Wealth management is a branch of financial services dealing with the investment needs of affluent clients. These are specialised advisory services catering to the investment management needs of affluent clients.

Any minimums in terms of investable assets, net worth or other metrics will be set by individual wealth managers and their firms. That said, a minimum of $2 million to $5 million in assets is the range where it makes sense to consider the services of a wealth management firm.

As we have established, the main difference between a private wealth manager and a financial advisor comes down to the type of clientele they work with. If you have a high net worth, you're more likely to go with a wealth manager. Otherwise, you'll probably employ a financial advisor.

The decision to use a wealth manager depends on your financial situation, goals, and expertise. You might not need a wealth manager if you have clear goals and are confident you can create and implement strategies to protect and grow your wealth.