Explain the part played by outside specialists and advisers in helping wealth managers serve their clients

Wealthy clients need expertise no single adviser holds: tax specialists and accountants, estate and family lawyers, trustees and fiduciaries, insurance specialists, custodians, appraisers, philanthropy advisers and family-governance professionals. The wealth manager often acts as coordinator, making sure the investment plan, legal structures, tax position and insurance cover fit together and that specialists receive consistent information. Good practice is to stay within one's competence, refer when legal or tax judgement is required, and choose specialists on merit. Any payment or benefit received for a referral, or paid for one, must be disclosed, as appropriate, to the employer, clients and prospective clients under Standard VI(C) Referral Fees. The trap is giving unqualified legal or tax advice, or letting specialists work in silos.