Financial advice can be confusing. What is a financial advisor vs. financial planner, CPA, or financial coach? It’s easy to mix them all up. But the truth is, each role plays a different part in your financial life and knowing who does what can save you time, money, and stress.

Breaking Down the Roles

Here’s a breakdown of the different players in your financial life so you can see who does what, how they get paid, and when it makes sense to work with them:

Financial Advisor

• What they do: Typically their main role is managing your investments. Some advisors do act as planners, but not all of them. In my professional opinion, in addition to managing your investments they should also be providing strategic and expert guidance across your whole financial life, and ideally act as your overall financial planner. They select your investment strategy, help with retirement, tax strategies, cash flow, insurance, estate planning, and saving for big life goals like your kids’ education.

• Best for: Anyone with more significant wealth, more complex financial situations, or someone who has no desire to manage and invest their own money. 

• How they’re paid: Most often they are paid a percentage of their assets under management (AUM), usually 0.5–1.5% and all the advice and guidance given is taken care of through this fee structure.

• Why they matter in your financial life: A great advisor is more than a stock picker, they’re someone who proactively asks, “Are you on track for retirement? Do you have the right insurance? How can we minimize taxes?” They should give advice on all aspects of your financial life, throughout your life.

Financial Planner

• What they do: They ultimately do everything I noted above in what I believe the Financial Advisor should be doing, except manage your investments. These professionals focus on your overall holistic plan for all aspects of your financial life from cash flow, retirement planning, insurance, estate planning, education planning, wealth transfer, etc. But again, some planners don’t manage your investments directly. They create the roadmap for you and help you implement it and manage going forward. (This is exactly what I do for my Financial Planning clients).

• Best for: Someone who wants a clear roadmap for their financial life, feels empowered by understanding their options, and wants a trusted guide to help navigate all their financial questions, without necessarily handing over day to day control of their investments.

• How they’re paid: Often flat fees, hourly, or retainer based. Some planners are tied to advisors and charge AUM fees IF they also manage investments.

• Why they matter in your financial life: Even if you’re comfortable managing your own investments, a financial planner gives you clarity, direction, and confidence. They help you see the big picture, prioritize your goals, and make sure every financial decision moves you closer to the life you want. No more guessing, no more waiting to “figure it out later”, you have a trusted partner keeping your plan on track and helping you avoid costly missteps along the way.

CPA (Certified Public Accountant)

• What they do: Taxes, taxes, and more taxes. They handle filings, optimize deductions, plan for future tax concerns, and advise on tax efficient strategies for investments or business decisions.

• Best for: Anyone with more than basic taxes like business owners, high earners, or anyone with investments, real estate, or multiple income streams.

• How they’re paid: Usually hourly or flat fee per return. Rarely do CPAs manage your investments although wouldn’t that be nice to have a one-stop-shop!

• Why they matter in your financial life: They’re important for making sure the tax side of your finances isn’t working against your goals and that you’re not paying in more tax than you have to. But alone, they aren’t everything you need for your financial life. 

Note: I have been a CPA since 2009 and work closely with clients in regards to tax planning and optimization strategies. I do not, however, file tax returns.

Financial Coach

• What they do: Help build financial habits, teach budgeting, provide accountability, and give education on money topics. I’ve noticed that they are more about behavior change, mindset or general investment knowledge more than real 1:1 personalized investment or tax strategy.

• Best for:  Anyone who struggles with consistency, wants confidence managing day to day money, or just needs help building financial routines.

• How they’re paid: Often flat or hourly fees. Sometimes packages for coaching sessions.

• Why they matter in your financial life: Coaches help you take action, but they don’t manage investments or help map out long term plans. I view them as more support, not strategy or long term guidance. They solve a particular problem at a specific time in your life vs. providing holistic solutions across your whole financial life.

Why You Want One Person Who Does It All

Too often, people hire someone to “just manage investments” and then wonder why they feel like nothing is moving forward. 

A great advisor is also your planner, they see your whole financial life. That’s the difference between someone who rebalances once a year and someone who proactively asks:

• Are you on track for retirement?
  
• Should we adjust your savings or debt strategy?
  
• How can we minimize taxes while maximizing your goals?
  
• Are your assets protected if something unexpected happens?

Investments are important, but they’re just one piece. The rest of your financial picture is arguably more impactful.

The truth? Not everyone needs a full service advisor. But almost everyone benefits from a financial planner and someone who can map out the strategy for your life, even if you manage investments yourself.

A Little About Me

I get it, managing your finances can feel messy and overwhelming, and most people just want someone to help them see the full picture without the stress. I’m a CPA, a Certified Private Wealth Advisor ©, and my firm is a Registered Investment Advisor (RIA). Basically, I check all the boxes: taxes, investments, planning—you name it, I can advise on it. But what I’m most proud of? I make sure all the pieces of your financial life actually work together.

Here’s the thing: siloed advice is the worst. You get bits and pieces from different people, things slip through the cracks, and suddenly you’re left wondering, “Wait…who’s doing what again?” I’ve been there, working purely as a CPA and then purely as an advisor/planner and I’ve seen how gaps in advice can derail even the smartest and best plans. 

That’s why I approach things differently: I keep your financial life connected, strategic, and moving toward your goals, without the headache and stress of juggling all the financial pieces in different places. That’s the kind of holistic advice most people are missing out on. 

Next Steps

If you’re curious about whether you need a financial advisor, what to look for, and the right questions to ask, check out the rest of the Financial Advisor Series:

1. What Is a Financial Advisor?
   
2. Financial Advisor vs. Financial Planner vs. CPA vs. Coach: What’s the Difference?
   
3. Do I Need a Financial Advisor?
   
4. What to Look For in a Financial Advisor or Planner
   
5. 5 Questions to Ask a Financial Advisor Before Hiring

And if you want a personal roadmap to see how an advisor or planner could help your financial life today, and tomorrow, you can apply here to schedule a complimentary 1:1 session with me to dive into what your financial goals are and how I can best help!