foxex: What is 'Wealth Management'?

Friday, October 11, 2019

What is 'Wealth Management'?

Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. It is a consultative process whereby the advisor gleans information about the client's wants and tailors a bespoke strategy utilizing appropriate financial products and services.

A wealth management advisor or wealth manager is a type of financial advisor who utilizes the spectrum of financial disciplines available, such as financial and investment advice, legal or estate planning, accounting, and tax services, and retirement planning, to manage an affluent client's wealth for one set fee.

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Related Definitions

Estate Planning

Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death.

High-Net-Worth Individual

A high-net-worth individual is a classification used by the financial services industry to denote an individual with liquid assets above a certain figure.

Financial Plan

A financial plan is a written document that outlines an individual's current situation and long-term goals and details the strategies to achieve them.

Portfolio Management

Portfolio Management involves deciding investment mix and policy, matching investments to goals, asset allocation and balancing risk with performance.