Wealth Manager vs. Financial Planner: Which One is Right for Your Company?

Wealth Manager vs Financial Advisor Prosperity Financial Group 2

Share This Post

Wealth Manager vs. Financial Planner: Which One is Right for Your Company?

When handling your finances, doing everything alone can sometimes feel intimidating—especially when trying to come up with a strategic plan for your business. The good news is there are financial experts who are always ready to give you sound advice based on your needs.


Two of the more client-focused types of professionals you can seek help from are wealth managers and financial planners.


So which professional should you turn to? Let’s take a closer look at how wealth management experts compare to financial planners, and which professional would be better suited for your company.


What is a Wealth Manager?


Wealth managers are just a kind of financial advisor/planner who work with a particular clientele: individuals with a high net worth.


However, it does not necessarily mean you have to be very affluent to get advice from a wealth manager as sizes of minimum accounts vary. In other words, even though your company is still growing so you don’t have much to invest right off the bat, you may still want to consider their services because they provide comprehensive financial management.


What is a Financial Planner?


A financial planner plays an important role in helping individuals and businesses create a program to attain a specific, long-term financial goal. The planner may specialize in retirement, estate planning, or investments. Some may even specialize in a combination of those.


Additionally, the financial planner may hold different designations or licenses. Obtaining each of these licensures requires the planner to go through an examination, submit work history requirements, and complete a different type of education. A highly-skilled financial planner can help his or her clients understand why a certain strategy or product is recommended for them.


Comparing the Two


The type of financial advisor you need will depend on your company’s individual situation. Generally, you should consider hiring a wealth manager if your company has a high net worth and you’re looking for a more comprehensive financial management plan. They often work with people who want to grow and protect their existing investments.


Take note that not all wealth managers require clients to be millionaires—there are companies that accept clients who are not super rich. However, if you’re an average earner who wants to reach short- or long-term goals, a financial planner would be the better fit.


Financial planners tend to work more directly with clients, compared to wealth managers who often act as consultants. The latter usually manages a team of experts that may be composed of accountants, private bankers, financial analysts, and so on.


Wealth Management and Financial Planning Services


Getting your finances right on track is easy as long as you get advice from trusted industry experts. Here at Prosperity Financial Group, we believe each client has a unique definition of financial success.


For decades, our team has been helping individuals and businesses by offering a wide range of wealth management services—which includes financial planning, corporate retirement plan management and administration, investment management, and retirement planning.


So if you’re looking for a more personalized approach to financial planning, we at Prosperity are here to help. Feel free to get in touch with us today for more information about our services.


Related Posts

IRS Updates

2024 IRS Updates: 401(k), IRA, & More

The Internal Revenue Service (IRS) has announced significant updates for 2024, impacting various retirement plans, including 401(k), Individual Retirement Accounts

Allow us to help

As your Fiduciary Registered Investment Advisory firm, we’re bound by law to put your interests above our own. We’re committed to maximizing your wealth within the constraints of your values and your life goals.

Our team of qualified and experienced experts is dedicated to building a positive, long-term relationship with you.

Register for Prosperity Power Hour

Enjoy food and beverages, meet other successful professionals, improve your referral base, and win fun door prizes!

Because of the intimate nature of this event, we’re taking a very limited number of attendees per event. These seats will go fast, so grab one while you can!

Bringing a +1? Please have your guest fill out this form.