What is the Difference Between a Financial Advisor and a Financial Planner?

[Suba]

This question is often debated by many people, of course there are differences, even though they are subtle or not very significant, between financial planners and financial advisors. It is not surprising if a financial planner claims to be a financial advisor or vice versa, because both can be carried out by people who have the same expertise, especially in the fields of finance, investment, insurance and taxes, such as accountants, investment managers, brokers, or similar professions. However, the work and responsibilities of a financial planner and a financial advisor will be very different. What do you think?

 

[magnus2022]

I think the difference is too negligible especially when you come to small investment or company. Some of these companies don't have adequate resources and fund to expand its business. In big companies, the difference between financial planner and financial advisor is big and understandable.

 

[Webster]

Financial Planner vs. Financial Advisor - SmartAsset | SmartAsset

Financial planners and financial advisors both offer beneficial services, but which one is right for you depends on your needs. Learn more about them here.

smartasset.com

While the services of financial advisors and financial planners often overlap, they each have distinctive areas that they tend to focus on. Many financial advisors offer financial planning, but financial planners only work within that area. On the other hand, financial planners are often less investment-centric, whereas financial advisors can offer a balance between investing and financial planning.

In essence, a financial advisor helps you with investment strategies while a financial planner helps in developing plans to help you achieve your financial plans.

 

[eLdavis]

From what I understand, I think an advisor simply gives you advice on what to do, he does not force you but simply push advice to you. In the end it's left for you to decide. An advisor is not involved in the planning process. Meaning an advisor can advise you on how to plan but won't be involved personally. A planner on the other hand, helps you plan.

 

[King Belieal]

Financial planners can be reckoned as those that advise you on financial choices based on your financial situation. Financial planners on the other hand take you out of the picture and make your financial choices for you. The two are almost the same as their study and expertise are likely to overlap majorly into each other.