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This question is about what a manager does.
Financial Planner vs. Wealth Manager
A financial planner is a professional who seeks to assist clients with lifestyle planning, while a wealth manager is a financial professional who aims to protect a client's wealth over the long run.
A financial planner assists clients with many different financial situations. They cover the whole spectrum of financial clientele, from poor to extremely wealthy. To do this they assist clients with things like budgeting, cash flow planning, and saving for college or retirement.
A wealth manager helps clients in a more broad financial sense. They look at a client's overall wealth and take steps to maximize it and protect it for the long term. Their services include tax planning, education planning, legacy planning, estate planning, insurance, charitable giving, and retirement planning.
Here are the key differences between an asset manager and a wealth manager:
A financial planner primarily helps clients with lifestyle planning
A wealth manager focuses on taking steps to increase and secure a client's wealth for the long term
A financial planner looks after clients of many different financial classes
A wealth manager only looks after clients considered wealthy
A wealth manager performs services like tax planning, education planning, legacy planning, estate planning, insurance, charitable giving, and retirement planning
Wealth managers tend to have higher salaries than financial planners
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