Financial Planner

Career Advice: Financial Planner or Wealth Manager


Financial advice positions include both wealth managers and financial advisors. A wealth manager helps to protect current wealth and adopt sustainable development so that the financial resources may be preserved for the future. A financial planner assists in managing the day-to-day finances of their clients.

Wealth Manager

Both of these work roles have many distinctions, as well as many commonalities. Which one a person picks depends on their interests and ability. Let’s examine both of these occupations closely and evaluate them.

Job Roles

Lifestyle planning is an issue for financial planners. Their typical target market is middle-class individuals or low-level businesses. They assist people in achieving their goals and offer guidance on how to invest in their lifestyles while still saving money.

Their employment responsibilities include budgeting, retirement planning, insurance planning, and college savings. Their clientele are regular people who wish to plan how they spend their money in order to attain long-term or short-term goals.

Contrarily, a wealth manager works with HNI (High Networth Individuals) or Ultra HNI customers. A wealth manager assists wealthy businesspeople in protecting their wealth and pursuing sustainable development. A wealth manager researches the market and offers clients investment recommendations. They are involved in tasks like risk identification and management, estate planning, capital/revenue planning, etc. They assist their clients in determining the dangers associated with investing in any new business. They aid in the efficient use of money and services.

Education & Skills Required

Financial planners and wealth managers typically complete a bachelor’s degree in mathematics, accounting, finance, or economics. The certification programmes for them do, however, differ. A financial planner prefers a CFP certification over a CPA, which is typically what a wealth manager takes (Certified Financial Planner).

In both industries, the necessary skills are essentially the same. Analysis, market analysis, communication, forecasting, networking, and other abilities are crucial for success in the wealth management and financial planning industries. In contrast to a financial planner, a wealth manager is required to have a sizable network of HNI or Ultra HNI clients in the market.

What to choose?

If you naturally attract HNI/Ultra HNI clients, consider a career in wealth management; otherwise, consider a career in financial planning. Compared to a financial planner, wealth management requires stronger networking abilities. Wealth managers earn more money than financial planners do on average.

The best criteria would be to strive for a wealth manager and fall back to financial planning if things don’t work out because the education and abilities needed are nearly comparable in both professions. All of this has to do with professional guidance on wealth management and financial planning.

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