Diversitas Featured in US News & World Report
Lead organizer Dr. Barry Mulholland discusses difference between wealth management and asset management
Dr. Barry Mulholland, Ph.D., the lead organizer of Diversitas and The University of Akron’s director of financial planning, was recently quoted in Coryanne Hicks’ US News & World Report article, “Wealth Management vs. Asset Management.” In the piece, Mulholland helps explain the differences between the two fields and helps readers assess if they need a wealth or asset manager and how to find the right manager.
Hicks discusses the differences between wealth management and asset management. She says that the idea of asset management is to manage investments within your portfolio. On the other hand, wealth management encompasses an individual’s financial picture, including credit and debt management, estate planning, charitable giving, and more. Asset management is a form of wealth management.
“Asset management focuses predominantly on the cash, investment and retirement assets of the clients, with some inclusion of physical assets like real estate owned by the clients,” says Dr. Barry Mulholland.
Mulholland said asset managers specialize in helping clients with their investment portfolio; they help assess your desired rate of return, risk tolerance and capacity.
The article goes on to specify the role of wealth managers, saying that a wealth manager can help you determine how much to save as well as where to put those savings, while an asset manager will just help you determine where to invest those savings. Mulholland adds that wealth managers help individuals understand how to manage assets to sustain their desired lifestyle.
Mulholland’s advice on how to find a financial advisor suggested learning and understanding an advisor’s credentials, saying that credentials can indicate knowledge and a higher ethical standard.
To read the full article, click here.