Your Complete Guide to Wealth Management

Investment Management 

Investment management is about building and managing your portfolio to grow your wealth. However, without financial planning and tax integration, it risks being siloed from your broader goals. 

Brokerage Services 

Brokers typically buy and sell investments for you, often on commission. They may not provide comprehensive planning or fiduciary guidance focused on your best interest.  

In short, wealth management get to know your vision for life and brings it all together – coordinating your investments, taxes, estate plan, and financial strategies under one roof, so every decision supports the next. 

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Financial Planning  

At its core, wealth management includes detailed financial planning. This involves understanding your goals and creating a coordinated strategy for saving, investing, spending, and giving throughout your life.  

A financial plan should address the following aspects, and align your resources to support what matters most to you: 

• Financial goals and objectives 

• Cash flow and income tax analysis 

• Insurance assessment 

• Education funding analysis  

• Financial independence planning 

Investment Management  

Wealth management also involves managing your investments in line with your goals, time horizon, and risk tolerance. This goes beyond picking stocks or funds – it should include: 

• Developing an asset allocation strategy 

• Diversifying your portfolio 

• Monitoring performance and adjusting to optimize for tax impact 

We will always recommend partnering with an advisory firm that aligns with an evidence-based philosophy for their investment strategy. Deep diversification, long-term value creation, and low-cost, tax-efficient investment vehicles should be the drivers of the strategy.  

>> Read More: Evidence-Based Investing vs. Stock Picking 

Retirement Planning  

A strong wealth management plan should consider your retirement from every angle:  

• How much you need to retire comfortably—and savings strategies to get you there 

• When and how to withdraw assets 

• Integrating pensions and Social Security 

• Ensuring your income strategy is tax-efficient and sustainable throughout retirement 

Strategic Tax Planning 

Effective wealth management includes proactive tax planning. This might involve optimizing your investment accounts for tax efficiency, strategically realizing gains or losses, planning charitable contributions, managing equity compensation, and coordinating with your CPA to reduce your lifetime tax burden. 

Estate Planning 

Estate planning is about ensuring your wealth transfers according to your wishes, minimizing estate taxes, and simplifying the process for your heirs.  

A wealth management team should help coordinate your estate documents with your overall financial strategy and support your legacy goals, whether that includes family inheritances, charitable giving, or both. 

Equity Compensation Management  

If you receive stock options, RSUs, or participate in an employee stock purchase plan, your wealth manager should help you navigate these benefits.  

That includes understanding vesting schedules, tax implications, diversification strategies, and how equity compensation fits into your broader financial and retirement plans. 

Insurance Planning  

Protecting your assets and income is another critical component of a holistic wealth management approach. A good advisor should be evaluating your life, disability, long-term care, and liability insurance needs to ensure you have the right coverage to protect yourself, your family, and your wealth from unexpected events. 

Charitable Giving 

For those who want to make an impact through giving, your wealth manager should help structure your charitable contributions to align with your values and maximize tax efficiency. This might include strategies like donor advised funds or charitable trusts to integrate giving into your broader financial plan. 

Assets Under Management (AUM) Fees  

Many wealth management firms, Plancorp included, charge a percentage of the assets they manage for you, often ranging from 0.5% to 1.5% annually, depending on your portfolio size and the complexity of services included.  

For example, if your advisor charges a 1% AUM fee and manages $2 million, your annual fee would be $20,000.  

Flat Annual or Retainer Fees  

Some firms charge a flat annual or quarterly fee based on the complexity of your financial situation rather than your portfolio size. This might range from $5,000 to $50,000+ per year, depending on the level of service.  Flat fees can sound appealing, but be cautious about whether this forces you into a cookie cutter approach.

Hourly or Project-Based Fees  

Advisors who work on an hourly or project basis charge for specific planning work, with rates often ranging from $200 to $500+ per hour or set project fees for comprehensive plans.  While this can sound appealing to hire someone just for the time you need, it can also constrain your team to a set number of hours, making for a more basic service.

Commission-Based Fees  

Some advisors earn commissions on products they recommend, such as insurance or certain investments.  Don't be shy about directly asking how a prospective advisor will get paid to understand what really incentivizes them when making recommendations.

Comparing Costs vs. Value  

When evaluating wealth management costs, it’s important to consider:  

• What services are included? A low fee for investment management only may not include tax, estate, or retirement planning.  

• Is the advisor a fiduciary? Fee-only fiduciary advisors are required to act in your best interest, reducing conflicts.  
• How will this impact your long-term outcomes? Effective wealth management often pays for itself through tax savings, risk reduction, and better strategic decisions over time. 

Understanding these fee structures helps you choose the right wealth management partner for your goals and preferences. 

Do-It-Yourself (DIY)  

Some people choose to manage their finances independently using online brokerage accounts, financial planning software, or robo-advisors.  

Pros: Low cost, full control, flexible tools.  

Cons: Time-intensive, potential for emotional decision-making, lack of coordination across investments, taxes, and estate planning, missed opportunities if you aren't able to keep up on tax code changes or regular rebalancing and tax-loss harvesting.  

Robo-Advisors  

These are automated investment platforms that build and manage a portfolio for you based on your risk tolerance and goals, usually at a low cost.  

Pros: Low fees (often 0.25%-0.50% AUM), simple onboarding, automatic rebalancing.  

Cons: Limited or no personalized financial planning, tax strategy, or estate integration.

Brokerage Services / Broker-Dealers  

Brokers buy and sell investments on your behalf, often earning commissions on transactions or products sold.  

Pros: Access to wide range of investment products; may provide market insights.  

Cons: Potential conflicts of interest due to commissions; generally do not provide holistic planning or fiduciary advice.  

