What is the difference between the terms Wealth Management and Investment Management?

In terms of job functions, PWM (Private Wealth Management) generally refers to the guys that develop relationships and attempt to sell their company's services (an example of a PWM would be a financial adviser for American Express). Investment Management, on the other hand, typically applies more to the guys actually picking the investments. An example of an Investment Management firm would be SAC Capital hedge fund.

You have to do Investment Management so you can do Wealth
Management. You invest to become wealthy, then you invest to keep your wealth from the IRS!

tdsbu has it right! other guy is wrong....
I smell another wall streeter here....umm.

Investment management is a subset of Wealth Management. It mainly looks at how to grow your money what to invest in, what invst risk to take depending on economic conditions etc.. Wealth management considers all financial risks which may deplete your wealth as well as strategies in maintaining your wealth and also may include how you want your wealth to be managed say even after your death. Wealth management includes things like tax and estate planning.