Wealth management
From Wikipedia, the free encyclopedia
Wealth Management is a term that originated 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. Thus, wealth management encompasses asset management, client advisory services, and the distribution of investment products.
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.
Wealth management is a high level form of private banking that provides various types of investment, insurance and bank products and services. With the repeal of the Glass-Steagall Act in 1999, financial firms were finally able to provide all three of the above services from the same offices. With the emergence of wealth management as a career opportunity as well as a professional service in high demand, educational programs such as the New York University certificate program, the Swiss Finance Institute MBA in Wealth Management and the American Academy of Financial Management CWM Certified & Chartered Wealth Manager program are providing customized wealth management executive training to corporations and individuals alike. Singapore Management University (SMU), in collaboration with Wealth Management Institute (WMI) and Swiss Finance Institute (SFI) offers a MSc in Wealth Management to existing and aspiring wealth managers. As wealth management serves a much more affluent community, many government licensed lawyers and CFP's are involved in this type of high-net-worth consulting.
