When you compare financial planning and wealth management services, the descriptions can start to sound the same. Most firms say they offer planning, investments, and personal attention. So what is actually included, and how can you tell what you would receive?
This article breaks financial planning and wealth management services into the specific pieces that are commonly offered, explains how planning and wealth management differ, and gives you a checklist to use when reviewing any firm.
Financial Planning vs Wealth Management
People often search "financial planning vs wealth management" because the terms overlap.
Financial planning
Financial planning is the process of setting goals and mapping out how to reach them. It often covers budgeting, saving, retirement, education, insurance, and estate considerations. A plan may be created once or updated over time.
Wealth management
Wealth management usually combines ongoing investment management with financial planning, plus coordination with tax and legal professionals. It tends to be a longer-term relationship.
Why the difference matters
Knowing which you need can help you compare fees and services. Some people want a one-time plan. Others want an ongoing relationship where someone helps manage investments and update the plan as life changes.
What Do Financial Planning and Wealth Management Services Include?
Here is a service-by-service look at what is often included. Each firm is different, so always confirm what is in your agreement.
Comprehensive planning
Current picture: Assessing your current financial situation, including income, savings, and debts.
Goal mapping: Defining goals and estimating what they may require.
Retirement needs: Estimating future retirement needs.
Retirement income planning
Income sources: Looking at how savings, Social Security, and pensions may work together.
Withdrawal planning: Considering which accounts to draw from and when.
Investment management
Strategy: Crafting an investment strategy designed around your goals and time horizon.
Ongoing oversight: Monitoring and rebalancing accounts.
Reporting: Regular updates on holdings and progress toward goals.
Tax optimization
Tax awareness: Reviewing tax considerations such as account location, withdrawal order, and timing of sales.
Coordination: Working alongside your tax professional.
Estate planning
Wealth transfer goals: Considering how assets may pass to heirs or charities.
Attorney coordination: Working with estate planning attorneys on wills, trusts, and wealth transfer.
Beneficiary reviews: Checking that designations match your wishes.
Insurance solutions
Protection review: Considering life, disability, and long-term care needs within the plan.
Education planning
Saving for education: Considering how education costs fit with other goals.
To see how this comes together for individuals, read our earlier article on how personalized wealth management supports individual financial planning.
What Is Usually Not Included?
Many wealth management firms, including VestGen, do not provide legal or tax advice. Instead, they coordinate with your attorney and tax professional. It is worth asking:
Who prepares my tax return?
Who drafts my estate documents?
How do you work with those professionals?
How Are These Services Paid For?
Common fee structures include asset-based fees, flat fees for planning, and hourly fees. Some professionals may also receive commissions on certain products. Ask for a clear, written explanation of all fees and review the firm's Form CRS and Form ADV Part 2A.
A Checklist for Comparing Firms
Use these questions when comparing comprehensive financial planning services:
Which services are included in my fee?
Is planning ongoing or one-time?
How often will we meet, and what happens in a review?
Do you manage investments directly?
How do you coordinate with my CPA and attorney?
What is your process for building and updating my plan?
How VestGen Approaches Planning and Wealth Management
At VestGen, our advisors offer a comprehensive suite of services designed to meet your needs at every stage of life, including Comprehensive Planning, Retirement Income Planning, Investment Management, Estate Planning, Tax Optimization, Insurance Solutions, and Education Planning. Learn more on our Services page, or explore VestGen Retirement Services for employer retirement plans.
Our Vision Path Planning™ process follows five steps: Discovery, Financial Blueprint, Vision Path Alignment, Implementation, and Ongoing Progress, with regular reviews to help keep your plan aligned as life evolves.
Who VestGen Serves and Where
Every financial journey is distinct, and so is our approach. VestGen Wealth Partners offers bespoke wealth management solutions crafted to align with your individual goals and aspirations.
VestGen serves clients across the nation through many office locations, offering both a local presence and the strength of a broader advisory team. Offices include Chicago, Glen Ellyn, Schaumburg, Naperville, Oak Brook, South Barrington, St. Charles, and Downers Grove in Illinois, as well as Kirkwood and Kansas City in Missouri, and locations in Texas, New Jersey, Florida, and North Carolina. You can find an advisor near you.
Ready to Start Your Journey?
If you want to understand which services fit your needs, contact VestGen Wealth Partners to schedule a consultation with one of our advisors. Together, we can chart a course toward your financial future.
Frequently Asked Questions
What is included in wealth management services?
Wealth management services often include investment management, financial planning, retirement income planning, tax considerations, estate planning coordination, and insurance review. Confirm what is included with each firm.
What is the difference between financial planning and wealth management?
Financial planning focuses on setting goals and mapping a path to reach them. Wealth management usually combines ongoing investment management with planning and coordination with other professionals.
Do wealth managers do taxes?
Many wealth management firms do not prepare tax returns or give tax advice. They often review tax considerations as part of the plan and coordinate with your tax professional.
Is financial planning included with investment management?
It depends on the firm. Some include planning in an ongoing fee, while others charge separately. Ask what is included before you sign.
How much do financial planning and wealth management services cost?
Costs vary by firm, service level, and fee structure. Common structures include asset-based, flat, and hourly fees.
Do I need wealth management or just a financial plan?
If you want a one-time roadmap, a plan may be enough. If you want ongoing help managing investments and updating your plan, wealth management may be a better fit.
This article is for informational and educational purposes only and does not constitute financial, legal, or tax advice. Advisory products and services offered through VestGen Advisors, LLC, a Registered Investment Advisor. Securities offered by Registered Representatives through Private Client Services, Member FINRA/SIPC. Private Client Services and VestGen Advisors, LLC are unaffiliated entities. VestGen Advisors and Private Client Services do not offer legal or tax advice, and information here should not be construed as such. Always consult a legal or tax professional regarding your specific situation. VestGen financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Not all of the investments and services mentioned herein are available in every state. All investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results, and no strategy can guarantee a particular outcome. Please review VestGen's Form CRS and Form ADV Part 2A for more information.