The term Wealth Management refers to a professional investment and advisory service that offers financial planning, investment management and other types of specialized financial advice. Wealth management services are usually provided to clients such as high net-worth individuals and business owners, who seek professional financial advice from a financial specialist, generally incorporating all financial assets of the client, with the ultimate goal of growing his or her wealth.
Wealth management services can be provided by a specialized financial services firm or even a unit or subsidiary within a bank. Clients have access to a wide range of financial services from investment decisions and tax planning to real estate management.A client may need to have a minimum financial net-worth to be eligible for these services. The type of clientele and minimum criterion required for qualifying for these services may vary in different institutions and in different countries. Wealth management services are especially advantageous when an individual has a large number of assets and needs professional assistance to manage them. In some cases, wealth management services may also be customized to meet the client’s specific requests.