IntroductionThis report covers several subject areas in wealth management, such as what it aims to achieve, how a wealth management company is licensed, who can use this service, alternative options for a customer and the macroeconomic environment and legislative influences. Wealth Management Wealth management is a practice that best describes the combination of personal investment management, financial advice and financial planning for the benefit of high net worth clients. Robert J. McCann, former president of Global Wealth Management at Merrill Lynch, described wealth management as addressing “every aspect of a client's financial life in a highly personalized, consultative manner. ” (Financial Times Lexicon, 2014, online) Wealth management seeks to help grow the size of a client's investment portfolio, provide income from the portfolio, do a combination of the two, or may seek to preserve a portfolio. Management wealth seeks to achieve these goals 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 clients' objectives. The purpose of wealth management is not just to provide advice on investments, but also provide for the financial lives of customers. This is achieved through management, advice and planning according to customers' objectives. Authorization and remuneration As a private bank, regulatory authorization is required to carry out any regulated activity you must obtain authorization from the Financial Conduct Authority (FCA). Investment promotion, selling, management and advice are regulated activities, meaning that the firms involved must be authorized by the FCA. The FCA also ensures that many investments pr...... middle of paper ......accessed 12/03/2014) FCA Handbook, (2014), COBS 6.2A Describing Advice Services, http://fshandbook. info/FS/html/FCA/COBS/6/2A (last accessed 11/03/2014) Financial Times Lexicon, (2014, Wealth Management, http://lexicon.ft.com/Term?term=wealth-management ( last accessed 12/03/2014) 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 13/03/2014)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)