What Is The Difference Between Wealth Manager And A Financial Advisor?

Managing your finances doesn’t have to be difficult, but finding professional services to help you with that management can sometimes be confusing. At Lighthouse Financial, our team of financial professionals are dedicated to helping our clients understand everything they need to make great financial decisions. One of the most common questions we get asked if there is a difference between a financial advisor and a wealth manager, so keep reading to learn more about the differences.

Wealth Threshold

The main difference between the two types of financial professionals is the wealth threshold of the client. Wealth managers will usually work with clients who have more wealth, as opposed to financial advisors, who usually do not have a minimum threshold requirement for their clients.

Offers More Services

Another difference between these two types of financial professionals is the services they provide to their clients. Financial advisors may not always offer the wide range of financial services that wealth management professionals do. At Lighthouse Financial, we offer our clients retirement planning, investment management and advisory services, tax planning, strategies, and so much more!

Higher Investment Minimum

Because wealth management professionals work with clients who have more wealth, it’s also common to see a higher investment minimum requirement from wealth managers. Financial advisors will work with a wider range of client budgets, so they tend to have fewer investment requirements.

Comprehensive Service

The final and most important difference between a financial advisor and a wealth manager is the scope of service you receive when partnered with them. At Lighthouse Financial, our wealth management services are comprehensive, meaning that we’ll work with you on a goal-based, experience-focused approach to your financial health. We’re not paid on commission and we’re dedicated to your success!

Learn more about wealth management services from Lighthouse Financial online and contact us today to get started!