From the course: Financial Planning and Wealth Management Fundamentals
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Wealth management vs. asset management
From the course: Financial Planning and Wealth Management Fundamentals
Wealth management vs. asset management
Okay, so what is wealth management? To understand what wealth management is, I'm going to give you examples and answer the most frequently asked questions rather than just give you off the shelf definitions because I think it'll provide you a much clearer understanding this way. So I'm going to start by explaining the difference between asset and wealth management. So it's a very common question. And then with this context, I'll be able to explain what wealth management is regarding its advisory services and what clients they're offered to. After that, we'll be able to distinguish between financial planning and wealth management by contrasting the services because we've just scoped out what wealth management is. So let's get into it. So let's start by answering this question by looking at the asset side first. So asset management is where a financial institution manages money on behalf of individuals, institutions, sovereign wealth funds, pension funds, insurance companies, and the…
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