Wealth management refers to the structuring, growing, preservation and protection of wealth. It incorporates multiple concepts such as tax planning, wealth protection, estate planning, succession planning and family governance. Wealth management has been designed to help individuals and clients (especially those with high net-worth) to protect their assets and reduce their financial risks. A wealth management advisor will gather information about his or her clients’ financial situation, and keeping in mind the clients’ needs and wants, will tailor a personalized strategy using a range of financial products and services.