Wizard Lord

Within the Empire, the Wizard Lords of the Magical Orders are powerful individuals indeed. They no longer see the world as others do, however, having dedicated their very souls to magic. They now embody their chosen Lore in word, deed and physical form. Should an Elf attain this level of magical skill, he is considered to have completed his minor magic apprenticeship, and is ready to travel to the Tower of Hoeth to become a High Mage.

Wizard Lords no longer pay dues to their Order. They are, however, charged with preserving the purity of their order, rooting out Chaos worshippers, and ensuring the Orders receive the respect (and monies) due to them.

Source

 * Warhammer Fantasy RPG 2nd ED -- Core Rules pg. 87