Essay on Wealth managment

Submitted By karen173
Words: 508
Pages: 3

Wealth management as an investment-advisory discipline incorporates financial planning, investment portfolio management and a number of aggregated financial services. High-net-worth individuals (HNWIs), small-business owners and families who desire the assistance of a credentialed financial advisory specialist call upon wealth managers to coordinate retail banking, estate planning, legal resources, tax professionals and investment management.
When you have a bank account, you can typically use any branch of your bank to make deposits, withdrawals or otherwise. The reason you’re able to do this is because all of the branches belonging to your bank, through computer communication, are essentially “wired” together and have access to the same information though high-speed communication means. This can also be called a wire house.

In the example above, wire house doesn’t refer to the branch itself, but to the company (house), which organizes its many locations by providing them with the same level of access to information. Those old enough to remember the pre-computer era of banking realize the term is still a relatively new one. Prior to the ability to communicate via computer from bank to bank, no company could be called a wire house. If you wanted instant access to your funds, you’d visit the bank that was your home branch, since it had direct information about your bank balance.

When computers were first developed, they were massive machines not intended for home use. High-speed connections between different parts of a company or different branches of the same bank were common in businesses long before they were affordable for use at home. Only the biggest companies could afford the expense of being able to provide communication from office to office, and frequently these companies were brokerage firms. It thus became common to refer to a large brokerage firm as a wire house, as they were wired together so that the same information…