Wealth management

Certain larger firms (UBS, Morgan Stanley and Merrill Lynch) have "tiered" their platforms – with separate branch systems and advisor-training programs, distinguishing "Private Wealth Management" from "Wealth Management", with the latter term denoting the same type of services but with a lower degree of customization and delivered to mass affluent clients.

Within a few years a new business model emerged – Family Office Exchange in 1990, the Institute for Private Investors in 1991, and CCC Alliance in 1995.

These companies aimed to offer an online community as well as a network of peers for ultra high-net-worth individuals and their families.

These entities have grown since the 1990s, with total IT spending (for example) by the global wealth management industry predicted to reach $35bn by 2016, including heavy investment in digital channels.

As awareness of wealth management has become more common, some companies have shifted towards a model which asks clients about life goals,[6] working environments, and spending patterns as a way to increase communication.

[7] For clients looking to leverage their wealth for the sake of achieving philanthropical and charitable goals, social finance investments may be included.