How Wealth Managers Are Different

Wealth management is an overused term by financial advisors today. It is often confused with money management, which is a product approach focused on “winners” and “losers.” By contrast, wealth management is a comprehensive approach that also includes mitigating taxes for clients, taking care of their heirs, protecting assets from unjust loss and developing charitable giving strategies.

Again, this is quite different from money management, which focuses primarily on investment performance and the short term. By functioning as a client’s personal CFO, wealth managers develop a long-term process for achieving a client’s needs, goals, and dreams.