When there is a goal to achieve, it’s important to have a plan made of several steps or activities that lead to that goal. Working with a knowledgeable or credentialed professional is much more likely to be successful. Understanding the goal and can recommend a course of action that gets there as soon as possible. If an individual wants to improve on fitness and physique, they might consult a personal trainer for a workout regimen. Similarly, if there is a financial goal, it would be best to consult a financial advisor like myself. I would assess the current situation and objectives and develop a strategy to help make this goal a reality.

Financial Advisors, Wealth Managers, Accountants, Oh My!

Financial planning, especially in service of a future money-related goal, is the down payment for a home, college savings, and retirement. These are goals many people hope to achieve through financial planning. Terms such as “financial advisor,” “wealth manager,” and “accountant” before in the context of money management. When considering working with a financial professional, it’s important to understand what these terms mean and which one is relevant to the situation and objectives.

What Is a Financial Advisor?

Generally, a financial advisor refers to a credentialed or certified professional who provides financial services to clients based on their situations. When thinking of a financial advisor is someone who picks up the phone or logs on to a computer to execute trades. Financial advisors do so much more than that. Depending on the area of expertise and services requested, an advisor may provide investment advice, guidance in tax strategies and accounting, specialize in estate planning and insurance, or help clients create specific short-range and long-range plans for certain outcomes.

What Is a Wealth Manager?

It helps to think of a wealth manager as a financial advisor. Wealth managers usually provide financial services to high-net-worth individuals. I tend to point out that although “high net worth” may vary in the eye of the beholder. Generally, these conditions apply:

• High-Net-Worth Individual: Someone with liquid financial assets of at least $1 million
• Very High-Net-Worth Individual: Someone with liquid financial assets of at least $5 million
• Ultra High-Net-Worth Individual: Someone with liquid financial assets of at least $30 million

Wealth managers work with large sums of money and often provide specialized services that most customers might not need, such as philanthropic planning and certain legal planning. High-net-worth individuals often have access to exclusive services and benefits.

Financial advisors can include licensed or certified lawyers, accountants, brokers, insurance agents, or financial planners. Just as a consult a specific type of doctor for a particular health concern, it’s important to talk to experienced financial advisors like myself, who have relevant knowledge and credentials.

Written by Matthew Carroll, Financial Advisor at J.P. Morgan.
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