Exploring Your Wealth Management Service Options: From DIY to Full Service

When I began my career in wealth management 25 years ago in Naples, Florida, we had a steady flow of Midwestern retirees who wanted to establish domicile as Florida residents. As part of that process, they would establish a relationship with a local bank and move their assets for management to their new town. Working for a regional bank trust department at the time, it felt like a formula. Couples came to us with a revocable trust of marketable securities for each spouse, as well as a Charitable Remainder Trust and an Irrevocable Life Insurance Trust—essential vehicles for directing excess wealth to charity for estate tax avoidance while using life insurance to replace, for the family, what had been given away to avoid the tax. The estate tax exemption was just $675,000 at the time, which meant that far more families were drawn into the realm of careful planning than they are today, compared to the $15 million threshold in 2026. This made the planning environment considerably more complex. Not only were retired couples seeking advice on these strategies, they were also looking to pay for professional management of their portfolios while they headed out to the golf course.

Shortly after, internet usage exploded, bringing a constant flow of information into everyday life. This changed the dynamics of the advice people were seeking. Access to information that was once found only through a strong advisory relationship was seemingly available to everyone, as the financial world manufactured endless charts, articles and predictions. Adoption was gradual—many retirees kept telling their advisors, “This is what I pay for. I don’t want to be bound to a computer in endless research; I want to enjoy my retirement.” We also began hearing, “I founded, ran and sold my company. My retirement will be spent managing my funds. Why do I need to pay a management fee when all the information is available?” There is some truth to those statements, but there is also an opportunity cost associated with spending your time learning to sort through the research and implementing those ideas to benefit your portfolio.

Option 1: Do It Yourself

Pick whichever online platform you prefer, set up an account, transfer in securities or cash and begin trading in minutes. It has never been easier to participate in the financial markets using a do-it-yourself approach. But most people don’t have the confidence to even begin—which makes the case that finding an advisor to help guide you is invaluable to long-term success.

Option 2: A Traditional Brokerage or Registered Investment Advisor

As a second option, you could select an advisor operating on a brokerage platform at a large wirehouse—such as Morgan Stanley or UBS—or work with a registered investment advisor (a firm registered with the SEC). While many organizations in this category excel at managing portfolios, they often fall short when it comes to examining the full financial picture of their clients and may be incentivized to recommend products that benefit their own bottom line.

Option 3: A Private Trust Company

What distinguishes a private trust company from other wealth management options is the depth of expertise, quality of advice and sense of discipline it brings to every client relationship. Trust companies have served wealthy families for generations, and that legacy is built on a foundation of rigorous fiduciary standards, specialized knowledge across investments, tax planning, estate planning, and trust administration and a long-term orientation that resists the temptation to chase short-term market trends. Where a self-directed investor may react emotionally to market volatility and a commission-based advisor may be nudged toward whatever product is being promoted, a trust company provides the steady hand of an experienced team whose sole obligation is to act in the client’s best interest. This discipline—the ability to stay the course through market cycles, family transitions and changing tax landscapes—is one of the most valuable and underappreciated services a trust company provides to the families it serves.

So how do you avoid being just another client to sell to—or spending hours each day trying to navigate the financial markets on your own? You choose a private trust company with a national charter, like Greenleaf Trust. We align ourselves entirely with our clients’ best interests, as evidenced by our independent ownership, transparent fee structure, in-depth and conflict-free internal research and strict avoidance of proprietary funds. We attribute our success to an intentional culture focused first and foremost on the client. We at Greenleaf Trust are proud to define what full-service, client-centric wealth management looks like and to offer this holistic service to clients across the country.