What’s the difference? Those titles by themselves mean nothing. Titles including Financial Analyst, Financial Adviser (Advisor), Financial Consultant, Financial Planner, Investment Consultant or Wealth Manager are generic terms or job titles, and may be used by investment professionals who may not hold any specific credential, education, or experience.
If you are interested in comparing financial professionals, there are designations and certifications that you should look for instead of just a title. There are a lot of designations (163 are listed at www.finra.org), some are serious and require significant study while others are just a simple application. A couple of the more recognized and respected designations include Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), Personal Financial Specialist (PFS), and Chartered Financial Consultant (ChFC). There are several more that are beneficial, but many are just alphabet soup designed to give the impression of knowledge without actually having real substance.
I don't believe there is any difference at all. Where there are differences is in the compensation model of various financial advisors. As an example, I am a fee-only advisor and do not get involved in the sale of products nor do I accept referral fees or commissions. Then there are fee and commission planners who work for some level of fixed fee and hopefully, tell you that they also sell product. If in fact the product is required, they will share with you not only the product but the cost of the product and the commission that they earn. And finally, there are commission only planners who work strictly on the sale of products. Hope this helps a little and good luck
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.