Is wealth management the same thing as financial planning?

The financial industry has a real knack for devising highly specialized terms for almost any occasion. Oftentimes, certain terms can seem similar but actually refer to very different services. When searching for practical advice on investment and long-term savings strategies, many people find themselves struggling to decide whether they need to manage their wealth or plan their finances.

While wealth management and financial planning may sound the same, each term—and each profession—represents a different approach to negotiating your funds, goals, and aspirations.

The Differences Between a Financial Planner and a Wealth Manager

Financial planners and wealth managers are both types of client-oriented professionals who specialize in helping individuals, couples, and families expand their financial horizons. However, financial planners and wealth managers are not one and the same.

In general, financial planners help people create plans to meet their long-term financial goals. They assess an individual’s income and assets, ask about their aspirations, and draft a road map for getting there.

Wealth managers, on the other hand, take on a lot more responsibility to get their clients where they want to go. Like financial planners, they seek to understand clients’ unique needs, dreams, and desires. But instead of simply drafting a road map, they create and enact a custom-fit action plan. Wealth managers can help their customers invest in stocks, open retirement accounts, and strategically allocate assets to maximize short- and long-term gains.

You can think of it like this: while wealth management includes financial planning, it goes beyond “planning” to include firm strategies, consultations, and proactive money management.

Wealth managers believe that their work shouldn’t end with a plan but with realized success. And success, in the long run, requires active engagement rather than once-a-year meetings and checkups.

Contact Us Today

Quraishi Law and Wealth Management can help you assess your finances and create a tailored plan for your investment and retirement goals. While this may entail creating an investment portfolio, changing the contents of an existing one, or even moving assets into a trust, we recognize that every person, every parent, and every family is different—so, when we sit down to discuss your aspirations, we strategize with your best interests at heart. 

To get started, send us a message online to schedule your initial consultation.