Glossary

Wealth management is a professional service that combines financial planning, investment advice, and other financial services to help high-net-worth individuals or families manage their wealth. 🏦

It usually involves a holistic approach, addressing a client's entire financial situation, including tax planning, estate planning, retirement planning, and risk management. Wealth managers work closely with their clients to set financial goals, develop tailored strategies, and monitor progress over time.

Example: A wealthy family might hire a wealth management firm to help them create a diversified investment portfolio, minimise taxes, and plan for the succession of their estate.

Fun fact: Some wealth management firms use a "family office" model, where they exclusively cater to a single ultra-high-net-worth family, providing personalised services and managing the family's entire financial life. This approach has gained popularity as the number of billionaires worldwide continues to grow. 🏘️