So you’ve made the decision to seek professional help with your financial retirement planning.
Congratulations! That is by far the most important step you can take to get your financial and retirement planning on track.
Now you may be wondering, “Do I need a Wealth Manager or a Financial Advisor? What’s the difference and why would I choose one over the other?” By the time you are done reading this short primer, you should have the answers to these questions and more.
What Is a Financial Advisor?
A financial advisor is an investment professional who helps clients with a wide range of financial services. Many people have an idea of a financial advisor as someone who just executes trades on behalf of their client, but they are usually responsible for much more than that.
Advisors often provide comprehensive financial planning and investment management, as well as offering tax advice, budgeting, and even insurance strategies to maximize their client’s retirement nest-egg.
What Is a Wealth Manager?
Wealth managers are actually a subset of financial advisors. But whereas most financial advisors serve the average investor, wealth managers primarily serve only high-net-worth and ultra-high-net-worth individuals. As the title implies, they usually manage large amounts of wealth for these clients.
Wealth managers offer many of the same services as a more general financial advisor, but also provide philanthropic and legal planning services, among other specialized services. A client’s needs ultimately determine which services a wealth manager will provide.
So, What’s Best for You?
Your next step should be to speak with some advisors and see which suits your financial situation.
SmartAsset's free advisor matching tool makes it easy to find a vetted financial advisor so you can make an informed decision and choose one that best suits your individual needs. And, all of the advisors on SmartAsset’s platform are registered or chartered fiduciaries, meaning they're obligated to act in your best financial interest. The whole process only takes a few minutes.
Click Your State to Get Matched With Financial Advisors Who Serve Your Area
After you choose your state and answer a few questions, you can compare up to three advisors who serve your area and decide which to work with.
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Complete SmartAsset advisor matching quiz
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Review your pre-screened matches
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Speak with advisors at no cost to you