Author - Difference between wealth manager vs financial advisor

blankMost of the people have a doubt about the difference between wealth manager vs financial advisor? The financial advisor is a professional person who advices you on saving your money. In which the wealth managers, financial planners also say themselves as a financial advisor where this is a broad category of expertise. But, in order to work as a financial advisor you do not require a certification but you need to complete the training to perform the financial activities such as like preparing taxes, trading securities, managing large sums of wealth or selling insurance. The wealth manager is also a type of financial advisor and typically they are employed by brokerages, private firms and bank to work with high net-worth clients. 
The financial advisor does not refers to one specific type of the advisor where they are found to be specialist in different area such as one will be expert in the subjects of estate planning and life insurance. Some financial advisors will be working with specific clients such as non-profit organizations or athletes. Based on the certification of the financial advisor you can choose the best advisor for getting the financial advices. 
The wealth managers are subset of the financial advisors then thing that sets wealth manager and financial advisor is their clients. In which the wealth managers mainly serve on high net-worth and ultra high net-worth clients and individuals but the financial advisors only focus on the individual persons. Financial advisor salary. Wealth managers work very closely with their clients to offer the variety of services, advisory package and roll the services into one category where the services of provided by the wealth manager includes.

Retirement planning 
Financial planning
Investment management
Tax services
Estate planning
Legal planning and 
Philanthropic planning

Most of the above wealth manager services are offered based on the determining factor of client needs. Now a day’s many of the independent financial advisor companies are offering the wealth management service in addition to other kinds of services. You can also find thee wealth management services starting from bank to other big financial institutions.
Tips for choosing the right financial advisor
A good financial advisor is the one, who will place the client’s interest first and understand their needs, will have an intelligent understanding of the client situation and finally works hard to achieve thee financial benefit to the clients in given period of time. The financial advisor should be trustworthy, honest and must demonstrate a sense of ownership to the client finance and their business once if he or she losses to be such a person then it may incur the personal losses as well to them. With this as a main factor you must also consider few more things when choosing your financial advisors which are listed below. They are.

Credentials – The eligibility and certification of the financial advisor is the main factor which you need to check because the certification issued by board of finance will recognize the standard excellence of the financial advisor.
Experience – If you are looking for the financial advisor with at least 4 years of experience in the field of the professional financial advisor then this length of experience will give the exposure of the financial advisory. You may also check the portfolio of the financial advisory in order to check the various experiences of the advisor and industries where he /she worked. 
Compensation – It is worth to hire the financial advisors who charges only fee and do not receive any commissions from the financial products and investments of their client purchase. Where this is because some financial and investment experts view the bulk or source of the financial advisors income as the determinant to check the focus and loyalty of financial advisor lies. 
Character – Many of the financial advisor hiring tips forget about include the character of the financial advisor where this is an important factor in determining the success and competence of the financial advisor. With this factor you can identify about the financial advisor will work to satisfy your requirements and needs or not. 

When you consider above factors in choosing the best and right financial advisor then it yield you great benefits in terms of your business development and wealth. When you hire a good financial advisor then it will give your huge number of benefits in terms of increasing your financial status. 
Tips for choosing a wealth manager
If you are looking for someone to manage and look after all your wealth while providing you with the personalized support then wealth manager would be the best option for you to choose. Managing your own finances is never found to be a great idea where it directly affects your family life so it is very important to hire a best wealth manager to maintain overall your wealth. It is always advisable to hire a professional and expert wealth manager because only he/she can provide you more benefit in terms of you finance and wealth. Here are some of the primary factors that you must consider before hiring the wealth manager. 

Qualification and experience of the wealth manager
Personalized service
Personal investment of the manager
Frequency of wealth manager portfolio reviews
Past performance of their model portfolio
How did they handle 2008 world recession 

Choosing the wealth manger to handle all your wealth is very important task, but it is very much important to hire the best, right and expert person in the field of wealth management to get better investment returns. You need to choose wealth managers who not only act as an asset to manage your overall wealth but he/she should also work as a protection shield during your bad situation and time. This is because the wealth manager has the power to change the fate of your business so make your decision wisely in selecting the right wealth manager for your business and home assets. 

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