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What is the difference between a financial planner and a financial advisor?

30 July 2020

Retirement Planning and Custom Financial Planning are important for your WEALTH!!



Creating a financial plan is an important part of every adult’s life. If you have decided that you would like some help managing your financial situation (money, stock market investments, insurance plans). You may find that there is a broad spectrum of financial professionals ready to leap at the opportunity to offer you their services. And These professionals may call themselves either ‘financial advisor’ or ‘financial planner’.

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There is a number of different licenses a financial planner needs to possess in order to do their job effectively. These may include: Series 6, which is commonly referred to as the securities license. Series 63 and series 65 licenses. Long-term care insurance certificate, a real estate license and more.


All financial planners are in essence financial advisors. They need to study and pass exams to obtain their licenses. However a person who calls himself a financial advisor may not necessarily be a financial planner.


They may not possess the necessary licenses and are more focused on investment rather then helping you create a comprehensive plan which takes into consideration your long- term needs.


So, you would be better off going with the individual who calls themselves a financial planner. That being said, a consumer should always perform their due diligence before they entrust the management of their money to any kind of financial advisor to make sure that they have the necessary expertise and a trustworthy track record.



Differences between Financial Planning Professionals 

Retirement Planning and Custom Financial Planning are important for your WEALTH!!

  • A financial planner is a type of financial advisor. Planners help individuals and companies meet their long-term goals by creating customized programs. Financial planners usually hold various licenses. To obtain these licenses they must study for and pass various exams and have relevant work history. Financial planners usually specialize in various areas such as: taxes, retirement, stock market and other investments, estate planning, long-term care insurance and more.
  • Financial advisor is a broader term for an individual who helps you manage your money. They mostly focus on helping people with investments as well as purchasing and selling in the stock market. This broad term includes various groups of people whose work is connected to managing money.

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Some of these groups are: stock brokers, insurance agents, bankers, money managers and others. Imagine a metaphorical funnel. In this funnel financial advisors would be at the top in the broader category, whereas financial planners would be closer to the neck of the funnel in the specialized category.


Due to the proliferation within the financial industry. Nowadays some professionals who call themselves financial planners and financial advisors may do the same things.

However if we had to narrow down the differences between these professionals to just a few key aspects this is what we would end up with


So before you hire one do your research and make sure that your financial advisor or preferably financial planner has enough experience in the field of your interest. Your finance professional must  have the right track - record or team to help you meet your specific long-term goals. According to experts, individuals who call themselves financial advisers and financial planners may come from different backgrounds, hold many different kinds of licenses and have a varying work experience.



Is there a difference in the cost? 

Before you hire a planner make sure to understand exactly what you are paying for. Since the services planners provide differ from customer to customer it is logical that the fees they charge vary as well.


Fee-only planners charge you based solely on the services they provide. There are also those who are paid by commission based on the sale of specific services or products. Some advisors may earn money through the combination of these two.


There are planners who charge a percentage of the assets that they manage. This happens when they provide an ongoing service. Some may also charge an hourly fee. Whatever the case, make sure to discuss the payment structure and the amount with your potential planner in advance.


To conclude, there are many professionals who work in the financial industry and choosing the right one for you may seem like an overwhelming task. But, overall, if you decide that you need help with managing your money and meeting your goals it is better to do your research. Enlist an experienced and qualified financial planner. Because they hold various useful licenses and can help you make a detailed financial plan taking into consideration all of your long-term needs.


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Lea Wiviott Boracchia, Co-Founder, FinancialPlans.Info and InvestingProfits.Pro, both apart of the renowned Boracchia Wiviott Wealth Partners

We are a registered investment advisory focused on accessible wealth planning for everyone. Our mission is to help women, men and people of all ages, races, locations, and anyone plan and secure their most successful future. We were originally established in 2005 by way of 3 firms before my husband Marc and I registered our independent advisory in California.


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