What Is the Difference Between Financial Advisors and Wealth Managers?

We all know what wealth management is but do you really understand what it means? If you don’t, then it may be because you are not aware that there are different types of wealth management that are available. They are: Personal wealth management, business wealth management, investment wealth management, estate planning and other wealth management systems. It is a challenge for any individual to set up an appropriate wealth management plan for themselves. Wealth management advisors, in contrast, can help you determine what type of wealth management plan is beneficial for you.

wealth management

Most wealth management advisors offer financial planning services as well as wealth management advice. The scope of their services vary depending on the wealth management advisor that a client chooses. Some of the financial planning services provided by the advisors include retirement and pension advice, investing in both stocks and bonds and investing in real estate. In addition, they also offer financial planning solutions, estate planning and charitable donations. They also provide assistance to people who want to create a retirement plan, to establish and maintain a life insurance policy, and to purchase a home or another investment property.

On the other hand, there are financial planners who provide only wealth management advice to their clients and allow them to take care of other aspects of their finance. Wealthy clients often have their own investing strategies and, as such, do not really need financial planners. The role of financial planners is to advise their wealthy clients on how to achieve their wealth management goals through asset protection, estate planning and retirement planning. Most financial planners work with wealthy clients on a fee-basis basis.