WEALTH MANAGEMENT AND FINANCIAL PLANNING

Abstract

The term "wealth management" occurs as at least as early as 1933. It came into more general use in the elite retail divisions of firms such as Goldman Sachs or Morgan Stanley , to distinguish those divisions' services from mass-market offerings, but has since spread throughout the financial-services industry that had formerly served just one family opened their doors to other families, and the term Multi-family office was coined. Accounting firms and investment advisory boutiques created multi-family offices as well. Certain larger firms have "tiered" their platforms – with separate branch systems and advisor-training programs, distinguishing "Private Wealth Management" from "Wealth Management", with the latter term denoting the same type of services but with a lower degree of customization and delivered to mass affluent clients.