Dow Jones Newswires has set up a wealth management advisory council, designed to promote best practices in wealth management, facilitate ind...

Dow Jones Newswires has set up a wealth management advisory council, designed to promote best practices in wealth management, facilitate industry discussion, and represent the interests and concerns of wealth management practitioners. "Today's high net worth investors are demanding wealth managers - advisors who will focus on the big picture, not just the Big Board," said Joseph Lanza, council liaison and vice president, sales and marketing, Dow Jones Newswires – Americas, in a statement. He added: "But given that only 8 per cent of advisors practice wealth management, there is a need to advance the profession.” Charter members of the council include:Patricia Bell, senior vice president, investments, Merrill Lynch; Anthony DiValerio, senior vice president, UBS Private Wealth Management; Joseph W. Montgomery, director-investments, Wachovia Securities; Michael Sawyer, managing director, Smith Barney Citigroup; and Cerulli Associates. The council will hold its first meeting in January 2006 to discuss initiatives for the year and long-term objectives. Topics on the agenda will include:

• Creating an industry road map to help institutions and managers adopt wealth-management approaches.
• Fostering debate of industry "best practices."
• Pursuing underserved segments, including women and minorities.
• Attracting the next generation of wealth managers.