Financial Advisors / Financial Planners  

“Financial advisor” is a broad term that can include brokers, insurance agents, planners, and fiduciary advisors. Financial planners specifically focus on helping you create a roadmap for your goals.  

Pros: Personalized planning guidance; can be fee-only or commission-based.  

Cons: Services vary widely; some do not manage investments or integrate tax and estate planning, likely more reactive advice.  

Investment Management Only  

Some firms provide portfolio management services without integrated planning.  

Pros: Professional investment management; tailored asset allocation.  

Cons: Does not address broader financial goals, tax strategy, or estate needs, likely resulting in missed opportunities.

What is a Fiduciary?  

A fiduciary is legally and ethically required to act in your best interest at all times. This standard goes beyond simply recommending a “suitable” product or strategy – it requires advisors to put your needs first, avoid conflicts of interest, and provide full transparency on fees and recommendations.  

Fiduciary vs. Suitability Standard  

Many financial professionals, such as brokers or some insurance agents, are held only to a suitability standard. This means their recommendations must be appropriate based on your circumstances, but they are not obligated to choose the best option for you if a similar product pays them more commission.  

In contrast, fiduciary advisors are:  

• Legally bound to act solely in your best interest  

• Required to disclose any potential conflicts of interest  

• Often fee-only, meaning they do not earn commissions on product sales  

Why It Matters for Your Wealth  

When working with a fiduciary wealth manager, you can feel confident that every recommendation – whether it’s an investment allocation, tax strategy, estate plan adjustment, or insurance evaluation – is made with one goal: to improve your financial well-being.  

Choosing a fiduciary advisor helps you:  

• Avoid hidden fees or biased product recommendations  

• Gain clarity and confidence in financial decisions  

• Ensure your plan is built around your goals, not the advisor’s compensation  

Certified Fiduciary Standards

Firms must register with the SEC and through that process are subject to regular and surprise audits to ensure they're upholding investment and fiduciary standards, but some firms choose to submit to more rigorous auditing from an independent outside firm, the Centre for Fiduciary Excellence (CEFEX).

CEFEX runs rigorous annual audits that ensure that when a firm says they put their clients best interests above their own, they really mean it.

We're proud to say at Plancorp we were the first firm in the state of Missouri and among the first in the nation to be CEFEX certified, and have met that bar every year since for more than 15 years. 

You can learn more about the CEFEX organization and their standards at their website, but this is a great way to see if a firm is willing to put their reputation on the line with a rigorous fiduciary audit.

1. Will you put your fiduciary commitment in writing?

Many advisors call themselves fiduciaries but aren’t legally obligated to act in your best interest at all times. Asking for this commitment in writing ensures full alignment and accountability.  

2. Will you run a tax projection?

Proactive tax planning is critical to preserving your wealth. Ask whether the advisor will prepare tax projections to identify planning opportunities and avoid surprises, rather than simply reviewing tax returns after the fact.  

3. Will you review my estate planning documents?

Estate planning isn’t just about documents. It’s about aligning your plan with your financial goals and family needs. A strong wealth manager will review your estate documents and coordinate with your attorney to ensure everything works together.  

4. How do you get paid?

Understand exactly how the firm charges for its services. Whether fees are based on assets under management, flat retainers, hourly rates, or commissions, transparency is key to evaluating value and potential conflicts of interest.  

5. If something happens to you, who will take over my account?

Continuity matters. Ask how the firm ensures your planning and investments are managed seamlessly if your primary advisor retires, leaves, or is unavailable.  

You have complexity—and expect your advisor to handle it.  

We specialize in working with high-net-worth individuals and families who have significant assets and multifaceted financial lives.  

Our typical clients have $1 million or more in investable assets and are navigating complex needs like equity compensation, business ownership, multi-generational planning, or tax-sensitive retirement withdrawals. If your situation goes beyond the basics, we’re built to handle it.  

You’re looking for more than just investment advice.  

Our clients want comprehensive guidance across every area of their financial life—from investments and tax planning to estate strategies, equity compensation, and philanthropy. If you’re seeking integration, not just allocation, you’re in the right place.  

You value long-term partnership over quick fixes.  

We don’t believe in one-off plans or short-term thinking. We serve as an ongoing partner to help you navigate life’s transitions, market cycles, and financial complexities with clarity and confidence.  

You want a team that works together on your behalf.  

At Plancorp, you don’t get a single advisor—you get a team of specialists. Your wealth manager is constantly collaborating with internal experts in tax, investments, estate planning, insurance, and more, so no detail falls through the cracks.  

You expect transparency and accountability.  

As a fee-only fiduciary, we never earn commissions or sell products. We are paid solely for our advice, and we put everything in writing—our fiduciary commitment, our process, and our fees—so you always know where you stand.  

You’re building something bigger than yourself.  

Whether you’re focused on legacy, charitable impact, or multi-generational planning, we understand how complex that can be—and how important. We’ll help you align your wealth with what matters most.  

Schedule a Strategy Session  

The best way to determine if we’re the right fit? Talk with us.  

In this complimentary, no-pressure session, you’ll meet with a Plancorp wealth advisor to explore how we can help you achieve your goals. 

No need to prep anything—we'll use this time to get to know you, answer your questions, and see if we're the right fit. On your strategy session, we’ll: 

• Discuss your goals, concerns, and financial questions  

• Get a sense of how we work and how we’d approach your situation  

• See whether our services align with your needs and expectations  

Not Quite Ready? Start with Our Client Guide  

Still exploring your options? That’s completely normal. Our New Client Guide explains exactly how we help and what you can expect in a relationship that goes beyond basic advice. Use it to get to know our services, team, experience, and fee-only model that you can trust.