Wealth management refers to the professional management of an individual's or family's financial assets and investments to achieve specific financial goals. This encompasses a range of services including investment advice, financial planning, retirement planning, tax planning, estate planning, and risk management.

Key components of wealth management typically include:

Financial Planning: Wealth managers work closely with clients to understand their financial situation, goals, and risk tolerance. Based on this information, they create a comprehensive financial plan that outlines strategies for achieving the client's objectives.

Investment Management: This involves selecting appropriate investment vehicles such as stocks, bonds, mutual funds, real estate, and alternative investments to help grow the client's wealth over time. Investment managers monitor the performance of these investments and make adjustments as needed.

Risk Management: Wealth managers help clients mitigate risks associated with their financial assets through diversification, insurance products, and other risk management strategies.

Retirement Planning: Wealth managers assist clients in planning for retirement by estimating future income needs, identifying appropriate retirement savings vehicles such as 401(k)s and IRAs, and developing withdrawal strategies to ensure a comfortable retirement lifestyle.

Tax Planning: Wealth managers help clients minimize their tax liabilities through strategic tax planning strategies such as tax-efficient investment allocation, charitable giving, and retirement account contributions.

Estate Planning: Wealth managers work with clients to develop estate plans that outline how their assets will be distributed upon their death. This may involve creating wills, trusts, and other legal documents to ensure that assets are transferred according to the client's wishes while minimizing estate taxes and probate costs.

Wealth management services are typically offered by financial institutions such as banks, investment firms, and independent financial advisors. Clients often seek out wealth management services when they have complex financial situations, significant assets to manage, or specific financial goals they want to achieve.