Wealth management is a service that helps with the management of assets. It includes the purchase, sale, and preservation of these assets. Wealth managers are also responsible for providing financial planning and investment advice.
On the other hand, Assets management is a process of managing an organization’s assets in order to provide a return on investment. Assets managers need to be aware of the risk associated with each asset they are managing and make sure they are adequately compensated for their efforts.
The distinction between Wealth management and Assets management is not a fixed one. It usually depends on the context in which the terms are used.
Wealth management is generally seen as a more holistic process, where assets are just one of the many factors that are taken into account. Assets management, on the other hand, can be seen as a more narrow process that focuses primarily on managing assets to maximize return on investment.
Wealth management is about maximising the financial net worth of an individual or a family. It focuses on increasing and managing various kinds of assets to create a holistic portfolio that would have all the necessary components in it to create financial security for the individuals.
Assets management on the other hand, is considered as a more tangible form of wealth management. It focuses on investing in physical assets like properties, stocks and securities, intangible assets such as patents and copyrights and most importantly, people.