Wealth management is an effective process of financial management that includes a variety of methods and services to assist you in growing and preserving your financial assets. Here, the first step involves understanding your financial goals and building a tailored strategy that can include estate planning, tax planning, financial planning, etc.

You can manage your wealth independently or hire a wealth manager to be a dependable financial counsellor to guide you through the process. But first, let's find out what the different types of wealth management entail.

The top 5 types of wealth management strategies include the following:

1. Financial Planning: A key component of wealth management is financial planning. It involves setting short- and long-term financial goals, budgeting, handling cash flow, assessing investments, preparing retirement plans, paying for school, managing risks, and other financial objectives. 

   Moreover, financial planning gives you a comprehensive understanding of your financial condition and assists you in making decisions that will help you reach your financial goals.

1. Asset Allocation: Asset allocation is a part of wealth management service where your wealth manager evaluates your risk tolerance, investment objectives, and time horizon to create a personalised plan for distributing your investments among various asset classes. By distributing your assets across many sectors, this approach diversifies your investments and limits risk. 

   Therefore, routine monitoring and rebalancing keep your portfolio aligned with your financial goals. To develop and implement an asset allocation plan that suits your specific needs and aids in achieving your financial objectives, your wealth manager will work directly with you.

1. Asset Management: Asset management is the process of professional management of a person's investments, including buying, selling, and keeping track of such investments on their behalf. Here, the wealth managers carefully manage the portfolio while considering the investor's risk tolerance, investment objectives, and market circumstances to maximise results. 

   Depending on the client's financial circumstances and investment goals, asset management may incorporate alternative assets, including real estate, hedge funds, and private equity.

1. Tax Accounting: Tax accounting is essential to wealth management as it helps individuals optimise their tax liability and maximise their after-tax returns. Wealth managers work closely with tax professionals to develop strategies for tax planning, including minimising taxable income, maximising deductions, and managing capital gains and losses. 

   They also stay updated with the changing tax laws and regulations to ensure their clients comply and can take advantage of tax-saving opportunities.

1. Estate Planning: Estate planning is another critical component of wealth management that entails managing your money during your lifetime and developing a strategy for how your assets will be distributed after your passing, in line with your plans. 

   These methods are intended to reduce taxes, effectively transfer assets to your beneficiaries or heirs, and protect your legacy. Estate planning also gives you peace of mind by ensuring that your estate is handled successfully and following your instructions.

The goal of wealth management is to preserve funds for the long term. Therefore, the process generally involves several steps carried out by a wealth manager who works closely with you.

1. Assessing your goals: First, your financial goals, risk appetite, and investment horizon are assessed to create a personalised plan. The wealth manager considers your tax liabilities, liquidity needs, and current investments.
2. Creating a specific plan: Next, the strategic plan is executed. Your money is invested in preferred financial instruments, and the wealth manager implements your investment strategy.
3. Monitoring and modifying the plan: Continual monitoring and evaluation follow. As your needs and preferences change, your wealth manager makes necessary modifications to your plan, ensuring it stays aligned with your evolving financial objectives.

Overall, wealth management strategies aim to safeguard and grow your wealth over a long period, with careful planning, execution, and ongoing adjustments to help you achieve your financial goals. It involves several strategies, such as financial tax planning, estate planning, asset allocation, and asset management. 

So, by implementing these different types of wealth management strategies, you can optimise your financial resources, mitigate risks, and work towards achieving your financial goals. You can also seek professional guidance to get the best advice based on your assets and future goals.