What is the difference between asset management and wealth management?
What is the difference between this two concepts?
Please enhance you question with what you already know and where you have doubts. Right now, I should technically close it as either too basic or too broad.
The definitions will vary from organization to organization but generally:
- Wealth Management is the management (either direct or through distribution to other managers) of an individual investor’s money with an emphasis on service and client relations
- Asset Management generally can describe both managing individual assets (like Wealth Management) and managing collective investments (such as a pension fund), so Wealth Management is more a subset of Asset Management
Wealth Management and Asset Management are closely related to one another. However, there are differences between the two.
- Wealth management is broader in perspective and includes asset management services, investment management, real estate management, tax planning etc.
- Asset management is related to the management of assets and investments such as stocks, bonds, real estate and also other assest.
Wealth management and asset management are both services that are closely related to one another. Both wealth management and asset management come under the umbrella of private banking services. Wealth management and asset management are both financial services that are aimed at growing wealth, increasing investment income, increasing profitability and maximizing returns. Wealth management is quite broader in perspective and includes asset management services, investment management, real estate planning, tax planning, etc. Asset management, on the other hand, is related to the management of assets and investments such as stocks, bonds, real estate and other assets.