Wealth management can be defined as an advanced discipline relating to investment advice, which incorporates specialist monetary services and financial planning. The main objectives are providing families dealing with retail banking, legal resources, investment management, tax advice and is intended to support and grow the wealth in the long run. Monetary planning can help people who are accumulating wealth or have already done.
Wealth management can be illustrated through self-government consultants or large legal entities, such as Citibank and Citigold other extensions in the services related to retail banking sector is designed to focus on clients involved in the value of retail sales networks high. Customers of this type can be classified as "top retail 'or' mass wealthy" clients because of their net worth of potential products of their property by the bank's activities in its management, and many others segmentation methods.
Banks create exclusive services, branches and other benefits for retaining or attracting customers may obtain additional benefits compared to customers with retail banking details. It must, however, noted that clients of wealth management can not be defined as' private banking clients "because it does not justify the criteria for the banking services offered by private banks.
Background
The term "Wealth Management" has its origins in the 90s in the United States through insurance companies, banks, traders and agents. Traces the evolution of high net worth management consulting wealth fund for people who happen to be customers higher than any of the companies, private banks, high level, which includes provisions for different types of investment, banking and insurance products. With the passage of the Glass-Steagall Act in 1999, companies were able to prepare money for the 3 services from a single office.
With the emergence of asset management as a professional service, with career opportunities, educational programs such as AAFM, I. e. American Academy of Financial Management and certified by CWM Chartered Wealth Manager plan is being prepared for the change in wealth management training for individuals and businesses. Wealth Management is used to serve the affluent community, with analysts Chartered currency appreciation, certificates of wealth managers, accountants, lawyers with government license, insurance professionals, etc.
Criteria for several countries
In the United States, only CPA and lawyers available to the leave provided by the government to provide advice on tax or legal matters related to the management of wealth complicated tax laws, estate planning, retirement, or other legal matters such as divorce or business management.
In Australia, the asset management rules are such that only consultants who can benefit PS 146, i. e. Policy Statement no. 146, shown in the Reform Act 2001 Financial Services, administered and regulated by ASIC, I. e. Of the Australian Securities and Investments are allowed to advise on financial products to retail customers.
Job profile
People engaged in asset management usually work for brokerage firms, investment banks, accounting firms, law firms, offices of trust, consumer banks, or portfolio management and investment firms. The smallest, such as registered advisers may also provide a wide range of services related to family and office.
Products covered include asset management and securities trading in equities, investment-related shares, derivatives and structured investment products, the exchange of investment funds and unit trusts, investment and property management, etc. on to wealth management, alternative investments include art, wine, precious metals, etc.