Wealth Management sits at the intersection of a financial plan and the implementation of that plan. It is a service which provides ongoing coordination with the client given the evolution of their financial circumstances. All wealth management clients must first go through the financial planning process to identify planning objectives and concerns. The plan provides context for the implementation.
Most clients think wealth management means investment management, and investment management certainly is likely to be part of the implementation of any financial plan. However, wealth management stretches beyond just investment management and may include many of the following components:
The distinguishing characteristic of wealth management is that it is not a standalone service, but is an ongoing coordination of financial plan and implementation which changes as financial circumstance evolves.