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Wealth management advisor vs finance planner

The differences between wealth management advisors and finance planners can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a wealth management advisor and a finance planner. Additionally, a wealth management advisor has an average salary of $91,605, which is higher than the $71,607 average annual salary of a finance planner.

The top three skills for a wealth management advisor include customer service, insurance products and securities. The most important skills for a finance planner are financial aid, financial services, and client facing.

Wealth management advisor vs finance planner overview

Wealth Management AdvisorFinance Planner
Yearly salary$91,605$71,607
Hourly rate$44.04$34.43
Growth rate15%15%
Number of jobs127,94691,557
Job satisfaction4-
Most common degreeBachelor's Degree, 72%Bachelor's Degree, 73%
Average age4545
Years of experience44

What does a wealth management advisor do?

As a wealth management advisor, you will be responsible for advising and guiding clients on financial plans using your knowledge and expertise on investment and tax strategies, pension plans, insurance, real estate, and securities. You will be regularly checking clients to re-evaluate their situation and future financial goals. Additionally, you are responsible for assessing clients' tolerance for risk and providing an investment strategy to help them reach these goals. Other duties and responsibilities may include coordinating with your lawyers or accountants to minimize the tax owed by their clients and assisting clients with estate planning strategies.

What does a finance planner do?

A financial planner is responsible for handling client accounts and providing financial advice to determine the best investment options according to the clients' interests and risk appetite. Financial planners record the clients' living expenses as a part of their portfolio, identifying their long-term goals and objectives, and giving tax advice. They also educate clients with investment options and opportunities to improve the clients' account performance and sell financial products. A financial planner must have excellent analytical and communication skills to conduct data and statistical analysis, especially in researching financial instruments in the market.

Wealth management advisor vs finance planner salary

Wealth management advisors and finance planners have different pay scales, as shown below.

Wealth Management AdvisorFinance Planner
Average salary$91,605$71,607
Salary rangeBetween $49,000 And $168,000Between $42,000 And $120,000
Highest paying CityNew York, NYSpringfield, MA
Highest paying stateMassachusettsMassachusetts
Best paying companyCapital GroupNorthern Trust
Best paying industryFinanceInsurance

Differences between wealth management advisor and finance planner education

There are a few differences between a wealth management advisor and a finance planner in terms of educational background:

Wealth Management AdvisorFinance Planner
Most common degreeBachelor's Degree, 72%Bachelor's Degree, 73%
Most common majorBusinessBusiness
Most common collegeUniversity of Minnesota - Twin CitiesUniversity of Pennsylvania

Wealth management advisor vs finance planner demographics

Here are the differences between wealth management advisors' and finance planners' demographics:

Wealth Management AdvisorFinance Planner
Average age4545
Gender ratioMale, 69.1% Female, 30.9%Male, 62.0% Female, 38.0%
Race ratioBlack or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.4% Asian, 8.3% White, 72.2% American Indian and Alaska Native, 0.1%Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 9.6% Asian, 8.4% White, 71.8% American Indian and Alaska Native, 0.1%
LGBT Percentage5%5%

Differences between wealth management advisor and finance planner duties and responsibilities

Wealth management advisor example responsibilities.

  • Handle sales of permanent and term insurance, fix annuities, brokerage accounts, mutual funds, and manage money accounts.
  • Manage FINRA, NASD compliance, quality control and documentation for all stock, bond and option trades place by team.
  • Manage and strengthen customer relationships through cross-selling and up-selling to maximize retention and income generation by contacting existing and prospective customers.
  • Contribute MorningStar research reports for mutual fund portfolios.
  • Maintain and monitor files to ensure proper compliance procedures under FINRA.
  • Research and compare active vs. passive financial managers who utilize section rotation and ETFs to hedge risk and capture alpha.
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Finance planner example responsibilities.

  • Manage financial planning, educate clients on fix indexed annuities, and consistently analyze financial markers and ever-changing client needs.
  • Manage and strengthen customer relationships through cross-selling and up-selling to maximize retention and income generation by contacting existing and prospective customers.
  • Represent a large brokerage firm for products and services through direct sales.
  • Educate clients in tax implications for products that include mutual funds, securities, and retirement plans.
  • Redesign the existing report from a value-base manual effort to a Hyperion driven report, vastly improving both efficiency and accuracy.
  • Gain additional responsibility as a season FSR.
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Wealth management advisor vs finance planner skills

Common wealth management advisor skills
  • Customer Service, 11%
  • Insurance Products, 8%
  • Securities, 8%
  • Portfolio Management, 7%
  • Client Relationships, 7%
  • FINRA, 6%
Common finance planner skills
  • Financial Aid, 21%
  • Financial Services, 9%
  • Client Facing, 8%
  • Retirement Planning, 7%
  • Estate Planning, 6%
  • Life Insurance, 6%

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