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If your personal fortune includes millions of dollars and a yacht or two, you may be the ideal candidate for working with a wealth advisor. Wealth advisors are the financial professionals whom affluent individuals often turn to when they need assistance managing their fortunes.

A wealth advisor is one type of financial advisor who focuses on managing the finances for ultra- and high-net-worth individuals and families. While wealth advisors have comprehensive knowledge of financial issues, they specialize in planning and strategies for the wealthy.

For all those reasons, billionaires typically rely on a team of financial experts, including tax specialists, estate planners, investment strategists and security advisors, to navigate their financial landscape effectively.

There is a direct correlation between the income of a wealth manager and how they find their ideal clients. We can determine that the most effective way for wealth managers to source wealthy and ultra-wealthy clients is through referrals from accountants, attorneys and other well-connected and influential individuals.

Any minimums in terms of investable assets, net worth or other metrics will be set by individual wealth managers and their firms. That said, a minimum of $2 million to $5 million in assets is the range where it makes sense to consider the services of a wealth management firm.

The factors a billionaires advisor considers include goals and objectives, risk tolerance, tax status, cash flow needs and entity structure in order to build an appropriate portfolio, Harding says.

The study reveals that 70% of millionaires work with a financial advisor, compared to just 37% of the general population. Moreover, over half (53%) of wealthy individuals consider their financial advisors their most trusted source of financial advice.

There isnt a hard-and-fast rule for how much money you need to get started with wealth management, but generally speaking, this is most beneficial for people with a net worth of $250,000 or more. Its also strongly recommended for business owners.