---
title: What's the Difference Between Financial Advisors and Money Managers?
description: Combining the investment skills of a money manager with a qualified financial advisor can put your financial planning strategy on track.
image: https://www.wrapmanager.com/hubfs/Explaining%20the%20Difference%20Between%20Financial%20Advisors%20and%20Money%20Managers.png
---

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# What's the Difference Between Financial Advisors and Money Managers?

Posted by [ Gabriel Burczyk | Founder & CEO](https://www.letsassemble.com/wealth-management-blog/author/gabriel-burczyk)  
 January 25, 2017

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*Editor’s Note: This post was originally published in December 2015 and updated January 2017.*

While financial advisors and money managers have many commonalities, and are complementary to one another, the two jobs are very different and are rarely held by one individual. Financial advisors – also referred to as wealth managers, financial planners and investment advisors – understand the specifics of their client’s financial lives and create a detailed, comprehensive investment plan that is best positioned to help you reach your financial goals. Money managers on the other hand spend their time focusing on successfully managing the strategies that your portfolio is invested in.

WrapManager's eBook, [**Guide to Researching Money Managers**](http://www.wrapmanager.com/researching-money-managers-ebook), discusses this topic in more detail, but we believe your financial advisor and your money managers should be different people. This allows for additional checks and balances that wouldn’t exist if one person performed both jobs. After all, no self-respecting chef would disparage their own food!

### The Role of Financial Advisors

To dive into it a little more, a financial advisor should do just that—advise. Here is what we believe all financial advisors should do for their clients:

- [Understand the specifics of their financial lives](http://www.wrapmanager.com/strategic-wealth-management/your-situation)—investments, debt, cash flow needs, etc.
- Learn about a client’s family and their goals
- Create a detailed and comprehensive investment plan
- Recommend money manager strategies to handle investments
- Regularly review and adjust the financial plan
- Continually evaluate money manager strategies to ensure they are the best for the client’s individual plan

### The Role of Money Managers

Money managers should also stay true to their name, and spend their time focusing on successfully managing portfolio strategies. Quality money managers should consistently meet these expectations:

- Manage investment portfolios consistent with their stated investment objectives
- Manage risk appropriately
- Avoid unnecessary turnover within the management team
- Operate transparently

### The Reason You Need Both

Combining the investment skills of talented money managers hand-selected for your plan with a qualified financial advisor can put your financial planning strategy on track and help you work toward meeting your own personal financial goals. On one hand, the financial advisors hold the money managers accountable for their investment decisions and performance by monitoring them and making changes as appropriate. On another hand, the investor holds the financial advisor accountable for their ability to keep the investment plan on track. And, finally, the financial advisor holds the client accountable to their financial plan by performing regular reviews and adjustments as needed and helping to eliminate the desire to make short-sighted changes based on  emotional triggers in the market.

So how can you find out whether your financial advisor has your best interest in mind? And how can you find a better financial advisor if they don’t?

Download WrapManager's [Guide to Finding a Better Financial Advisor](http://www.wrapmanager.com/your-guide-to-finding-a-better-financial-advisor) to answer these questions and more.

 WrapManager works closely with our clients to create investment plans and recommend money manager strategies to implement a plan that best suits your unique life. To learn more about Money Managers and Financial Advisors, give us a call at [1-800-541-7774](tel:+18005417774) or [contact us here.](http://www.wrapmanager.com/contact)

 

[Money Manager Research](https://www.letsassemble.com/wealth-management-blog/topic/money-manager-research) [Hiring a Financial Advisor](https://www.letsassemble.com/wealth-management-blog/topic/hiring-a-financial-advisor)

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[![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)  
[Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[**Valerie De Vol, **IACCP®  
Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[**Seton McAndrews, **CFP®  
](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

**[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA®  
](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

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[**Katie O'Connor  
**Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor)

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Blogs found at this site have been created or supported by WrapManager. The information provided in a blog post prepared by WrapManager or an associated person of WrapManager is generally limited to financial and economic issues, but may include a discussion of general interest items. The views and opinions expressed on this blog are purely the blog authors, and not necessarily those of WrapManager, Inc. Certain blog posts include information pertaining to WrapManager’s investment advisory services and the products and services of unaffiliated money managers. Such information is provided for information purposes only. Accordingly, information provided in a blog should not be construed by any consumer and/or prospective client as a solicitation to effect or attempt to effect transactions in securities or the rendering of personalized investment advice. Any subsequent, direct communication by WrapManager with a prospective client shall be conducted by a representative of WrapManager. Moreover, no client or prospective client should assume content contained on the website serves as a substitute for personalized advice from WrapManager. Different types of investments involve varying degrees of risk, and there can be no assurance that any investment, portfolio or money manager referred to within the blog will be suitable for your individual situation and risk tolerance or will be profitable. WrapManager recommends that you retain a financial professional to provide you with specific guidance regarding your financial situation before investing. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested.

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