Wealth manager vs financial advisor vs financial planner: what is the difference?
Short answer: “Financial advisor” is a broad label for anyone who gives financial advice. A financial planner focuses on a written plan: goals, cash flow, retirement, insurance and taxes. A wealth manager usually combines ongoing investment management with planning, tax and estate coordination, mostly for households with larger or more complex finances. None of these titles is a license by itself; what matters is registration, fiduciary status, services and fees.
How do the three compare?
| Financial planner | Financial advisor | Wealth manager | |
|---|---|---|---|
| Core service | A written plan | Varies: planning, investments, insurance or brokerage | Investments plus planning, tax and estate coordination |
| Typical client | Anyone who wants a plan | Broad | Households with more assets or complexity |
| Common fee models | Hourly, flat or retainer | AUM, commissions, flat or hourly | Mostly AUM, sometimes flat |
| Minimums | Often none | Varies | Common; disclosed in Form ADV |
What is private wealth management?
“Private wealth management” usually describes wealth management for high-net-worth clients, sometimes inside a bank or large firm, and may include lending or trust services. Compare it the same way: services, fees, fiduciary status and minimums. See private banking vs wealth management and what is wealth management.
Do titles tell you who is regulated?
No. Investment advice for a fee generally requires registration as an investment adviser (with the SEC or a state); selling securities requires broker registration with FINRA. Look up any professional on IAPD and BrokerCheck, and check a CFP® with CFP Board.
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Answer three quick questions. We match you with advisors whose services and minimums fit.
Which one do you need?
- One-time plan or a specific question: a planner, often hourly or flat fee. See flat-fee planner costs.
- Ongoing investment management: an investment adviser or wealth manager.
- Many moving parts (business sale, equity, trusts): a wealth manager, or a family office at the high end.
Browse wealth management and financial planning on Sam’s List, or read how to choose a financial advisor.
Frequently asked questions
What is the difference between a wealth manager and a financial advisor?
Financial advisor is a broad title. A wealth manager usually combines ongoing investment management with planning, tax and estate coordination, often for clients with more assets.
What is the difference between a financial planner and a financial advisor?
A financial planner focuses on building a written plan. Financial advisor can describe planners, investment managers, brokers or insurance agents.
What is private wealth management?
Wealth management for high-net-worth clients, sometimes offered by banks or large firms with lending or trust services.
Is a wealth manager a fiduciary?
If they are registered as an investment adviser, they owe a fiduciary duty for advisory accounts. Check IAPD and Form CRS.
Do wealth managers have minimums?
Many do. Minimums and fees are disclosed in each adviser's Form ADV Part 2A.
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