Wealth Management

I have heard the term wealth management used many times. But what exactly is it and why is it used so much? The definition from About.com of Wealth Management is:

Wealth management services are provided by banks, professional trust companies, and brokerages. For those with sizeable assets [usually over $500,000], professional wealth management can help you plan your estate or invest your assets based on personal criteria and financial goals.

This definition is very broad and lacks the detail of helping the wealthy with the comprehensive financial planning needs of investment management, risk management, liability management, estate preservation, as well as overall assistance with all financial decisions encompassing their life including important business decisions, for those that own their own companies.

I think the word "Wealth Management" has become marketing slogan. Most comprehensive Financial Planning tools have been made available to general consumers and somebody tried to come up with a name to try and hype their services to High Net Worth Individuals.