Organizing your finances is a must-do for long-term security and success. Financial planning and wealth management services can help you build wealth and plan for future uncertainties. But which service is right for you?
A financial planner can help you make the best choices for your accounts and goals. A private wealth manager can assist you in making informed decisions about investments, charitable giving, and more.
Let’s look at what you need to know about financial planning and wealth management, including key differences and deciding which service fits your needs.
What Is Financial Planning?
A financial planner helps people analyze their financial situation and create a comprehensive plan to achieve goals and build wealth. It’s an ongoing process to ensure economic security and prepare for potential hiccups that you could face.
Benefits of Financial Planning
Working with a financial planner can set you up for success and ensure peace of mind for the future. You can expect benefits including:
- Setting tangible, achievable financial goals, such as cash flow and debt management
- Planning for retirement and unforeseen costs that come with aging
- Protecting and growing family wealth for current and future generations
What Is Wealth Management?
A private wealth manager provides personalized advice to high-net-worth individuals and families. They aim to create tailored strategies aligning with their client’s goals and risk tolerance.
Benefits of Wealth Management
Private wealth managers act as trusted advisors who handle financial complexities, help clients achieve long-term financial security, and offer other benefits, including:
- Financial goal-setting to grow and sustain cash flow
- Risk management to ensure financial stability in times of crisis
- Investment and wealth-building strategies to grow your portfolio over time
- Tax planning to minimize liabilities and reduce tax burdens
- Estate planning to plan for the distribution of wealth and assets
Differences Between Financial Planning and Wealth Management
While financial planning and wealth management services are beneficial, knowing the difference between them is important to ensure you get the help you need. Financial planners help clients achieve economic goals that provide stability and peace of mind. Private wealth managers, on the other hand, provide ongoing strategic advice to affluent individuals and manage their long-term financial situation.
The Financial Professionals at Auld Brothers Law
Financial planning and wealth management services hold value for individuals and families wanting to preserve, grow, and protect their wealth. Understanding which service is right for you will depend on your current economic standing, goals for your cash flow, and what you’re looking for in a financial professional.
Auld Brothers Law carefully designs our private wealth management services to help clients plan for their financial future, including:
- Business succession planning
- Trust administration
- Asset distribution
- Tax burdens
- Personal tax liabilities
- Family legacy planning
- Ultimate estate administration
We offer one-on-one counseling to help remove worries or concerns and take the time to learn about your short- and long-term goals so we can provide personalized recommendations. Contact Auld Brothers Law today to learn more about our private wealth management services.