Contrary to common understanding, Wealth and Asset Management are two distinct aspects, although related. Asset Management is all about choosing investments and managing the investments judiciously. On the other hand, wealth management broadly looks at a person's financial goals, developing, implementing, reviewing, and monitoring the investment strategies to reach the goals. 

Asset management refers to managing assets that involve financial investments like Equity, Fixed Income Instruments, Real Estate, and Global Investments. Asset management firms are focused on maximizing the returns from the client's assets.

Wealth management refers to supervising all the financial aspects of the client – Financial goals, Investments, Review & Monitoring, and may include management of assets, taxes, Real Estate, Cash flows, and all other possible applications of money. 

Wealth management, therefore, comprises asset management and takes a holistic view of the client's overall finances. 

Wealth management is typically an investment advisory service that combines comprehensive financial services to address wealthy clients' holistic financial management needs. In a consultative process, the wealth management advisor gathers information about the client's financial goals, target, and specific investment situation, which designs a personalized financial-investment strategy that involves a range of financial products and services. 

Wealth management often involves a holistic approach. In wealth management,  a comprehensive range of services, like investment advice, real estate planning, accounting, retirement, and tax savings/compliance services, may be provided to meet the complex needs of a client. While wealth management fee structures vary according to the range of comprehensive services provided and services practices across the industry, the fees are generally based on a client's Assets under Management (AUM).

Based on their specific requirements, Investors have to decide whether they require the services of an Asset Management agency or a Wealth Management agency.