The real difference between a financial adviser and a wealth manager is expertise - Business Insider

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Wealth managers typically advise clients worth $5 million or more

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Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.Their approach to money management is often more hands-on and holistic than, say, a financial planner.

The Certified Private Wealth Advisor® designation is encouraged, but not required, to advise clients with net worths above $5 million., investment advisers, wealth managers, and even CPAs refer to themselves as a financial adviser. It's a broad category that includes multiple schools of expertise., but you do need to complete training to perform most financial activities, like trading securities, selling insurance, preparing taxes, or managing large sums of wealth.

Most financial certifications, like the CFP® designation for financial planners, hold professionals to certain ethical standards. Who you choose to get help from is up to you, but it's generally wise to work with someone who adheres to the fiduciary rule, meaning they make decisions in your best interest — not based on what will make them the most money.A wealth manager is a type of financial adviser.

Professionals seeking the CPWA® marks have to complete rigorous coursework that's designed to help them meet the financial needs of clients with large bank and investment balances. These clients often have more complex investment portfolios, real-estate holdings,

 

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