Wealth Management Consultants vs Financial Advisors for Retirement Planning
May 20, 2022 at 5:00 AM
Retired couple walking their dog, Scotland

While you’re navigating retirement planning, you may begin wondering if you need a financial advisor or a wealth management consultant. Here are the differences between the two.

Financial Advisors

Financial advisors are professionals who help their clients with a wide range of financial services. Most often, financial advisors offer financial planning and investment management, but depending on their specialization, may only focus on one specific service.

Financial advisors can be certified public accounts (CPAs) who are certified and trained to provide tax and accounting services, a chartered life underwriter (CLU) who is an expert in life insurance and estate planning, or even a certified financial planner (CFP) who helps their clients accomplish their financial goals.

Of course, certain financial advisors are specialists in retirement planning. A financial advisor’s licenses and certifications will help you determine what their specialty is.

Wealth Management Consultants

While wealth management consultants are technically a type of financial advisor, a wealth manager typically works with high-net-worth clients. Meaning that they manage large amounts of wealth. Thus, their title.

Wealth managers commonly offer a range of services in a comprehensive package that can include investment management, financial planning, legal planning, estate planning, tax services, philanthropy contributions, retirement planning, and more. Depending on a client’s needs, the services a wealth manager offers may vary.

When working with a wealth manager, you can expect to pay a similar amount of fees that you would pay to work with a financial advisor. It’s common to pay a percentage of your assets that are under management. Additional fees may be needed for individual services.

Benefits of Wealth Management Consultants

Wealth management consultants offer high-end financial advisory services that offer several benefits for your retirement. And, even if you don’t have millions of dollars in assets, wealth managers still work with a wide variety of clients. Working with a wealth management consultant, you can expect to receive these benefits.

1. Personalized Services

Your retirement goals and financial situation are unique. Therefore, what works for one individual may not work for someone else. With a wealth manager, you can expect to receive personalized service that takes a holistic approach to your wealth, helps you plan for the future, and emphasizes growing your assets.

This alone is highly valuable for retirement planning, and can help give you peace of mind knowing that you will be able to retire when you want to, and be able to support the lifestyle you envision.

2. Comprehensive Estate Planning

Having a plan for your assets afterlife saves you and your family a lot of stress and time later on. A wealth manager can help ensure your estate is in proper order and that property and assets are planned for accordingly.

3. Manage Investments

A wealth manager is capable of managing your investments and helping you diversify your portfolio. Knowledgeable about practical investment strategies, a wealth manager can help your investments grow for years to come.

How to Choose a Wealth Manager

Before you choose a wealth manager to work with, you’ll want to know more about their services. It’s helpful to have a clear idea of your financial situation and your retirement goals, so that you can make sure the services offered by a wealth manager will fit your needs.

Consider asking questions like:

  • What kind of clients do you serve?
  • What services do you offer?
  • Do you abide by fiduciary duty?

Find Out More About Wealth Management Consultant Services

The team at OWLFI can help you learn more about the services a wealth manager can provide for those thinking about retirement. Head over to their website to learn more about best retirement practices.

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