Wealth Management is classified as an advanced type of financial planning that provides High net worth individuals and families with private banking, estate planning, asset management, legal resources, and investment management, with the goal of sustaining and growing long-term wealth. The usefulness of and the need for wealth management is inherent in its name. Whereas financial planning can be helpful for individuals who have accumulated wealth or are just starting to accumulate wealth, you must already have accumulated a significant amount wealth for the wealth management process to be effective.
Examples of Wealth Management include independent advisors like Insurance and mutual fund agents or large corporate entities like Citibank's Citigold and other extensions of retail banking services designed to focus on High-Net Worth retail customers. Such customers would be called internally in a bank 'mass affluent' or 'upper retail' clients because of their Net worth, the number