Glossary

Wealth Management Terms

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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.

KYC

What is KYC in wealth management?   KYC, also known as know your customer is a mandatory process put in place to ensure the identification and verification of a client’s identity occurs, prior to opening an account. This verification also occurs periodically whilst a client's account is open.

KYP

What is KYP in wealth management? KYP, also known as know your prospect is a mandatory process put in place to ensure that the identification and verification of a client’s identity occurs, prior to opening an account.
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