IntroductionThis report covers several areas of wealth management such as what it seeks to achieve, how a wealth management company is licensed, who can use this service, alternative options for a client and the macroeconomic environment and legislative influences.Wealth ManagementWealth management is a practice that best describes the combination of personal investment management, financial advice and financial planning for profit wealthy clients. Robert J. McCann, former president of Global Wealth Management at Merrill Lynch, was quoted describing wealth management as addressing "all aspects of a client's financial life in a consultative and highly individualized manner." " (Financial Times Lexicon, 2014, online) Wealth management seeks to help increase the size of a client's investment portfolio, generate portfolio income, do a mix of the two or it may seek to preserve a portfolio. Wealth management seeks to achieve these goals by using a number of different strategies based on the client's personal or professional goals. Services are unique to each client and customized to meet the clients' objectives. of wealth management is not only to provide investment advice but also to cater to the financial lives of clients This is achievable through management, advice and planning around clients' objectives Authorization and remuneration. As a private bank, regulatory authorization is required. Authorization must be obtained from the Financial Conduct Authority (FCA) to carry out any regulated activity. The promotion, sale, management and advice of investments are regulated activities, meaning the firms involved must be authorized by the FCA. The FCA also ensures that many pr...... middle of paper ...... accessed 03/12/2014) FCA Handbook, (2014), COBS 6.2A Description of advisory services, http ://fshandbook. info/FS/html/FCA/COBS/6/2A (last accessed 03/11/2014) Financial Times Lexicon, (2014, Wealth Management, http://lexicon.ft.com/Term?term=wealth-management (Last accessed 03/12/2014)Findawealthmanager, (2012), What are advisory, discretionary and execution-only investment services https://www.findawealthmanager.com/definitions-advisory-? discretionary-and-execution-only-services (Last accessed 03/11/2014)FSCS, (2014), Investment Limits, http://www.fscs.org.uk/what-we-cover/eligibility-rules/ compensation-limits/investment-limits/ (last accessed 03/13/2014)HM Treasury, (2013), The UK Investment Management Strategy, https://www.gov.uk/government/uploads/system/uploads/attachment_data/ file/258952/uk_investment_management_strategy_amended.pdf (last accessed 13/03/2014)