The wealth management industry is booming as Americans get richer.
A nonprofit recently put out a glossary of common terms to help clients understand.
Quiz yourself on how well you know the language used by the people who manage your money.
Money talks. And we talk about money — but we aren’t always articulate.
The Ultra High Net Worth Institute recently published its “Wealthesaurus,” a detailed glossary of more than 80 terms common in the wealth management world. They range from the most basic, like “family,” to the more niche, like a “retainer fee,” which is a flat fee paid for specific services over a set period of time.
The glossary comes as demand for wealth management booms, thanks to the growing number of rich households whose financial needs are becoming more complex. A McKinsey survey of affluent investors found that people increasingly want holistic advice across their many wealth management needs — the percentage of respondents saying they prefer holistic advice jumped 60% from 2018 to 2023.
How fluent are you in the language of managing your own money? Take our quiz, based largely on some of the definitions in the Wealthesaurus, and find out.
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