For most wealthy individuals, their financial requirements stretch well beyond an investment planning service. Most wealth managers now offer their clients a range of services, aiming to realistically fulfil all of a client's needs, including their family and business aspirations. Among these services are on and offshore lending services, access to funds and cash deposits, advice on international property and estate management.

And for those more familiar with the relatively detached approach of some high street banks and the perceived complexity of solicitors' roles, the emphasis on personal service that wealth managers can offer cannot be understated. A client embarking on a relationship with a wealth manager can expect a level of personal face-to-face service essential in a world in which finance and investment have become ever more complex.

Just as the services offered by a wealth manager have expanded, so too has the range of individuals who could benefit from them. With recent figures showing the number of Scots with assets of more than £1m rising sharply (Daily Mail, July 7), it appears that the demand for wealth management is continuing to grow.

Other than having a high net worth, there is no single profile that typifies a potential client for wealth management. Nowadays, it is as likely to be a young entrepreneur building a successful business as a retired couple with investments for grandchildren to look after.

It has become increasingly apparent that, in terms of our business, local and global cannot be clearly split. Just as businesses are able to look at tax-efficient options overseas, so too can individuals. Some clients may look to buy second homes abroad or have family members living overseas. Therefore, wealth managers offering cross-border services will be increasingly popular.

Those looking to sell a family business could also benefit hugely from the services of a wealth manager both during and after the sale itself. While a well-planned sale can mean the difference between achieving a good price and squandering millions, equal care must be taken when planning how to extract the proceeds from the business and thereafter how best to preserve and grow those assets.

Of course, individuals often choose to deal with a number of different advisers, such as solicitors, accountants, investment managers and financial planners before making any significant financial decisions. However, having many advisers can be time-consuming, expensive and can often lead to confusion. What may be needed is someone who can coordinate the various options and summarise the best way forward in terms that are easily understood, working alongside the client's tax and legal specialists at all times.

For those particularly attracted to the benefits of a one-stop-shop approach, private banking may be the ideal option. Private banking relationship managers specialise in pulling together all aspects of financial management for clients who are often hugely time constrained due to their active business lives. Their job is to fully understand the financial circumstances of each individual and their family and then develop a personalised strategy to achieve agreed goals over the long term.

Everyone wants to feel comfortable in knowing that his or her financial circumstances involving investments, cash management, estate planning, lending strategies, offshore work or real estate advice are being properly assessed.

Families and individuals who have amassed sizeable wealth want to be sure the advice they receive is not only impartial, but is as relevant today as it was five years ago and will be in five years' time. Having the comfort of knowing that, wherever they are in the world, they have access to both personalised advice and financial support in these volatile times is not only helpful, it is vital.

Joss Mitchell is director of HSBC Private Bank Scotland