Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
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 | Finance Planner | |
| Yearly salary | $91,605 | $71,607 |
| Hourly rate | $44.04 | $34.43 |
| Growth rate | 15% | 15% |
| Number of jobs | 127,946 | 91,557 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 73% |
| Average age | 45 | 45 |
| Years of experience | 4 | 4 |
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.
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 advisors and finance planners have different pay scales, as shown below.
| Wealth Management Advisor | Finance Planner | |
| Average salary | $91,605 | $71,607 |
| Salary range | Between $49,000 And $168,000 | Between $42,000 And $120,000 |
| Highest paying City | New York, NY | Springfield, MA |
| Highest paying state | Massachusetts | Massachusetts |
| Best paying company | Capital Group | Northern Trust |
| Best paying industry | Finance | Insurance |
There are a few differences between a wealth management advisor and a finance planner in terms of educational background:
| Wealth Management Advisor | Finance Planner | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Minnesota - Twin Cities | University of Pennsylvania |
Here are the differences between wealth management advisors' and finance planners' demographics:
| Wealth Management Advisor | Finance Planner | |
| Average age | 45 | 45 |
| Gender ratio | Male, 69.1% Female, 30.9% | Male, 62.0% Female, 38.0% |
| Race ratio | Black 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 Percentage | 5% | 5% |