From the course: Financial Planning and Wealth Management Fundamentals
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Wealth management vs. financial planning
From the course: Financial Planning and Wealth Management Fundamentals
Wealth management vs. financial planning
So earlier we covered the difference between asset management and wealth management, so that is kind of firm-level. But let's talk about financial planning versus wealth management, which is more of a service-level discussion, so it can be within the same firm. So you'll hear this explained in several different ways, but primarily similar ways, if that makes any sense. sense. Now let me explain. The message is that overall that it's not totally black and white. The difference between the two services is not that stark of a contrast and the terms can be used differently depending on the firm offering these services, the country that you live in. And now I know that's not a satisfying answer so let's get into actually explaining this. So financial planning, whether the service is offered at a large bank or independent practice, is a notch above the entry-level services. And when I say entry-level services, I'm talking about where you walk into a branch and a financial advisor sells…
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