From the course: Financial Planning and Wealth Management Fundamentals
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How wealth management differs
From the course: Financial Planning and Wealth Management Fundamentals
How wealth management differs
How does wealth management differ? I'm going to answer this in a similar way that I answered the asset management vs. wealth management question. That was at a business level. This is at a service level, and the answer is very similar. Wealth management is everything that financial planning is, and more. So generally, wealth management firms are set up to service clients that have a significant amount of assets at the time of onboarding. And in industry speak they're often referred to as ultra high net worth or high net worth clients. Now these individuals tend to differ in a lot of ways from your average financial planning client. So for example they may be very successful entrepreneurs who've built and sold large businesses more than once over. They could be senior executives of very large corporations or benefactors of general wealth. And because of this, they have financial and lifestyle goals that require a specialized set of solutions to either attain or maintain that lifestyle.…
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