What is the difference between wealth management and financial planning?

Financial planning and wealth management represent subsets of financial advising. … A key difference between financial planners and wealth managers is that wealth managers manage literal wealth, while financial planners manage the finances of everyday clients who want to get ahead.

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One may also ask, what is wealth management process?

It is a premium service designed to meet the unique needs of wealthy individuals. Examples of wealth management services include financial planning, estate planning, investment management, legal planning, tax and accounting services and retirement planning.

Subsequently, what is wealth planning? Wealth Planning is a client-centered process focused on developing a roadmap to help clients build, protect, and transition their wealth by looking at all areas of their financial life including retirement, tax, legacy, and business planning.

Consequently, what should I study for wealth management?

In general, wealth managers will have a bachelor’s degree and often a master’s degree in a business or finance discipline. Two available master’s degrees directly related to wealth management are a Master of Trust and Wealth Management and a Dual Degree Executive MBA in Asset and Wealth Management.

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