Wealth management is a high level form of private banking that provides the various types of investment, insurance and bank products and services.
Wealth Management is a term that orginated in the 1990s in the United States within Broker Dealers, Banks, and Insurance Companies. Wealth Management has generally evolved from high net worth financial consulting for persons who are top clients of any firm. Wealth Management is classified as an advanced type of financial planning that provides individuals and even families with private banking, estate planning, asset management, legal service resources, trust management, investment management, taxation advice, and portfolio management. Wealth Management is sometimes referred to as private wealth management. Persons engaged in wealth management usually work for brokerage firms, large banks, trust departments, or investment and portfolio management firms. Boutique firms such as a Registered Investment Advisor also tend to provide a wide array of family office services.
· 1 decade ago