Financial planning is a component of wealth management, which is generally more comprehensive in scope. Depending on who you receive your services from, financial planning may include only the development of a theoretical plan (possibly including elements from investment planning, estate planning, business succession planning, and fringe benefits planning) without consideration of or coordination with the practical implementation of the planning. Wealth management will often include all of the aspects of financial planning, plus options to coordinate the practical implementation of the planning within the same organization.
An example of a wealth management firm is one that has the capabilities to deliver both the theoretical financial planning solutions and the practical money management (investment portfolio) solutions under the same roof in a coordinated manner.
Leave a Comment