Wealth Management is a broader set of services than private banking for the wealthiest clients (especially HNWI or UHNWI = High Net Worth Individual or Ultra High Net Worth Individual), which includes financial planning, investment portfolio management and other financial and non-financial services. Services are provided by Wealth Manager.
Large Assets Owners seek experienced Wealth Managers to coordinate banking services, investment services, investment portfolio management, intergenerational asset transfer, tax advice, legal advice and other specialized services.
Wealth Management can be provided by both banks and non-banking entities. Large banks hire trusted external partners for some of the Wealth Management services.
Non-banking entities have more opportunities to choose cooperating partners. Unlike banks that do not allow banking licenses to provide other services such as legal and tax advisory services, a non-banking entity does not have such tied hands.
Wealth Management service is available in the Czech Republic for financial assets from 100 million crowns.