If you’re planning to live a 100-year life, managing your finances intentionally is essential—not just for retirement, but for the freedom to make fulfilling choices along the way. At some point, you may consider working with a financial professional. But the industry is full of overlapping titles, certifications, and fee structures. So how do you know who’s right for you?

Understanding the differences between a financial advisor, a financial planner, and a wealth manager—and how each gets paid—can help you make smarter decisions and avoid unnecessary costs. Here’s a guide to help you move forward with confidence.

What Is a Financial Advisor?

“Financial advisor” is a broad, often catch-all term for anyone who gives financial guidance. This could include helping with investment portfolios, retirement accounts, insurance, or general money management. The tricky part is that the term isn’t tightly regulated. A financial advisor could work for a bank, a brokerage, or independently—and their expertise and intentions can vary.

Some advisors are primarily salespeople offering commission-based investment products, while others provide ongoing, fee-based planning. Before working with anyone who uses this title, always ask: Are you a fiduciary? Fiduciaries are legally required to act in your best interest. You can verify an advisor’s background and disciplinary history throughFINRA’s BrokerCheck.

What Does a Financial Planner Do?

A financial planner helps you build a roadmap for your financial future. That may include budgeting, retirement saving, education planning, insurance decisions, and even strategies for philanthropy or early retirement. The gold standard certification here is the CFP®—Certified Financial Planner.

CFPs are trained across many areas of financial planning and must follow a strict code of ethics. You can find a certified planner in your area by visitingLet’s Make a Plan, maintained by the CFP Board.

Financial planners are especially useful for people seeking comprehensive life planning—not just investment advice, but support for reaching major life goals like career transitions, aging in place, or starting a business. If you’re trying to align your finances with your long-term purpose, a financial planner may be the right fit.

What Is a Wealth Manager?

Wealth managers generally serve high-net-worth individuals and families with complex financial lives. Their services often include investment management, estate planning, tax strategies, business succession, and charitable giving. While the title itself isn’t regulated, many wealth managers hold designations like CFP®, CFA® (Chartered Financial Analyst), or CPA® (Certified Public Accountant).

Wealth managers often act as a central point of coordination across legal, tax, and financial teams. If you’re managing multiple assets or navigating multi-generational planning, this level of service may be useful. Look for firms registered with theSEC Investment Adviser Public Disclosure site to verify credentials and check for red flags.

What’s the Difference in How They Get Paid?

One of the most important distinctions between financial professionals is how they earn their income. Their compensation can significantly influence the advice you receive.

• Fee-only advisors are paid directly by you, either as a flat fee, hourly rate, or a percentage of your assets under management (AUM). They don’t earn commissions for selling products, which helps align their advice with your best interests. Organizations likeNAPFA maintain directories of fee-only advisors.
• Fee-based advisors charge a combination of fees and product commissions. This model may create potential conflicts of interest, so always ask them to clarify what part of their compensation comes from product sales.
• Commission-only advisors earn money from selling insurance or investment products. While this model may seem “free” up front, it’s important to understand the long-term cost and how product incentives may shape the advice you’re given.

Knowing how someone gets paid gives you the context to ask better questions and make more informed decisions—especially when building a long-term partnership.

What Do Certifications Mean?

Credentials help you evaluate a professional’s training and focus. Here are the most common ones:

• CFP® (Certified Financial Planner): Focuses on comprehensive financial planning. Best for long-term life planning.
• CFA® (Chartered Financial Analyst): Focuses on investment analysis and portfolio management. Best for wealth and investment strategy.
• CPA® (Certified Public Accountant): Specializes in tax planning and filing. Ideal for integrating financial and tax advice.

You can confirm these credentials through the issuing organizations (CFP Board,CFA Institute, or your state’sCPA licensing board).

Which One Do You Need—and When?

Not everyone needs ongoing financial advice all the time. But at major transitions—starting a career, getting married, receiving an inheritance, preparing for retirement, or navigating a divorce—the right professional can help you avoid costly mistakes and clarify your options.

If you’re early in your career or planning for Financial Independence, Retire Early (FIRE), a planner can help you build systems to reach your goals. If you’re managing family wealth or legacy decisions, a wealth manager might be more appropriate. The key is to match their service model to your life stage and goals.

Plan for a 100-Year Life with Confidence

Financial professionals are not one-size-fits-all. Understanding their roles, certifications, and compensation models empowers you to choose someone who supports your values, not just your portfolio. A fulfilling 100-year life isn’t built with short-term tactics—it’s designed through intentional, informed decisions over time.

Are you working with a financial professional, or thinking about it? What questions helped you choose someone—or what do you still want to know? Join the conversation in the Age Brilliantly Forum to share your insights and learn from others building smarter financial lives.

This article is part of our financial literacy series. Next up: 10 Questions to Ask Before You Hire a Financial Advisor — a practical guide to help you evaluate whether someone is the right fit for your goals and lifestyle.