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What is Holistic Wealth Management?

Many people hear the term “wealth management” and assume it refers to a financial advisor or investment advisor who manages your investment portfolio. In fact, many people might think holistic wealth management or holistic financial planning isn’t for them if they don’t have a lot of money. But that couldn’t be further from the truth. In fact, because of the more well-rounded and goals-based approach that holistic financial planning takes, it makes it even more well-suited to the average person.

Holistic wealth management — or holistic financial planning — is a type of financial planning that looks at every piece of your financial life to create a financial plan that suits your needs. Holistic wealth management goes far beyond just investment management, or even just money management. It also accounts for your personal goals, major life events, and the future you see for you and your family.

How Does Holistic Wealth Management Work?

According to the brokerage firm Fidelity, there are three key principles to holistic financial planning: continuous, personal, and comprehensive services.

  • Continuous: Many people see a financial planner just once to make sure they’re on the right track. But holistic wealth management is a continuous process. It requires continuous monitoring and adjusting as a client’s life situation and goals change.
  • Personal: Holistic financial planning must also be personal. Because your personal life has such a deep impact on your finances, a holistic financial planner should look beyond the surface of your finances, especially as you reach major life events.
  • Comprehensive services: Holistic financial planning should take a comprehensive approach and include every area of your finances, including cash flow, investments, retirement, insurance, business planning, debt management, and more.

As we mentioned, an important part of holistic wealth management is that it’s comprehensive and takes into account every factor in both your financial and personal life. Here’s a list of the services holistic wealth management is likely to include:

  • Goal setting: One of the most important jobs of a holistic financial planner is helping you to set and achieve your goals. In some cases, you might visit a financial planner because you have specific goals you want to reach. But if that’s not the case, the financial planner can help you identify your goals.
  • Values identification: In addition to identifying your goals, a holistic financial planner may also work to identify your values. While it may not seem like it, your values are closely tied to your finances, and a financial planner can better help you with your finances if they understand their values.
  • Life event planning: Another important role of a holistic wealth manager is helping you plan for life events like marriage or divorce, having a baby, buying a new home, and more. These may be singular events, or they might be events that will impact your finances for years to come.
  • Cash flow management: As a part of comprehensive financial planning, a holistic wealth manager will help you manage your cash flow. They’ll help you identify the money coming in and going out and help you find a better balance in your spending.
  • Debt management: If you’re working to pay off debt, a holistic wealth manager will also help with that. They’ll help you prioritize your debt and craft a debt payoff plan that works in cohesion with your other financial goals and plans.
  • Protection: An important part of managing your finances is protecting them. A holistic wealth manager will help you protect the wealth and life you’ve built. This step includes helping you build an emergency fund and ensuring you have the appropriate insurance policies in place for every possible emergency.
  • Growth: As you would imagine, an important job of a holistic wealth manager is helping you to grow wealth. A planner does this by helping you craft your asset allocation and manage your investment portfolio in a way that fits your goals and risk tolerance.
  • Retirement planning: Planning for retirement is one of the most important jobs of any financial planner, and holistic planners are no exception. A holistic wealth manager will help you identify your retirement goals and make sure you’re on track to reach them. A holistic wealth manager looks beyond just the money you’ll need during retirement to examine what you really want your life to look like during those years.
  • Tax planning: Another important job of a holistic financial planner is tax planning. Your planner can help ensure you’re doing everything correctly as it relates to your taxes and can identify ways to help you reduce your tax burden.
  • Estate and long-term planning: Holistic wealth management also includes planning for the future. A planner will work with you to create a long-term plan that includes what will happen to your assets after you pass away.
  • Charitable giving: Many people want to be more generous in their later years, using some of the wealth they’ve worked to build in a way that helps others. A holistic financial planner can help you do this in a way that benefits not only those you’re giving to, but also your own finances.

Our Take

Holistic wealth management includes comprehensive financial planning that goes far beyond just your finances. It looks at your personal life to ensure your financial moves and personal goals and values really line up. It also follows you through every life phase and life event to ensure your finances are prepared and protected.

Holistic financial planning isn’t just for wealthy individuals. Because of the comprehensive approach it takes, it can help anyone set and reach their financial goals and feel confident in their money.

If you’re just starting your financial journey, free tools can go a long way in helping you reach your goals. The Personal Capital financial dashboard has tools to help you plan your goals, manage your cash flow, track your net worth, make sure you’re on track for retirement, and more. Sign up for free today.

Learn More About Personal Capital’s Wealth Management Services



The content contained in this blog post is intended for general informational purposes only and is not meant to constitute legal, tax, accounting or investment advice. You should consult a qualified legal or tax professional regarding your specific situation. Keep in mind that investing involves risk. The value of your investment will fluctuate over time and you may gain or lose money.

Any reference to the advisory services refers to Personal Capital Advisors Corporation, a subsidiary of Personal Capital. Personal Capital Advisors Corporation is an investment adviser registered with the Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC.

Todd Burnaford is a Senior Financial Advisor of the Private Client Group at Personal Capital. He has been with Personal Capital since 2017.
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