Those people who have managed to acquire - or inherit - a large amount of wealth know that it needs to be looked after to avoid loss. There is nothing so easy as spending money if you have plenty, so the first thing you need to do is be sure that your wealth is actually increasing rather than decreasing. Unless certain procedures for wealth protection are followed you may wake up one fine morning to find creditors knocking on your door.

One way to ensure your millions actually increase rather than decrease is to take advantage of private retail banking. Private banking is when a bank creates products especially for the needs of the high net worth individual, rather than simply offering commercial products already available. Other services in private banking include special wealth management advice, as well as financial planning suited to the needs of the individual. This should not be confused with private banks that are not incorporated.

Special estate planning is also necessary to protect and maximise the goals of the owner. This will include making sure that your intended beneficiaries do actually get what you want them to get, with a minimum loss to taxes and other costs. It is especially necessary for minor children to be looked after correctly. And you need to have plans in place in case of incapacity in old age.

Legal resources and special taxation advice are necessary for those with millions; otherwise they could see the taxman scoot off with most of their money. Legal advice from those who are specially trained in advising high net worth individuals is necessary. An ordinary solicitor or accountant would not have the experience or training to do what is necessary. To sum up, wealth management includes using tailored banking services, special investment management, estate planning, taxation advice and special legal resources.