The responsibility of advisors revolves around both helping families to keep doing the “right” thing and providing them with as much comfort as possible in doing so.

—Jean Brunel

We discussed in the Preface that wealth management geared toward individuals is fundamentally different from money management for institutions. Money managers are focused on the portfolio, whereas wealth managers are focused on the client; therefore, wealth management is a more comprehensive, customized, and complex approach that captures a broad array of issues and interactions that asset managers can often safely ignore. Exhibit 1.1 presents a series of important elements of the wealth management investment process. This chapter provides an overview of that process and is a road map for the rest of this book, which establishes a framework for an effective wealth management practice. We provide a brief introduction of these ideas in this chapter to give an overall perspective, and leave more detailed treatment for the relevant chapters that follow.

EXHIBIT 1.1 The Wealth Management Investment Process


The wealth management investment process can be organized into four general, interrelated categories.

1. Client relationship. The start of any wealth management process is establishing a solid client relationship built on communication, education, and trust. These ...

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