UK Accounting Glossary
Wealth Management is the practice of offering high net-worth individuals (or organisations) investment management and financial advice, alongside estate and tax-planning services as part of a unified professional service.
In recent years this part of the financial sector has grown rapidly as a result of an increase in the number of wealthy individuals across the world.
Banks, brokerages, and professional trust companies offer services including options for investment (portfolio) management, retail banking, accounting & tax services, estate planning and legal counsel, all from one office. These services are provided by wealth managers, who are financial advisory specialists holding credentials such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), Chartered Strategic Wealth Professional (CSWP), or MBA.
I met with my banks wealth management department, but I was totally unprepared for how expensive their fees would be.
The wealth management strategy employed by the financial adviser for his client was exceptionally excellent as the investments were diverse.
The wealth management landscape starkly contrasts other banking areas such as fixed income, currencies and commodities.
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This glossary post was last updated: 4th May 2019.