Sometimes the terms “wealth managers” and “financial advisors” are used interchangeably, but really, they mean two different things. A wealth manager is a type of financial advisor. Financial advisors handle general finances, but wealth managers specialize in preserving and growing wealth. Below are outlines of online customer personas who may benefit from each option.

Online customer persona No. 1

  • Someone looking for help managing debt or loans
  • Someone trying to understand how Social Security benefits work
  • Someone who needs assistance with lifestyle planning
  • Someone looking to plan for retirement costs 

This online customer persona belongs to someone who could benefit from a financial advisor. This type of financial assistance is useful for people specifically focused on retirement and how they can manage everyday costs so that they can funnel some of their income into living comfortably after retiring. The goals of your financial advisor may include helping you to ensure that your debt is paid off, plan for emergencies, buy a home and budget your money.

Online customer persona No. 2

  • Someone who wants to promote generational wealth
  • Someone looking to preserve and grow their wealth beyond retirement
  • Someone looking for a caretaker of their wealth
  • Someone who has a high net worth

This online customer persona belongs to someone who could benefit from a wealth manager. Wealth managers also help with retirement planning, but their efforts are more focused on aspects beyond retirement. The goals of a wealth manager look slightly different from a financial planner. Their goals may relate to tax and estate planning, life insurance, and long-term investing.

The goals of both wealth managers and financial advisors can differ, so it can be useful to know which might be more useful for you when prepping for your retirement.

Talk to a ProVise CFP® professional about your retirement planning needs

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance, and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about the different benefits of financial advisors and wealth managers? Contact ProVise today to schedule a complimentary consultation.