Which of the following best describes wealth management?

Wealth management is best described as a comprehensive approach to managing all resources, as indicated in the correct answer. This holistic perspective encompasses not only investment management but also integrates various aspects of an individual’s financial life, including estate planning, tax optimization, risk management, and retirement planning. This ability to draw from multiple financial disciplines allows wealth managers to develop tailored strategies that address the unique needs and goals of their clients.

This comprehensive nature is what differentiates wealth management from a narrow focus on specific areas, such as merely managing investments or cash flow, which do not comprehensively address a client's overall financial well-being. Wealth managers consider the interplay between different financial elements, ensuring a cohesive strategy that aligns with long-term objectives. By contrast, options that suggest wealth management is limited to investment management, retirement planning, or managing cash flow alone miss this broader picture and the intricate relationships between various financial factors that wealth management aims to address.