Wealth management vs. financial planning: understanding how each applies to your needs differently

Wealth management vs. financial planning

Wealth management vs. financial planning is a key phrase often researched by those who are interested in hiring someone to help manage their money. These terms, sometimes used interchangeably, actually have subtle differences worth noting.

Managers and planners have similar responsibilities, but the complexity of each varies in scope. Knowing the subtle variations will assist you in finding the services that best fit your unique financial situation regardless of complexity. 

Financial planning

Financial planning is a broad term that encompasses all aspects of your economic life. Financial planners work with their clients to get the greatest benefit from their money by positioning their current assets in alignment with future goals. 

Financial planning is more than just a one-stop solution. Your planner should find the best tools and programs and continually analyze and alter your plan as needed. General financial planning services include:

  • Creating a financial plan
  • Investment management
  • Cash flow analysis
  • Retirement income analysis and planning
  • And more

The specific services each person needs are dependent on their situation. If your assets exceed the bounds of regular financial planning strategies, it is time to consult a wealth manager.

Wealth management

Wealth management makes up a category of specialized services under the more extensive financial planning umbrella. All wealth management is financial planning, but not all financial planning is wealth management. 

The most noticeable difference when comparing wealth management vs. financial planning is the clientele. Wealth managers provide detailed services primarily to high-net-worth clients. High-net-worth assets often require services that are more complex than general financial planning. Services specifically tailored to high-net-worth clients include, but are not limited to: 

  • Estate planning
  • Tax mitigation 
  • Asset allocation

Wealth management and financial planning have more in common than not. A person’s variety of complex situations determines the type of services that best support their goals. Do your research to find the best planner or manager to guide you. 

Wealth management vs. financial planning in Texas

Located in Fort Worth, Good Life Asset Strategies has comprehensive services to meet all your financial planning and wealth management needs. Our high-net-worth clients come to us for expert analyses and guidance on every aspect of their asset management plan. We identify the best strategies to match each client’s wealth management requirements and even suggest partnerships with certified accountants and legal teams to align assets with financial goals. 

As a licensed fiduciary firm monitored by FINRA, we are professionally and personally obligated to act in the best interest of each client at all times. Our advisors take pride in providing fair and honest services. We strive to maximize benefits through expert management of our clients’ hard-earned assets. 

Because we serve the best interest of each client, Good Life does not offer cookie-cutter programs. We get to know each client, the details of their current financial situation, and their future goals to create customized plans that include:

  • Wealth Management
  • Financial Planning
  • Investment Management 
  • Retirement Planning 
  • And more

Contact us to discover the best services for your financial situation. We look forward to working with you to develop strategies that help you live the good life.