Wealth management is a financial services term that gets thrown around a lot and, yet, is not well understood even by people in the business. Wealth management and financial planning are very similar paths. They both assist clients with investment decisions and goals. However, what uniquely distinguishes the field of wealth management from financial planning is the clients.
What’s The Difference?
When I first start talking to a new client, I often discover that they have a financial plan. At some point in the past, they worked with a financial planner who helped them build a plan that was probably a good one for their needs at that time. But then… The plan sat on the shelf. The details of the plan were not fully executed.