Michael Gold is the president and CEO of an organization in Connecticut, which helps people plan, handle, and arrange their finances strategically, to live as cost-effectively as possible. He has presented a video, in which he explains how Financial Advisors and Wealth Managers differ in the services they offer. He has gone about this by highlighting the extensive value of wealth management firms for the sake of people managing their wealth in such a way that they have a great quality of life.
Financial advisors and Wealth Managers are both concerned with investment consultation, however, the services of financial advisors are typically limited to that.
Wealth management firms are also concerned with wealth enhancement, legacy planning, charitable giving (there are significant tax benefits in this), and wealth/asset protection. Wealth Managers also emphasize the importance of having the right teams of professionals of various kinds, for building and enhancing estates and businesses effectively. These various aspects of advice provided by Wealth Managers are interconnected, and work together to provide effective quality service.