Money management is the process of managing an individual or institution's financial resources, such as income and investments, in order to realize long-term financial goals. Money managers work closely with their clients to develop a financial plan to maximize returns and meet financial goals.

A money manager is a professional who is tasked with the stewardship of a client’s money. The primary goal of a money manager is to help the client achieve their financial goals by making the best decisions possible with the resources available. Money managers use a range of techniques, including asset allocation and securities selection, to manage investments and seek out returns.

Money managers have a fiduciary duty to their clients, and as such, they must always put the clients' interests first. As they manage the client's portfolio, money managers must comply with all applicable laws and regulations, and act with the utmost integrity and professional skill. They must manage investments in a manner consistent with the client's goals, risk tolerance, and financial situation.

Money managers are typically paid based on a percentage of the assets they manage, known as the asset-based fee. This fee is negotiated between the client and the money manager, and varies depending on factors such as the size of the account and the complexity of the strategies employed.

Money managers are responsible for not only the performance of the portfolio, but for ensuring the highest degree of security and privacy for the client’s investments. Money managers must also communicate periodically with the clients to inform them of the portfolio’s performance, any changes in the portfolio, and any other pertinent information that may affect the client’s financial situation.

In summary, money management is a very important service that can help individuals and institutions reach their financial goals. Money managers not only must be knowledgeable and experienced in the areas of securities selection and asset allocation, but they must also act in the best interests of their clients and comply with all applicable laws and regulations. Money managers are typically paid an asset-based fee for the services provided to their clients.