance is a vital factor in assessing its reliability and expertise. This involves examining how consistently the firm has delivered strong results over time, particularly during periods of market volatility and economic uncertainty. A proven track record suggests that the firm can effectively manage risk, make informed investment decisions, and adjust strategies as conditions change. Strong historical performance builds client confidence, indicating that the firm is capable of helping investors meet their long-term financial goals with steady, strategic guidance.

Sustainability

Sustainability in wealth management refers to a firm’s ability to support your financial journey over the long term. This includes having a stable foundation, experienced professionals, and the foresight to adapt to evolving markets and client needs. A sustainable firm demonstrates not only financial resilience but also a commitment to continuous improvement and client-centered service. Choosing a firm with a long-term mindset ensures that your advisor will be there to help you navigate complex financial decisions and maintain a consistent strategy for building and preserving your wealth for decades to come.

7 Core Services of Leading Wealth Management Firms

Most leading wealth management firms offer a comprehensive suite of services tailored to the needs of high net worth and ultra-high net worth individuals. Among the essential services typically included are:

1. Asset Allocation Analysis
2. Wealth Transfer
3. Tax Management
4. Investment Management
5. Risk Management
6. Cash Flow Planning
7. Retirement Planning

Each of these services plays a role in shaping a coordinated strategy designed to preserve and grow your wealth.

1. Asset Allocation Analysis

Asset allocation is one of the most critical components of any investment strategy. It determines how your assets are distributed across various categories—such as equities, fixed income, cash equivalents, real estate, and alternative investments—based on your unique financial goals and risk tolerance.

Typically expressed as a ratio (e.g., 70% stocks / 30% bonds), asset allocation should consider several key factors:

• Your risk tolerance
• Investment time horizon
• Specific life goals, including retirement, legacy planning, and philanthropic interests

Despite its importance, asset allocation is often oversimplified by some firms. Generic models like “80/20” or “60/40” are applied broadly, assuming that one portfolio type can meet the diverse needs of multiple clients. This approach overlooks the nuanced realities of high-net-worth financial planning.

A more tailored strategy goes beyond assigning percentages—it incorporates your financial objectives, liquidity needs, and future milestones. For clients with complex portfolios, cookie-cutter allocation models may expose them to unnecessary risk or missed opportunities for growth and preservation.

Effective asset allocation is about precision and personalization—not a one-size-fits-all formula.

2. Wealth Transfer

Effective wealth transfer planning is essential for individuals and families with significant assets. It ensures that your wealth is distributed according to your wishes, both during your lifetime and after, while minimizing tax exposure and maintaining financial stability for future generations.

Surprisingly, many high-net-worth individuals do not have a formal estate plan. This can lead to uncertainty, legal complications, and potential tax liabilities for heirs.

For business owners, wealth transfer takes on an additional layer of complexity. A well-structured succession plan not only addresses the transfer of ownership but also helps ensure continuity of operations and long-term sustainability.

Comprehensive wealth transfer strategies may include:

• Estate and trust planning
• Gifting strategies
• Business succession planning
• Charitable giving and foundations
• Multigenerational family governance

These strategies require collaboration between wealth managers, tax professionals, and estate attorneys to align financial planning with personal goals and values.

3. Tax Management

Managing taxes effectively is a critical component of any long-term financial plan. Staying compliant with changing tax laws while identifying opportunities to reduce liabilities requires consistent oversight and strategic planning.

Tax management becomes increasingly complex as wealth grows and life circumstances evolve—particularly during retirement, business transitions, or estate transfers.

A wealth management firm can coordinate with tax professionals to:

• Optimize your income tax strategy
• Structure investment portfolios to reduce tax exposure
• Plan charitable contributions in a tax-efficient way
• Manage capital gains and losses
• Align estate planning with evolving tax regulations

By integrating tax considerations into your broader financial strategy, a wealth advisor helps ensure you aren’t missing opportunities to preserve more of your wealth over time.

4. Investment Management

For high-net-worth and ultra-high-net-worth individuals, effective investment management involves more than selecting stocks or tracking market trends. It’s about building a portfolio that reflects your goals, values, and long-term financial vision—while balancing growth with risk mitigation.

Robust investment management includes:

• Defining your investment philosophy and risk tolerance
• Allocating assets across diversified classes, including traditional and alternative investments
• Managing buy/sell decisions in a tax-efficient manner
• Integrating private equity, real estate, or other non-traditional assets when appropriate
• Adjusting strategies based on market conditions and life events
• Aligning portfolio construction with personal, business, and family goals

An experienced wealth advisor helps ensure that investment decisions are driven by strategy—not emotion or market hype—and are coordinated with the rest of your financial plan.

5. Risk Management

Risk management is a critical component of any comprehensive wealth strategy. For high-net-worth individuals, the potential impact of market downturns, tax law changes, or unexpected life events can be significant—making proactive planning essential.

Wealth management firms should not only assess your general risk tolerance but also develop clear, personalized strategies to manage various forms of risk, including:

• Market volatility
• Inflation
• Liquidity constraints
• Concentration risk
• Tax exposure
• Estate and legacy uncertainties

Effective risk management goes beyond assigning a generic label like “moderate” or “aggressive.” It involves aligning investment decisions with your financial goals, time horizon, and capacity for risk—not just your comfort level.

Working with a wealth manager who integrates risk analysis into every aspect of your plan helps ensure your wealth remains secure through changing market conditions and evolving personal needs.

6. Cash Flow Planning

Cash flow planning is often overlooked but is a vital aspect of long-term financial stability—especially for high-net-worth individuals whose income streams and expenses may be highly diversified and complex.

Managing cash flow involves more than just tracking income and expenditures. It includes forecasting future financial needs, accounting for irregular income sources, identifying potential liquidity gaps, and planning for large expenses such as taxes, charitable giving, or estate obligations.

For individuals nearing or in retirement, effective cash flow planning becomes even more important. Without a regular salary, your financial security depends on how well your wealth is structured to support your lifestyle, goals, and legacy needs.

The most effective wealth management firms provide tailored cash flow strategies that evolve with your life circumstances and market conditions. This helps ensure your assets are not only protected but positioned to meet both short- and long-term priorities with clarity and confidence.

7. Retirement Planning

The final core service to expect from leading wealth management firms is retirement planning.

Retirement marks a major shift in your financial landscape. Your income streams often transition from active to passive, and your lifestyle goals may evolve—whether that means traveling, pursuing philanthropic endeavors, or supporting future generations.

At this stage, thoughtful planning is essential. A skilled wealth manager can evaluate whether your retirement goals are realistically achievable and structure your assets to support them. This includes modeling different scenarios, assessing risk, and ensuring your investment and withdrawal strategies are aligned with your vision for retirement.

Done correctly, retirement planning can do more than preserve wealth—it can help you continue to grow it. With the right strategy, you can fund your lifestyle, protect your legacy, and pursue new goals with confidence.

To explore how a personalized retirement strategy can support your long-term financial goals: