What’s the Meaning of Wealth Management?

By Chris Duderstadt

March 8, 2024

What’s the Meaning of Wealth Management?

Key Points – What’s the Meaning of Wealth Management?

  • Getting Perspective from Modern Wealth Management Team Members About the Meaning of Modern Wealth Management
  • Reviewing the Four Types of Wealth
  • Understanding the Meaning of Wealth Management by Working with a Team of Wealth Management Professionals
  • What Does Wealth Management Mean to You?
  • 6 Minutes to Read | 23 Minutes to Watch

What Does Wealth Management Mean to You?

It’s hard for our team to believe, but it’s almost been one year since the launch of Modern Wealth Management. As our firm continues to grow, we’re constantly pondering the question, “What is the meaning of wealth management?”

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The Meaning of Wealth Management to Our Modern Wealth Management Team

You’ll be hard-pressed to find someone more passionate about the meaning of wealth management than Modern Wealth Management Managing Director Ken Osiwala, AIF®. Ken shared some of his sentiments about the meaning of wealth management on The Guided Retirement Show with Managing Director Dean Barber when he defined true wealth.

“When you really look at life, wealth has nothing to do with how much money you have. The money is a tool, but it isn’t necessarily your wealth. That’s the way I really look at it.” – Ken Osiwala, AIF®

Wealth Management Is Much More Than Your Asset Allocation

The more Ken has thought about the meaning of wealth management, the more he’s been motivated to share it with others. He’s heard a lot of people say that the meaning of wealth management is all about asset allocation, but that simply isn’t true. Asset allocation is just a small piece of it.

“If you really think it through, someone trades their life, which is their time, to create the wealth that they have. That’s when they walk into our office and ask us what to do with their money. But again, that’s just part of it. The other part of it is what their money allows them to do.” – Ken Osiwala, AIF®

Four Types of Wealth

When it comes to the meaning of wealth management, it’s critical to understand that there are four types of wealth. Let’s review them.

As you can see, all four types of wealth are intertwined with each other. How are you going to go about managing them?

“The meaning of wealth management is making sure you can coordinate and integrate all those types of wealth through a hierarchical process of making decisions so that you live your life intentionally.” – Ken Osiwala, AIF®

Understanding Wealth Management with Our Retirement Plan Checklist

When you’re thinking about your wealth management needs as you’re approaching and going through retirement, make sure that you have a copy of our Retirement Plan Checklist handy. It’s comprised of 30 yes-or-no questions that gauge your ability to successfully get to and through retirement. It also includes age-based and date-based timelines of important retirement planning considerations. Download your copy below to get a better grasp of the meaning of wealth management.

Meaning of Wealth Management

Retirement Plan Checklist

“Wealth management involves understanding all the things that need to be checked off and defined for the purpose of someone’s underlying success. That way they know if their money is doing what they wanted it to do.” – Bud Kasper, CFP®, AIF®

Working with a Team of Professionals to Handle Your Wealth Management Needs

If you fully understand the meaning of wealth management, hopefully you’ll realize that there is a lot to manage when it comes to your wealth. At Modern Wealth, we believe that it’s too big of a task to ask of yourself or of one financial advisor. That’s why we have a team of professionals at Modern Wealth that consists of CFP® Professionals, CPAs, CFAs, estate planning specialists, and insurance specialists.

Think about it this way. Would you rather depend on one financial advisor to know everything about your personal goals (financial and nonfinancial), tax situation, insurance needs, risk tolerance, and investments? Or would you rather work with subject matter experts in each area that all work together, all while putting your interests ahead of their own?

Couples Financial Planning

One of the biggest obstacles people have with understanding the meaning of wealth management is knowing where to get started. How much do I need to retire? Isn’t that the obvious question that everyone wants a quick answer to while they’re working? Getting the answer to how much you need to retire isn’t as simple as plugging in numbers to a retirement calculator. That should become quite evident if you review our Retirement Plan Checklist.

At Modern Wealth, we build forward-looking financial plans that are built around an individual’s needs, wants, and wishes and consider those financial planning pillars that we just discussed. Doing so will help us get to the bottom of how much you need to retire.

As Ken mentioned, the next question that people tend to ask usually involves what they need to be invested in. Again, investments are just one part of the equation when it comes to the meaning of wealth management. You first need to outline your needs, wants, and wishes before you even think about bringing investments into the picture. And this isn’t just about you if you’re married. What are your significant other’s needs, wants, and wishes?

“Wealth management begins with open and honest communication between your significant other and your financial advisor. What do you want the rest of your life to look like?” – Dean Barber

Creating a Spending Plan

If you’re still working, it’s crucial to understand that there’s a big transition that takes place as you go into retirement. Once you’re retired, it’s time for your money to start working for you. So, once you’ve decided what’s important to you, you’ll create a spending plan (A.K.A., a budget) that puts a price tag on those needs, wants, and wishes.

Gaining Confidence, Freedom, and Time

Keep in mind that your goals, market conditions, your health, tax rates, inflation, and so many other things are going to change over time. That’s why we stress test people’s financial plans over past periods with poor market conditions, high inflationary/interest rate environments, high tax rates, etc. to see if your plan can survive those difficult times. If you should face similar conditions while you’re in retirement, we want you to be prepared.

“We always talk about beginning with the end in mind. We’re trying to design something that’s going to be meaningful for yourself and your family.” – Matt Kasper, CFP®, AIF®

We want to show you what your plan’s probability of success is to get to and through retirement so that you have confidence that you’re doing the right things with your money, freedom from financial stress, and time to spend doing the things you love.

“That gives you a permission slip that allows you to do the things that you want to do.” – Ken Osiwala, AIF®

Do You Have Any Questions About the Meaning of Wealth Management?

Hopefully everything that we’ve shared has given you some additional perspective on the meaning of wealth management. If you have any questions about what we’ve covered and/or about your unique wealth management situation, start a conversation with our team below.

Schedule a Meeting

Our team is ready to assist you with your wealth management plan. Remember that your money (financial wealth) is just one part of the wealth management equation. Let’s discuss all aspects of wealth management so that you can gain more confidence, freedom, and time throughout your lifetime.

What’s the Meaning of Wealth Management? | Watch Guide

00:00 – Introduction
– Defining Wealth
– Defining Wealth Management
07:33 – How Wealth Management is Perceived At-Large
– Surrounding Yourself with a Team
– Planning Ahead for Life’s Challenges
– What We Learned Today


Past Shows


Investment advisory services offered through Modern Wealth Management, LLC, an SEC Registered Investment Adviser.

The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Adviser. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.