Financial Planning Versus Wealth Management
Let’s be clear here. Wealth to us means more than just money.
So, you thought wealth management and financial planning were one and the same, didn’t you? Well, we’re here to set the record straight. They are not!
Wealth management is typically described as investing in marketable securities. Financial planning, on the other hand, is a process that includes wealth management, among many other factors.
People are wealthy not just when their bank accounts show healthy balances, but also when they are surrounded by people they love and who love them, when they have fulfilling work, and when they are living their life’s purpose. This type of holistic wealth is something we should strive for regardless of our personal position on money.
Looking at your financial life is a critical part to having the means to do many of the things we value. Travel, spoil our children and grandchildren, grow our businesses, spend time at the cottage. These all require money.
Financial planning through C3 Wealth Advisors is done through a holistic lens, where we look at all aspects of your financial life. Your personal CFO works with a team of specialists to ensure that all areas are reviewed and well covered. This includes looking at the following aspects:
Wealth management is important but it’s just one aspect of financial planning. Financial planning should take a holistic approach—it’s not just about placing your money into investment products.
1 IFIC Value of Advice Report 2012
2 Financial Planning Standards Council 5-year study ending in 2009
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