3 Different Kinds of Wealth Management Services


The concept of enlisting the aid of wealth management services is a growing trend. It seems that building wealth is on the minds of everyone these days, but while everyone is trying to reach that financial windfall, only a few seem to have mastered the skills in getting it. There is no shortage of advice to tell you what to do or how to do it but finding the right person that can tap into your dreams and personal skills to make it happen is not always that easy. That’s why people choose to hire planners to help them reach their financial goals. Here are a few types of financial professionals that may be able to help find your way on the road to success.


There are several different types of brokers to choose ranging from insurance to stockbrokers depending on your financial interests. They are sometimes called agents, advisors and serve to help you in obtaining some type of product by buying or selling a security of some kind. Their success is directly tied to your success because they work on a commission basis. If you don’t make money, they don’t make money. Choosing one of these to guide you could lead to your success as long as you make sure that they are working as advisors and do not consider their commission so much that they become salespeople rather than financial managers.

Wealth Manager

This individual works as a fee-based advisor and is usually paid a percentage of the assets they have been hired to manage. They will usually work very closely with their clients and make adjustments to their portfolios as they go through life and their circumstances change. They can advise you on any number of topics including real estate, retirement plans, stock options and others.

Financial Planner

Financial planners usually work by the hour or by the project; their job is to help you to create a plan for your future. They often take an unbiased view about your wealth and financial position and are more open to share their insight with less wealthy clients.

Whether you find your financial guru through your bank or some other private institution, it helps to know the roles of each one so that you can choose wisely. Hiring wealth management services can make a major difference in planning for your financial future, but you need to understand clearly the differences in the services they offer so that you can find the right person for your financial future.

How to Choose Financial Planners


Financial planners are primarily responsible for advising their customers on methods through which they can save, invest and get good returns for their investments. In fact, they assist their clients to tackle specific financial goals such as giving them a macro view of their money, assisting them in buying a new house or giving them an overview of their relationships with various assets. However, similar to various other professionals, they also specialize in specific areas as some of them might be specialists in estate planning whereas other might provide assistance with their experience on various financial matters. Despite of such difference in specialization, most of the people usually confuse them with stock brokers who are professionals with their expertise in trading stocks. Therefore, as an individual, it is important for you to understand that financial planners are quite different from Sydney insurance brokers that help you with only methods to cut your tax bills.

Any individual in Sydney can hang out a shingle to claim themselves as experts, but this doesn’t merely make anyone an expert in financial services. Many of them even write all those funny alphabets with their names to make people aware about their designation in financial sector. But, only Certified Financial Planners (CPF) are considered to be the most professional individuals in this industry. Unlike others, they undergo a rigorous training that is administered by the Certified Financial Boards of Standards where they are tested about the essentials of personal finance. Moreover, in order to match their knowledge with latest ongoing activities in the financial sector, they are committed towards continuing with the required education and training that is conducted on timely basis.

Whether choosing a financial advisor for your organization or your personal needs, it is recommended that you choose a certified professional that shows clear signs of credibility and guaranteed services. You can even take suggestions and recommendations from your friends or relatives as they can assist you with your search for a successful and experienced planner. Moreover, some of them might have been working for their requirements with financial services in Sydney and might be aware about the pros and cons on investing in different areas to reap profits. In addition, you can follow the below mentioned suggestions.

Conduct a background check

Before hiring any professional, you can conduct a background check by talking to some of the references and understand the quality of work delivered by them. In fact, you can also check their reviews through various online search engines and get relevant information about their work experience and designation. In order to verify that they hold a valid certification, you can check with the CPF where you can easily find their discipline records.

Check their pay structure

It is recommended to avoid commission based advisors that work on commission basis and do not provide packages that do not give them good incentives. Moreover, it is also recommended to avoid fee based advisors. You can find some financial planners that earn one percent on your annual assets. This can be a pocket friendly option with better suggestions.