Wealth Management: An Overview

Abstract

Wealth management is both an art and science. It involves understanding the client very well. Effective wealth management should be broad – in the sense that it takes into account all aspects of a client’s financial life – and deep – through an awareness of a client’s values and priorities. Factors like increased volatility and uncertainty, the growing number and complexity of financial products available, and increased personal responsibility for retirement planning have made many previously confident investors realize that they do, in fact, need advice. In recent years, the proliferation of wealth management products and innovative financial services has contributed to the steady growth of wealth management as an attractive and lucrative service sector within the financial industry around the world.

Keywords: Wealth management, Customer relationship