Wealth Management vs. Financial Planning

Have you ever wondered about the difference between wealth management and financial planning? While the two phrases are often used interchangeably, there are important differences between wealth management and financial planning that all investors should know.

Wealth management refers to the structure, monitoring, and measuring of your financial assets performance. Financial planning refers to how you’re saving and spending money, how those impact your life and your ability to reach your financial goals.

Your financial advisor must understand how to manage your assets to meet your long-term financial objectives, while preserving adequate cash for possible emergency expenses, medical expenses, home renovation, college expenses, and retirement.

Understanding Financial Planning

Financial planning is the first step in setting up and managing your investment strategy. The way you spend money will determine multiple factors in your investment planning. Before you jump into the stock market or other investments, you should have a complete picture of how you spend money in your day-to-day life. 

While the term ‘financial advisor’ may spark the vision of someone who makes stock market trades on behalf of their clients, financial advisors are typically responsible for much more than that. In addition to executing investment strategies, advisors can help you collaborate with your tax professional or estate planning attorney to plan for a successful retirement.  They may also suggest budgeting tips to help you maximize your savings to achieve personal investment goals. 

Financial planning can cover many of your basic expenses and necessities, including:

• Mortgage or rent
• Utilities and other recurring expenses
• Car loans
• Credit card bills

A financial planner can help you monitor expenses and income to assist with efficient budgeting. 

Understanding Wealth Management

A wealth manager may focus on high-net-worth individuals compared to middle-income  investors. Wealth managers provide many of the same financial services as a financial advisor or planner. In addition, they may also help you with estate planning, philanthropic giving or work with your tax professional to help you develop the best investment strategy for your personal objectives.  

Your wealth management strategy considers your complete financial picture and personal goals, including:

• Taxes
• Level of risk tolerance
• Investments
• Time horizon 
• Spending
• Philanthropy 

How to Choose Professional Financial Advisors

As you are comparing potential fiduciary financial advisors, it’s important to understand the differences between advisors who focus on financial planning and those who specialize in wealth management. Research their credentials, experience, reputation, fees and services and ask them for references. 

If you have over $1,000,000 in investable assets, and you’re looking for a professional fiduciary financial advisor for either financial planning or wealth management services, call ICC in Las Vegas, Nevada, today, at 702-871-8510.

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