Private Wealth Management or Financial Planning: Which Is Right for You?

Nowadays, you see more people becoming aware of financial wellness and the importance of having a plan in mind. However, the eagerness to get our finances together often raises new concerns. For example, many feel lost when finding the right tool to help them reach their financial goals.

And this is no minor issue. So, let’s talk about the two primary solutions that bring security and clarity around one’s finances: private wealth management and financial planning.

What is Private Wealth Management

Private wealth management is a personal financial advisory service comprising financial planning, portfolio management, and other services. The wealth manager provides you with a wide range of products to help you solve a financial situation, enhance your wealth, and reach your short or long-term financial goals.

Types of Wealth Management Services

Many people believe that only a financial advisor can provide private wealth management service, and that is not true. Banks and large brokerage firms often offer wealth management services as well.

Meanwhile, you may find firms specializing in private wealth management. These firms usually come in one of the three following categories:

  • Product Vendors who give you access to various products. They often focus on developing and optimizing your portfolio.
  • Customized Traders focus on individual trades instead of the overall portfolio.
  • Planners, or coaches, serve more as the consultant. If you’re looking for someone who will help you minimize cost and expense or maximize tax advantages, a planner could be a suitable choice.

Benefits of Private Wealth Management

Similar to many other financial services. Private wealth management frees you from having to manage all your assets by yourself. Not only is wealth management a time-consuming task, but it also requires advanced knowledge to do it right.

Considering the value involved in private wealth management, mistakes are often extremely costly. Working with a wealth advisor can therefore help you.

Who Could Use Private Wealth Management?

Private wealth management is, by nature, high-value. Therefore, individuals in the higher-net-worth category tend to find private wealth management the most beneficial. This means your net worth should be a quarter-million or more with a complicated financial structure involving various forms of assets.

What is Private Financial Planning

Long story short, private financial planning is one of the most effective ways to reach financial goals for ordinary individuals.

For decades, we’ve been talking about the lack of financial literacy and the severe impact it has created in our society. For example, 78% of American adults live from paycheck to paycheck, and 70% of them are in debt. Most of them don’t have a budget and can barely save anything every month.

If you find yourself in a similar situation, then private financial planning might be your way to a better, safer life.

Benefits of Private Financial Planning

Private, comprehensive financial planning can help you manage your finances throughout different stages of your life while keeping the larger picture in mind. By investing in private financial planning, you can navigate different financial tasks more effectively, including:

  • Paying down your debts first
  • Rebuild your credit score
  • Building up an emergency fund
  • Saving up for a big purchase
  • Planning for retirement

With a plan put together, you now have guidance on how to reach your financial goals. In addition, these plans are often updated periodically according to your life events to prevent you from falling off the wagon. In other words, private financial planning can help you make financial security a reality.

Types of Financial Planning

There are numerous financial planning services. Depending on your goals, you can choose from

  • Tax planning, which helps you maximize tax advantages.
  • Investment planning, so you can build an investment portfolio and begin generating passive income.
  • Cash Flow planning, which helps you manage your money coming in and out.
  • Retirement planning, so you can maintain a desired lifestyle after retirement.
  • Legacy planning, which protects your loved ones after your time on earth is done.

If you have bigger plans or think you need multiple planning services, there’s also comprehensive financial planning. A comprehensive plan covers various aspects of your life, such as debt reduction, short-term saving, and retirement planning. Therefore, it is perfect for those planning their financial future from ground zero.

Is Financial Planning For You?

So, is private financial planning the right choice for you? In most scenarios, the answer is yes.

People tend to misunderstand and think you must be rich to invest or talk about finances. However, the truth is anybody could benefit from financial planning, especially those who are struggling right now.

The goal of financial planning is to find a solution to your problem. If it feels unrealistic to think about retirement, it may be the best time to talk to a financial advisor about your concerns and goals.

Finding a Financial Advisor: What is Fiduciary

However, not all financial advisors are made equal, and the last thing you want is to work with the wrong person on your future wellbeing.

When looking for the right advisor, your best shot could be working with a fiduciary. Fiduciary financial advisors are required by the law to put your best interest as the top priority. Otherwise, they can face severe penalties. This guarantees that your advisor is always on your side and thinking about your future.


In conclusion, private wealth management is most suitable for high net-worth individuals. If your gross asset is at least a quarter-million, you may consider working with a wealth manager so you can preserve and grow your wealth.

However, if you consider yourself an ordinary individual and need more insight, clarity, and structure in your personal finances, private financial planning could be the solution you need.

Both wealth management and financial planning should be comprehensive and cover various core aspects of your financial wellbeing. If you’re unsure about where to seek advice, speak with a fiduciary financial advisor to find out the most suitable strategy for you.

When you partner with a wealth management firm like BentOak Capital, you get access to our decades of experience in the financial world. We take a holistic approach towards managing your finances and striving to help you achieve long-term wealth. Contact us today and experience the difference of BentOak Capital!


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

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