Wealth Manager Robo-advisors are technically RIAs, meaning they’re also held to a fiduciary standard, and increasingly many are complementing their automated offerings with more comprehensive financial planning provided by human planners and CFPs. If you’re a beginner investor who might only occasionally need the services of a financial planner, this hybrid approach could be a good fit.
In practice, wealth managers are financial planners for high-net-worth individuals. Due to the clientele they work with, they typically specialize in aspects of financial planning more commonly affecting the wealthy, like estate planning, legal planning and risk management to preserve assets. Source mooresvilletribune.com
While most everyone could benefit from the services of a financial planner, the truth is not everyone may need one. If your finances are fairly simple—meaning you are working, have some money in savings and are tucking money away into a retirement account—you may not need a financial planner.
Do You Need a Financial Planner? As with the term financial planner, wealth manager is not regulated, meaning anyone, regardless of credentials, can call themselves a wealth manager. This means only some wealth managers, but not all, are fiduciaries.
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