Did you know that the average family wealth in the US went up? This means people have more money! This news is great for financial advisors and wealth managers, who help people manage their money. But what's the difference?
- Financial advisors help people set financial goals and make plans to reach them. They help with investing, saving for retirement, and paying taxes. They work with people who have some money to invest.
- Wealth managers are like super-powered financial advisors! They work with very wealthy people, helping them with big financial decisions like estate planning (making sure their money goes to the right people after they die) and donating to charity.
| Fact | Number |
|---|---|
| Average US family wealth increase (2019-2022) | 8% |
| Median US family wealth (2022) | $504,000 |
| Median salary for financial advisors | ~$100,000 |
