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What is the difference between a Financial Planner & Wealth Management advisory?

A financial planner typically assists with lifestyle planning which may include budgeting, planning for college and retirement, for example. Wealth management can include financial planning but also covers a wide expanse of financial advisory disciplines including portfolio management, investment, risk analysis as well as looking at how a person, family or foundation can optimize their tax situation, legacy planning (inclusive of Trusts) and how to protect your wealth with respect to potential legal threats or events where you may have liability if you are at fault.

Wealth Management is a far more complex and comprehensive discipline

A wealth management advisory takes a comprehensive look at the financial needs, situation and goals of their clients and will provide a complete A-Z list of financial, risk mitigation and tax optimization services that manage and protect a client’s wealth. Financial planners provide one aspect of financial advisory with respect to helping clients' manage their daily finances, credit, plan for their children’s college and more general retirement advice. While critical and helpful, these services do not compare to the scope and complexity of services provided by wealth management firms.

Differences In Training

Wealth management requires considerable expertise, training and a high level of fiduciary obligation to one’s clients. There are very specific procedures that must be followed with respect to client interactions, safeguarding of information, privacy and so forth. In addition wealth management and investment requires significant training and discipline. Wealth management companies will typically employ CFA’s (Chartered Financial Analysts) and CFP’s (certified financial planners) and have significant experience managing assets inclusive of stocks, bonds and other investments.

Risk Mitigation and Portfolio Management

Wealth management involves handling complex financial assessments and risk analysis scenarios, so you need to have a good understanding of mathematics and statistics, technical and fundamental analysis and a strong professional network inclusive of tax attorneys, attorney specializing in wills and trusts, insurance companies and so forth.

Tips For Choosing a Financial Advisor or Wealth Management Advisory

Follow these essential tips before choosing your financial manager.

• Check the background and experience of your financial advisor before hiring one. Is there a mutual understanding and personal synergy between you and your prospective financial advisor with respect to your financial life goals and needs

• Does the financial advisor provide the scope of services you require. Wealth management firms provide different scope of services and for different price ranges. You need the right fit for you.

• Don't rush the decision. Take your time to find the right financial advisor and wealth management firm for you and your family or foundation.

To learn more about wealth management consider visiting https://hawleyadvisors.com/ for more information and a complimentary free consultation.

 

 

 

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Company Info

Hawley Advisors
1600 South Main Street, Suite 190
Walnut Creek, CA 94596
Phone: 925-906-9800
Fax: 925-906-9884
info@hawleyadvisors.com

 

 

Hawley Advisors is an investment advisor, registered with the State of California. Any investment ideas or strategies on this website are for the purposes of education and general information only and should not be construed as specific investment advice. For more information about our firm please check the SEC Public Disclosure website: https://www.adviserinfo.sec.gov/

 

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