Selecting the right allies to help you grow and manage your wealth is important to reaching your financial goals, ensuring you can retire comfortably, and helping you manage the stress of financial ups and downs. There are many people you can enlist to assist with your finances, including attorneys, accountants, and people who specialize in financial planning.
As a leading provider of financial services in the East Bay, our team takes great pride in helping our clients reach their financial goals. We work with people at all stages of life and with all types of financial backgrounds, and offer customized service to help in any circumstance.
We are often asked about different roles a financial manager can play. Since this is the case, we wanted to offer some insight into the key differences between a wealth manager and an asset planner. In the sections to follow, you will learn about what each of these people do and how they can potentially help you succeed.
Asset Planners: Maximize Portfolio Returns
An asset planning service, also referred to as an asset manager, is in place to help a person manage their investments and maximize them within their desired risk tolerance. This person works exclusively to trade and invest in companies and portfolios which can perform at a high level for their clients. Asset planners can have a great deal of freedom to trade within your specific parameters, and they are typically long-term partners for the success of your portfolio.
Wealth Managers: Holistic Financial Approach
A wealth manager takes a broader view of your entire financial situation. While a wealth manager does oversee a portfolio, they take on related tasks such as: estate planning, minimizing your tax burden, supplementing your portfolio with insurance, and truly learning the goals you have in every financial aspect. Typically, these people offer their services for a lifetime, and they can adapt to financial fluctuations, familial changes, or unexpected life events.
Similarities
Both an asset planner and a wealth manager help people reach their financial goals, but their level of involvement is different. Both of these professionals should carefully listen to your goals and then make a plan to help you succeed based on your desired retirement age, lifestyle, and level of risk.
Differences
A wealth manager will advise you on a broader range of topics, and can be an ally for several different aspects of your financial life. Asset managers are laser focused on providing excellent returns through smart investments. These people might have similar qualifications, but they perform different roles.
Which is Right For Me?
If you’re trying to decide who to add to your financial team, it might make sense to work with an asset planner, a wealth manager, or both. Ultimately, the right choice depends on your current financial situation, your goals, and how involved you want this person to be in your everyday finances. If you’re looking for guidance and/or more information about financial planning services, we can help! Contact us today with questions or to schedule an appointment to learn more about how we help people reach their financial goals.
