The term 'wealth management' is used often in various settings, whether in mainstream financial articles or by financial advisors to their clients. Its meaning is straightforward, as it describes the investment advisory services that a wealth manager (a firm or an individual) provides to an affluent client. The wealth management process is a consultative one, so the advisor must first understand a client's needs before creating a customised solution.

1. Understanding
Wealth Management
Kevin Neal
Business

2. 2
U n d e r s t a n d i n g
WEALTH MANAGEMENT
The wealth management process
is a consultative one, so the
advisor must first understand a
client’s needs before creating a
customised solution.
T
he term 'wealth management' is used often in various settings, whether in mainstream
financial articles or by financial advisors to their clients. Its meaning is straightforward, as it
describes the investment advisory services that a wealth manager (a firm or an individual)
provides to an affluent client. The wealth management process is a consultative one, so the
advisor must first understand a client's needs before creating a customised solution.

3. The idea behind wealth management is
that rather than having various solutions
and pieces of advice from different
professionals, an affluent client (or high-
net-worth individual) benefits from a single
manager who provides a holistic solution.
Some wealth managers provide services
in a variety of financial fields, while others
choose to specialise in specific areas.
Working Structure
In some situations, a wealth manager may
have to work together with other financial
experts and the client’s own team to come
up with a financial strategy that suits
the latter’s needs. Therefore, it’s vital to
understand that wealth managers work
to meet the needs of affluent individuals,
but not all such individuals need wealth
management advisors.
Wealth managers can be part of a larger
entity or work as a small-scale business.
Depending on the type of business they
handle, they can go by a different title,
including financial advisor or financial
consultant.
3
In some situations, a wealth
manager may have to work
together with other financial
experts and the client’s own
team to come up with a financial
strategy that suits the latter’s
needs.

4. To learn more about
this topic, visit the
blog of Kevin Neal.