One-time financial planning vs. full-time wealth management: Which one do you need?

When it comes to managing your money, you’ve probably heard terms like financial planning and wealth management thrown around. But what do they actually mean, and more importantly, which one is right for you?

Whether you’re just starting to get serious about your finances or already have significant wealth that needs expert handling, this blog will break it down in a clear, practical, and no-nonsense way. By the end, you’ll know exactly which approach fits your needs—and how to make smarter money moves.

What is one-time financial planning?

Think of one-time financial planning like a detailed GPS for your financial journey. You consult an expert (a financial planner) to map out your goals—buying a house, saving for retirement, paying off debt, or investing wisely. They help you create a customized plan, but once that’s done, it’s up to you to follow it.

This approach is perfect if you:

Want expert advice but prefer to manage your money yourself.
Have specific goals, like saving for a home, college, or retirement.
Are comfortable checking in on your finances occasionally but don’t need ongoing support.

Example:

Let’s say you’re 30 years old and want to retire early at 50. A financial planner can help you create an investment and savings strategy, determine how much you need to save, and guide you on how to invest. Once they give you the plan, it’s up to you to stick to it.

What is full-time wealth management?

Now, imagine you’ve built up significant wealth or have complex finances—investments, multiple income streams, tax concerns, and estate planning. This is where full-time wealth management comes in.

A wealth manager doesn’t just create a plan and leave you to figure things out. Instead, they actively manage your investments, taxes, estate, and overall wealth on an ongoing basis.

This approach is ideal if you:

Have a high net worth and want your money to be managed efficiently
Prefer hands-off investing, letting experts make the best decisions for you.
Need help with taxes, estate planning, and growing generational wealth.

Example:

You sell your business for $5 million and suddenly have more money than you’ve ever managed. A wealth manager can help you invest wisely, protect your wealth from unnecessary taxes, and even plan how to pass it down to your children.

How do you choose?

If you’re still unsure which one you need, ask yourself:

Do I just need a plan, or do I need someone to manage my money for me?
Am I comfortable making financial decisions on my own?
Is my financial situation simple or complex?
Do I have the time to manage my investments and finances myself?

If your finances are straightforward and you just need a game plan, one-time financial planning is enough.

But if you have a lot of assets, investments, or complicated finances, full-time wealth management is the way to go.

Explore the right option for you today!

Whether you need one-time planning or full-time management, we are here to serve you. Visit our financial planning page:

Frequently asked questions

Is financial planning only for the wealthy? Nope! Financial planning is for everyone. It’s about setting goals, budgeting, and planning for your future, whether you have $5,000 or $5 million.
How often should I update my financial plan? At least once a year, or whenever you go through a big life change—marriage, having kids, buying a home, switching careers, etc.
What’s the difference between a financial planner and a wealth manager? A financial planner creates a roadmap for your finances, while a wealth manager actively manages your money and investments over time.
How much does a financial planner cost? They usually charge a flat fee per session or a one-time payment for a full financial plan. Prices vary but often range from $1,000 to $5,000.
How much does wealth management cost? Wealth managers usually charge a percentage of the assets they manage (typically around 1% of AUM per year). If they manage $1 million for you, their fee would be around $10,000 per year.

Final thoughts: Which one is right for you?

If you just need a financial game plan, go with one-time financial planning.

But if you have complex finances and want experts to manage everything for you, full-time wealth management is the better choice.

Either way, taking action NOW will help you build a strong financial future. The sooner you start, the better!