The Difference Between Asset Management and Wealth Management
While earning money requires plenty of hard work, managing the money you earn requires vigilance. If you're clueless about wealth planning asset management, you need to get in touch with a financial advisor who can help you navigate through the overwhelming financial concepts that you need to tackle. Doing so will allow you to create enough wealth and manage it to secure a healthy financial future for you and your loved ones.
What is the Difference Between Asset Management and Wealth Management?
Asset management refers to managing different types of assets such as bonds, stocks, ETFs, mutual funds, financial holdings, real estate, and other kinds of investments. In most cases, individual asset managers and asset management firms tend to focus more on maximizing returns of the assets of their clients rather than other financial areas that include estate planning, tax planning, or retirement planning.
An asset management firm works on asset allocation, investment opportunities, portfolio strategy formulation, and risk-return analysis. On the other hand, an asset manager is usually a dealer or a broker who determines their client's right investments.
Wealth management refers to the consultative approach that seeks to improve a person's entire financial situation while protecting their money in the long run. Furthermore, wealth management covers financial areas that include retirement planning, accounting, tax planning, legacy planning, estate planning, charitable giving, and insurance.
A wealth manager may use other titles such as a financial advisor, financial consultant, or wealth manager. They work to develop a detailed and long-term strategy derived from the client's goals, family dynamics, financial situation, and risk appetite.
Want to Know More About Wealth Planning Asset Management?
Please reach out to the financial experts at 1879 Advisors to schedule your free portfolio consultation. Besides receiving a comprehensive analysis of your existing portfolio holdings, you'll also get specific recommendations on your investment options and portfolio allocation.