What Is Wealth Management vs. Financial Planning?

Marguerita-Cheng-15-What is wealth management vs financial planning

Marguerita Cheng explains the difference between financial planning and wealth management, highlighting that wealth management offers a more comprehensive approach that includes taxes, estate planning, and legacy considerations.
Video Transcript

People always ask, What is wealth management? And why would I need a wealth manager or a financial advisor who can help me manage wealth. So wealth advantage is a little bit more a holistic and comprehensive approach to your financial affairs.

Financial planning, investment advising may just be focusing on certain aspects, your retirement portfolio investments. Wealth management is more comprehensive, Also going to take into consideration taxes and estate planning and legacy. So if you do feel that your situation warrants a more comprehensive approach, then wealth management is certainly something to consider. However, if you feel that you have a good handle on managing your investments and so forth, then that may not be the direction that you need to take.