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What is Wealth Management?

Malcolm Tatum
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Updated: Feb 16, 2024
Views: 43,497
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Wealth management is a financial service concept that emerged as a specific offering during the 1990s. Generally, firms that offer such a package provide a wide range of financial services to their clients that will include such basic elements as estate planning, asset management, and even private banking options. The use of this service can be helpful when an individual has amassed a large amount of assets and needs assistance in managing all of them effectively.

In the best examples of wealth management, the client will be able to take advantage of a wide range of services that can include the management of everything from the mundane daily task of balancing the checkbook to long range planning for a trust or estate. One of the more popular aspects of such a package is managing investments and the tax planning that is associated with them. This financial service can also be helpful for people who are just beginning to grow their assets, and who would rather spend time dealing with other issues than managing their finances.

Because wealth management is a form of private banking services, people who want to enter the field usually prepare by obtaining educational credentials that are directly connected to financial disciplines. A wide range of professionals may be involved in these services, including attorneys, certified public accountants, insurance professionals, and brokers. In recent years, accredited courses and seminars on wealth management have become more common as the demand for this type of service has increased.

The services included with a wealth management package will often include management of the investment portfolio, with brokers empowered to buy and sell on behalf of the client. Attorneys will help to structure family corporations, trusts, and other components that can make estate planning more complete. When it comes to taxes, the service will also clients prepare all reports and returns, offer advice on tax laws related to various aspects of the estate, and provide general advice that is in the best interests of the client.

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Malcolm Tatum
By Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing to become a full-time freelance writer. He has contributed articles to a variety of print and online publications, including WiseGeek, and his work has also been featured in poetry collections, devotional anthologies, and newspapers. When not writing, Malcolm enjoys collecting vinyl records, following minor league baseball, and cycling.
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Discussion Comments
By latte31 — On Aug 31, 2010

Subway11- I also heard that HSBC will also help the customer with purchasing a home abroad. They usually provide discounts on the mortgages offered to these individuals. It is usually like a half of a point.

I also wanted to say that Bank of America has partnered up with Merrill Lynch in order to provide financial wealth management to its customers wanting to receive support from actively managed accounts.

The minimum requirement for actively managed accounts is $25,000. This wealth management group is called Banc of America securities, which is the global wealth management arm of Bank of America.

Many leading banks are offering these wealth assets management services so that customers will do all of their banking at the same bank. They want the customer to have a one stop shopping experience that makes it more convenient for the customer and more profitable for the bank. Since these customers already have accounts at the bank it is easier to get them to allow the bank to handle their investments than it would for a new customer that is unfamiliar with the bank.

This is why these types of services are growing among today’s leading banks.

By subway11 — On Aug 31, 2010

Many banks have wealth management divisions in order to service their higher end clientele. For example, HSBC offers an account called Premier Services in which account holders have to have a minimum banking relationship of $100,000 in order to qualify for this account.

The bank offers what it considers to be the 13 wealth assets management steps that include insurance needs, investments needs and preservation of capital, tax strategies in order to minimize the financial tax burden, business support and succession as well as estate planning.

This company provides these individuals with wealth management advisors that are called their personal Premier Manager; it also provides global wealth management services as well because the company provides uniformity of services worldwide.

So if the premier customer were traveling abroad and needed to service their account or needed premier services in that foreign country, a premier services manager would be assigned to assist the premier account holder.

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Malcolm Tatum
Malcolm Tatum
Malcolm Tatum, a former teleconferencing industry professional, followed his passion for trivia, research, and writing...
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