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What is the difference between wealth management and retirement planning? advice from a CFP® in Clearwater, FL

Written by V. Raymond Ferrara, CFP®

On September 4, 2021

What is the difference between a book on your Amazon wish list and one that you already own? Most Clearwater, Florida, residents will tell you that the difference is ownership. You physically own the book you’ve already purchased, but you are just planning to own the book on your wish list. This difference is actually an excellent analogy for the difference that a CERTIFIED FINANCIAL PLANNER™ can draw between wealth management and retirement planning, but more on that later. 

What are wealth management and retirement planning?

There are many financial services that a CFP® can advise you about. Wealth management and retirement planning are two such services that are available to Clearwater residents. Yet you might not be 100% sure what these two services are. Fortunately, a CFP® can help you understand what they entail. 

  • Wealth management — Wealth is the accumulated value of every asset a person, group or entity owns. To return to our book analogy, wealth is the book that you already own. Wealth management is a financial service that is intended to help take the stress out of managing the assets that you own. It can help you plan how to use your wealth to address current and future financial needs. Wealth management services can also help you protect your wealth and plan how and to whom you want to pass it on. 
  • Retirement planning — If wealth management is like the book you own, retirement planning is like the wish list on which you put books you want to own. Your retirement plan is a way to plan out: 
  • How you want to live after retirement. 
  • How you can gather the necessary wealth to meet your lifestyle goals. 
  • Ways to legally deal with taxes you’ll face once you retire. 
  • How to pay for any long-term medical care you may need as you age. 

Just because these two services are different does not mean they cannot both be a part of your overall financial plan. A CFP® can help you integrate these services and others into a personalized financial plan. 

Talk to a ProVise CFP® professional about wealth management and retirement planning

At ProVise Management Group, a CERTIFIED FINANCIAL PLANNER™ on our Clearwater team can get to know you and your current financial circumstances, goals, risk tolerance and personal values. They do all this in order to help you develop a plan that truly 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 creating a personalized and well-rounded financial plan? Contact ProVise today to schedule a complimentary consultation.

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