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Differences between investment advisors and wealth managers

Money. Wealth. Funds. Assets. Capital. Finances. All these words refer to the same thing, right? Right, and wrong. Depending on the context in which we use these words, their meanings change. In a broad sense, they all can be used interchangeably. But in the context of investment services and wealth management, we must understand their exact interpretations.

While both investment advisors and wealth managers work in the same field of handling money, and the main purpose of both is to grow and multiply income and maximize profitability for their customers, there are a few differences too.

Investment advisors advise clients on the type, timing, and mode of making investments, and may try to sell specific products, but the eventual decision whether to act on the advice rests with the client, without whose permission the investment advisor cannot operate. To provide valuable suggestions to help increase income is his duty. Analyzing available funds, considering the level of risk a client can bear, evaluating market conditions, identifying prospective investment options and projecting anticipated returns is the task of investment advisors.

A wealth manager, on the other hand, is given more power to use the client’s assets in their custody to increase their value, based solely on the client’s long term financial goals and needs. In fact, it is the responsibility of wealth managers to ensure that there are positive returns on the wealth managed by him. Wealth managers’ functions encompass all that investment advisors do, and in addition to that, they also handle accounting and tax outlining and preparation, asset allocation, affecting financial plans for retirement life and, managing the estates of their clients after their passing. Their relationship with the clients is a continuing and long standing one. Wealth managers have a fiduciary responsibility to their customers and must always act in the interest of the client before his own.

Whoever you hire to help with your investments, whether it is an investment advisor or a wealth manager, it is important first to make a decision.

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