Wealth Management

Wealth Management is a term that originated in the 1990s in the United States among broker dealers, banks, and insurance companies. It has generally evolved from high net worth financial consulting for persons who are top clients of any firm.

As the group of affluent investors continues to grow and age, along comes the increase of help needed for them to address the issue of how to manage their wealth.

Wealth management is done through the integration of a client's investment, tax and estate plans into an all-encompassing plan to accomplish their individual objectives. The main objective is to assist clients in reinforcing and achieving life goals through proper management of their financial resources

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 a high level form of private banking that provides the various types of investment, insurance and bank products and services. Generally, private banking refers to major institutional banks which offer financial services to private individuals. Private banks are banks which are not incorporated, and hence the entirety of their assets is available to meet the liabilities of the bank.

The word "private" also alludes to bank secrecy and minimizing taxes via careful allocation of assets. An offshore bank account may be used for this purpose.

With the emergence of wealth management as a career opportunity as well as a service, educational organizations are providing customized wealth management training. As wealth management serves a much more affluent community, many government licensed lawyers and CPA's are involved in this type of high net worth consulting.

Persons engaged in wealth management, like financial planners and investment managers 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.

Their functions include leveraging the resources of strategic partners and other providers of expert services; carefully managing business growth to avoid disintegration of substantial client relationships and ensure support to newly developing relationships and service expectations; developing an expanse and abysmal affinity with all clients, administering as much of their financial life as possible; and taking advantage of product and service developments to bring the very best to their clients.

This breadth and profoundness of relationship enables the wealth manager to materialize and execute highly customized solutions that answer virtually every aspects of a client's financial well-being.

The drivers of a successful wealth management practice are thoughtful and conscious strategic decisions; steady and sustained growth; broad and deep client relationships; the ability to leverage the resources of strategic partners and other providers of expert services; an institutionalized/systematized service model; awareness of new products and solutions; and flexibility and readiness to be challenged by changes.

Copyright 2007 Ismael D. Tabije

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