From the course: Financial Planning and Wealth Management Fundamentals
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What is wealth management?
From the course: Financial Planning and Wealth Management Fundamentals
What is wealth management?
Okay, so now that we've answered the question, what is the difference between asset and wealth management, let's focus on the wealth management side of things. So wealth management is a financial advisory service that understands that substantial personal wealth demands customized, bespoke strategies connecting every part of someone's financial life. It's about collaboratively designing custom-tailored wealth management solutions for unique and at times really complex goals, providing clients with a single access point to manage it all. So if we were to take all of the services that a typical global wealth management firm provides, what you would see is that all of these services together aim to help in three key areas of a client's financial life, and that's in planning, investing, and banking. Now let's expand on each of those categories a bit more. So planning is anything that's going to involve customized, ongoing analysis of a client's unique financial situation that then uses…
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