The Smart Investors

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.

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.

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