What is Wealth Management: ‘Holistic’

 Welcome to What is Wealth Management podcast, where I take a topic that wealth managers love to use, but most of the general public has no idea what it means. I call it demystifying the world of wealth management.

Today we are talking about the term holistic.

“Holistic”: The Most Overused and Absolutely Crucial Word in Wealth Management

Let’s talk about the word holistic.

It’s one of those terms that wealth managers love to toss around. Usually somewhere between “customized solutions” and “trusted advisor” and in the same sentence they use to try to impress a prospect on the golf course or in a LinkedIn post.

And let’s be real: it’s gotten a little out of hand.

You’ve probably heard it a dozen times in the past week if you’ve talked to anyone in this business. “We take a holistic approach.” “Our process is holistic.” “We provide holistic wealth management.”

But here’s the kicker: despite being buzzworded into oblivion, holistic isn’t fluff. When it’s done right, when it’s lived and not just listed on a slide deck, it’s the difference between giving clients investment advice and actually changing their lives.

So, let’s cut through the noise. What does holistic really mean in wealth management? Why does it matter? And why should you, the client, care?

The Anti-Silo: Where “Holistic” Begins

First, let’s define the word. Holistic comes from the Greek word holos, meaning “whole.” Not just the sum of parts, but the idea that everything is interconnected, and you can’t understand one piece without looking at the bigger picture.

In medicine, a holistic doctor doesn’t just give you a pill for your symptoms, they ask about your sleep, your stress, your diet, your childhood dog, whatever it takes to figure out what’s really going on.

In wealth management, it’s the same idea.

You’re not just a 401(k). Or a tax return. Or a brokerage account. You’re a whole ecosystem: career, family, values, ambitions, fears, blind spots, legacy goals, spreadsheets, and yes, emotions. And if your advisor is only talking to you about stocks and bonds, they’re missing 80% of what matters.

So a holistic advisor? That’s someone who doesn’t just help you “beat the market.” They help you align your money with your life.

Financial Planning Isn’t Just Math. It’s Personal.

The industry is full of brilliant number-crunchers. CFPs, CFAs, CPAs and all the alphabet soup all-stars. And yes, we need them. But being holistic isn’t about being smarter. It’s about being wider. More integrated. More human.

Here’s an example.

Let’s say you want to retire at 60. You come in, and the advisor says, “Great, based on your risk tolerance and time horizon, let’s allocate 70/30 and revisit annually.”

That’s fine. That’s table stakes.

But the holistic advisor? They ask: Why 60? What do you imagine your life looking like at that age? Is it about freedom? Travel? Getting away from a job you hate? Helping your grandkids through college?

And then they ask: What happens if a parent needs care before then? What if your spouse doesn’t want to stop working? What if markets tank the year you hit 59 and a half?

They don’t just model the numbers. They map the terrain. They plan around your real life.

Because real life doesn’t fit neatly into Monte Carlo simulations.

Your Tax Return Is a Treasure Map

Let’s get even more concrete.

Holistic advisors don’t outsource tax strategy as an afterthought. They look at your return like it’s a treasure map. Because hidden in those rows and boxes are opportunities: Roth conversions, charitable bunching, loss harvesting, entity structure tweaks, retirement plan design, the works.

It’s not just about how much you make. It’s about how much you keep.

Same goes for estate planning. If your advisor isn’t talking to your estate attorney, or worse, if you don’t have one. You’re flying blind with millions of dollars on the line.

Holistic wealth management means coordinating everything. Investments, taxes, insurance, trusts, corporate structures. And that coordination? That’s where the magic happens.

The Emotional Side of Money

Here’s what no one likes to talk about in a pitch deck: your emotions are driving the bus.

All of ours are.

Markets drop and fear kicks in. Headlines scream and you wonder if it’s time to sell. Your neighbor buys a boat and suddenly you’re rethinking your own lifestyle. Money isn’t rational. It’s tribal. It’s generational. It’s tied to self-worth, identity, and security.

Holistic advisors get that. They’re part financial expert, part therapist, part family mediator.

They know when to talk you down from the ledge and when to push you toward the edge of opportunity.

They don’t just manage portfolios. They help manage behavior. And over time, that’s where the biggest delta in wealth tends to show up, not in the allocation, but in the decisions made under pressure.

It’s Not Just About You. It’s About Everyone You Love.

One of the most overlooked parts of holistic planning? Family.

You’re not building wealth in a vacuum. You’re doing it for someone: your spouse, your kids, your community. A good advisor gets to know them too.

That might mean guiding your adult children through their first major inheritance, helping you plan for elder care for your parents, or navigating a complex blended family dynamic in an estate plan.

This stuff is messy. It’s not neat or clean or easy. But it’s real. And a holistic advisor leans into that mess. They don’t pretend it’s someone else’s problem.

Okay, So What Does a Holistic Firm Actually Do?

Here’s a checklist, not from a sales brochure, but from actual holistic firms that walk the walk:

• They build full financial plans before recommending products.

• They integrate with your CPA and estate attorney, or bring in their own.

• They review your insurance and liabilities: life, disability, umbrella coverage.

• They assess business interests and succession plans.

• They model taxes years in advance, not just in April.

• They talk to both spouses. And your kids, when the time comes.

• They help with philanthropic strategies if giving back is important to you.

• They check in during major life changes: marriage, loss, sale of a business.

• They track your goals, not just your returns.

That’s holistic. And yeah it’s a heavy lift.

But for the right clients, it’s transformative.

The Catch (Because of Course There Is One)

Holistic wealth management isn’t cheap. Nor should it be. It requires a team. A system. A lot of coordination. And frankly, a lot of time spent doing work that doesn’t scale easily.

Which is why many firms say they’re holistic… and then hand you a risk tolerance questionnaire and an 80-page plan no one ever reads again.

So if you’re a client reading this, here’s the sniff test: ask your advisor how they coordinate your taxes and estate plan. Ask them what happens when your life changes mid-year. Ask who they’re talking to on your behalf.

If they get squirmy? You’ve got your answer.

Final Thought: The Whole Is the Point

Look, there’s nothing wrong with a solid investment-only advisor if that’s all you need. Plenty of people do just fine with a competent portfolio manager and TurboTax.

But wealth isn’t just capital. It’s what you want your capital to do.

Holistic wealth management starts where spreadsheets end. It’s about making sure the left hand talks to the right, that your goals and your money are in sync, and that when life throws a curveball, because it always does, you’ve got a team that sees the whole picture.

Not just the part they get paid to manage.

Bottom Line? Holistic is not a marketing word. It’s a mindset. One that sees you as more than an account number. One that sees wealth as more than returns.

And when done right, it’s the kind of planning that lasts not just for your life, but beyond it.