This text will concentrate on the significance of wealth management. Wealth management first stage is planning – preserving the capital, deferring tax implication of a sale, protecting property, and diversifying exposure to concentrated positions. The second stage is asset management – which refers to customization of asset allocation, growth of capital, tax-sensitive asset management, alternate investments, and personal equity. The third stage of wealth management is risk management, and the fourth stage is lending, which means gaining liquidity, financing business needs, asset acquisition, and financing and managing the concentrated holdings. The last and closing stage of wealth management is advisory services – which refers to managing an art collection, curatorial services, education and family governance.