What are the disadvantages of wealth management?

[TheSmartInvestor]

Some of the disadvantages of wealth management include a hefty price for the services rendered, conflict of interest, and then overdependence on the judgment of the manager. Also, failure of the strategies might result in financial loss too.

[Stockfocus]

Managing wealth is quite expensive and that could be a major drawback. Additionally, there may also be conflict of interests especially when the managers want to sell some of their products to their clients.

[Festus]

I would also say that putting a lot of trust in wealth managers without understanding your own financial situation can be a bad idea.