Wealth Management and Financial Planning

About Wealth Management and Financial Planning


Wealth management takes a balanced approach to managing your finances. A wealth manager will consider all aspects of your financial life, including:

·       Investments

·       Taxes

·       Insurance

·       Retirement planning

Wealth management aims to help you grow and preserve your wealth over the long term. A professional wealth manager will work with you to develop a financial plan that meets your specific goals and needs.


What is Financial Planning?

Financial Planning is a step-by-step process to synchronize your life goals with your personal finances. This concept is for every individual that includes managing everyday expenses and investments at all times. In other words, it includes various financial processes throughout your life to achieve your financial goals. Thus, financial planning helps you examine your goals and helps you prioritize, save and invest money to achieve your desired targets in time. 

Financial Planning includes various activities like debt management, cash flow management, risk management, contingency fund creation, etc. It uses various financial products like life insurance, mutual funds, fixed-income schemes, etc. Also, it helps to plan for future goals like education, marriage,  buying a home or car, retirement, etc. Lastly, tax planning also plays a crucial part in financial management to save your hard-earned money. 


What is Wealth Management?

Wealth management is the process of preserving your wealth and growing it over the long term. Usually, this process is adopted by High Networth Individuals (HNIs), business people, affluent individuals, or families. In other words, wealth management is a very niche professional advisory service that makes a personalized strategy using various financial products and services. Thus, it helps to secure wealth, grow and accumulate more wealth using existing wealth. 

The common activities of wealth management include identifying and leveraging profit-making activities, special structured products, capital gains assessment, estate planning, risk management, and tax management. It uses various financial products ranging from mutual funds, equities, bonds, gold, property, etc. Therefore, wealth management helps improve your financial situation through asset allocation. 



Financial Planning Vs Wealth Management : Key Differences 

The following table summarises the key differences between Financial Planning Vs Wealth Management: – 


Parameters Financial Planning Wealth Management
What is it? Goals-oriented  Opportunity-oriented 
For Whom? Every individual  High Networth individual (HNI)
Objective Manage expenses, save and invest to meet financial goals Preserve and grow existing wealth
Includes Cash flow management, investment planning, tax planning, retirement planning, contingency requirement  Wealth and risk tolerance assessment, asset allocation, wealth preservation, and growth strategy
Management Type Passive management Active management
Financial Decisions Based on financial goals, time horizon and risk tolerance levels Only on investment portfolio
Focus on  Comprehensive road map for financial life Immediate portfolio strategy



Advantages of Wealth Management 

·       The chance to partner with a team of experts

·       A comprehensive approach to managing your finances

·       A focus on long-term growth

·       The ability to customize a plan to meet your specific needs


Date : 07 Oct, 2023

  • Wealth Management and Financial Planning

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