This is a wide term covering a host of services, offered by established financial institutions like banks etc. for assisting in the management of clients’ assets. The main purpose is to make the maximum profit from the investments with minimum risk involved. There are three types of asset management firms: wealth management, asset protection and risk management. Firms specializing in wealth management have financial experts who take care of the investing part in stocks, bonds, mutual funds, and other instruments, very efficiently. Firms specializing in asset protection concentrate on reducing the risk factor to the lowest and save assets from being taken away by litigants, creditors, or tax authorities. Risk management firms on the other hand, concentrate on reducing risk of uncertain events, such as economic downturns. Added to these is the availability of some software packages that are capable enough to guide investors to manage and utilize their assets in a judicious manner.