Historically, private wealth management is a service that only the few wealthiest of retail clients of certain investment firms were able to take advantage of and were afforded a much higher level of service and product offerings than wast generally offered to the day-to-day clients. However, with a significant rise in the amount of high net worth investors over the last few years, there has been a higher demand for more sophisticated investment opportunities and expertise both nationally and internationally.
The term was first used by the elite retail (or "Private Client") divisions of firms such as Goldman Sachs or Morgan Stanley, to try and set themselves apart from the mass market offerings but has gone from strength to strength since then, now becoming a commonly used term throughout the finance industry. Some of the bigger firms such as the aforementioned ones, have even developed separate departments for Private Wealth Management some actually incorporating specific training schemes on the subject.
Private wealth management is frequently offered by the larger corporate institutions, independent financial advisers and multi-licensed portfolio managers whose services are designed to focus on high-net worth clients. Large banks and large brokerage houses create segmentation marketing-strategies to sell both proprietary and non-proprietary products and services to investors designated as potential high net-worth clients. Independent wealth managers use their experience in estate planning, risk management,and their affiliations with tax and legal specialists, to manage the diverse holdings of high net worth clients. Banks and brokerage firms use advisory talent pools to aggregate these same services.
Making sure you use the right private wealth management professional is vital to ensure that you save money while also seeing your investments develop and grow. The main companies offering these elite services incorporate a variety of services that are intended for investors with large amounts of assets, as well as family trusts and the smaller business accounts.There are a number of these firms and professionals who specialise in bringing together clients and needed money management services. This may even include tax advice and help with investment strategies to minimize financial obligations and outlays while maximising the returns and profits seen.