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.

Data Management

What is data management?  Data management is the process of acquiring, organising, storing, and maintaining client data throughout its lifecycle. It involves activities aimed at ensuring data quality, integrity, security, accessibility, and usability for various purposes.

Digital Front End

What is a digital front end?  The digital front end is the customer-facing digital platform that allows individuals or businesses to interact with financial services digitally. This includes online portals, websites, mobile apps, and other digital channels.

Digital Onboarding

What is digital onboarding? Digital onboarding refers to the process of acquiring and verifying customer information electronically to create a new account or initiate a new relationship with a business or financial institution. It involves the use of digital platforms, tools, and technologies to streamline and automate the traditionally manual and paper-based onboarding processes.

Digital Transformation

What is a digital transformation? Digital transformation is the process of leveraging digital technologies to change and improve an organisation's operational efficiency, processes, products, or services.  A digital strategy involves adopting and integrating digital technologies, such as cloud computing, artificial intelligence, big data analytics, internet of things (IoT), and automation, to drive innovation, enhance efficiency, and deliver value to customers and stakeholders.

Digital Wallet

What is a digital wallet? A digital wallet is a software-based platform that allows users to store, manage, and make electronic transactions with various payment methods, including credit cards, debit cards, and cryptocurrencies.

Discretionary Services

What are discretionary services?  Discretionary services are an investment service where a professional or portfolio manager has the authority to make investment decisions on behalf of a client without requiring their explicit approval for each transaction.  In discretionary services, clients grant their investment advisor or portfolio manager the discretion to manage their investment portfolio and make investment decisions based on agreed-upon investment objectives, risk tolerance, and guidelines.

Discretionary Wealth Management

What is discretionary wealth management? Similar to discretionary services, discretionary wealth management refers to a service provided by financial professionals or wealth managers who have the authority to make investment decisions and manage a client's wealth on their behalf.  In discretionary wealth management, clients entrust their investment portfolio and financial decisions to a dedicated wealth manager who has the expertise and knowledge to make investment choices aligned with the client's financial goals and risk tolerance.

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