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Wealth management

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Wealth Management is an advanced investment advisory discipline that incorporates financial planning and specialist financial services. The key objectives are to provide high net worth individuals and families with tailored retail banking services, estate planning, legal resources, taxation advice and investment management, with the goal of sustaining and growing long-term wealth. Whereas financial planning can be helpful for individuals who have accumulated wealth or are just starting to accumulate wealth, one must already have accumulated a significant amount of wealth for the wealth management process to be effective.

Wealth management can be provided by independent financial advisers or large corporate entities whose services are designed to focus on high-net worth retail customers. Such customers would be considered 'mass affluent' or 'upper retail' clients because of their net worth, the number of potential products they own from financial institutions, their assets under management and other methods of segmentation. Large banks and brokerage houses create separate sales forces, services and other 'benefits' to retain or attract these customers who are typically more profitable than other retail banking, brokerage, or insurance customers.

References

  • Hens, Thorsten (2008). Behavioural Finance for Private Banking. Wiley Finance Series. ISBN 0-470-77999-3. {{cite book}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)


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