Wealth Management Terms

Wealth Management and WealthTech is a constantly changing landscape. It can be hard to keep up. Our handy glossary has been designed to help you get to grips with some of the words and terms you might come across – with short, straight-forward definitions. We hope you find it useful.

Challenger Banks

What are challenger banks? Challenger banks are digital banks or neobanks that operate primarily through mobile applications, offering innovative and customer-centric financial services.

Client App

What is a client app? A client app is used to provide a user-friendly platform for clients to interact with and will offer a personalised experience. From this platform, clients can usually make transactions, view account balances, manage investments and communicate with their advisor. Also see Client Portal

Client Lifecycle Management (CLM)

What is client lifecycle management?  Client lifecycle management (CLM) is the process and activities involved in managing the entire lifecycle of a client relationship within a business or organisation.  It typically includes tasks such as client identification, customer due diligence (including KYC, AML, ID&V, risk profiling, ESG and Suitability), client onboarding, account opening, ongoing client communication, risk assessment, compliance monitoring, and relationship enhancement.

Client Onboarding

What is client onboarding?  Client onboarding is the process of welcoming a new client into an organisation. It involves gathering and verifying client information, completing necessary documentation, and establishing a relationship with the client.

Client Portal

What is a client portal?  A client portal is a secure online platform that acts as a digital gateway and allows advisors to communicate, collaborate, and share information with their clients. Also see Client App

Client Relationship Management

What is client relationship management? A CRM tool provides the ability to manage client and prospective clients, the communications and basic information for said clients. However, a CLM system (Client Lifecycle Management) within the wealth management and private banking sector takes a much broader approach, covering a range of additional functionalities to cover the full client lifecycle.

Client Remediation

What is client remediation? Client remediation is the process by which firms identify potential gaps in their client records (For example missing KYC or Tax Information) and follow a process to ‘remediate’ these gaps, ensuring a complete and accurate client file.

Client Reviews

What are client reviews? Client reviews refer to feedback, opinions, or assessments provided by clients of a service. These reviews typically reflect the client's experience, satisfaction level, or dissatisfaction with the product, service, or overall interaction with the organisation. Firms are often required through regulation to complete these on a periodic basis.


What is CLMi? CLMi is a cost-effective, cloud-based Client Lifecycle Management (CLM) platform for mid-size discretionary fund and investment managers that eliminates manual administration, accelerates client service, ensures timely recommendations and optimises cost-to-income ratio for wealth management advisors.  CLMi is a mobile-first SaaS solution that provides single sign-in access to a holistic view of each client relationship, spanning the full client lifecycle: from initial engagement and onboarding through to ongoing relationship management.

Cloud Technology

What is cloud technology? Cloud technology delivers computing services, including storage, processing power, applications, and databases, over the internet. It involves the use of remote servers, hosted by third-party providers, to store and process data rather than relying on local servers and personal computers.

Compliance (See regulatory compliance)

What does compliance mean?  Compliance is the act of adhering to laws, regulations, rules, standards, and internal policies that govern an organisation's operations and conduct.

Consumer Duty

What is Consumer Duty? The Consumer Duty Act applies to UK Financial services firms operating in the UK. Consumer Duty refers to the responsibilities and obligations of financial firms towards their customers. It endeavours to ensure firms act in the best interest of the consumer and provide suitable financial advice and products. Within the wealth management industry Consumer duty entails a commitment to act in the best interests of clients and customers, ensuring their fair treatment and financial well-being. This involves transparent disclosure of services, fees, and risks, assessing individual client needs and risk tolerance for suitable recommendations, striving for optimal trade execution, diligent research, managing conflicts of interest, maintaining ongoing communication, safeguarding data privacy, and upholding ethical standards throughout all interactions. The focus is on delivering personalised, transparent, and prudent financial guidance to enhance clients' wealth management experience and outcomes.


What is cryptocurrency? Cryptocurrency is digital or virtual currencies that use cryptography for security and operate independently of a central authority, such as Bitcoin, Ethereum, and Ripple.

Customer Due Diligence (CDD)

What is customer due diligence? CDD (customer due diligence) is the process of verifying the identity of customers and assessing their potential risk as part of anti-money laundering (AML) procedures.

Customer Lifecycle Management (CLM)

What is customer lifecycle management or CLM? Customer lifecycle management software is also known as customer relationship management (CRM) although a CLM tool takes a much broader approach and includes KYP (know your prospect), KYC (know your customer) and AML (anti-money laundering) tools as well as the management of digital, omni-channel or hybrid client onboarding. Client lifecycle management (CLM) encompasses the end-to-end journey from initial prospecting and engagement, through to onboarding, ongoing client management and servicing, and finally offboarding and the transition of wealth.

Customer Relationship Management (CRM)

​​What is customer relationship management or CRM?   A customer relationship management (CRM) system is a software tool designed to help businesses manage and organise their interactions and relationships with customers.  CRM software provides a centralised database that allows businesses to collect, store, and manage customer information such as contact details, communication history, purchase history, preferences, and other relevant data. CRM systems can enable businesses to have a holistic view of their customers and their interactions across different channels depending on the vendor.  Client relationship management (CRM) software is also known as customer lifecycle management (CLM).

Sign up to our Newsletter

Client Onboarding