What is the difference between an Independent Financial Advisor, Financial Planner and Wealth Manager?
Last reviewed June 2026
Generally speaking, the titles are interchangeable. There are no additional qualifications needed to use any of these titles. However, it is worth looking into the service offered by a particular firm before deciding whether or not they are suitable for your needs. At Milestone, we offer both financial planning and wealth management levels of service to satisfy the varying needs of our clients.
Independent Financial Advisor
This is an all-encompassing term, and it is an adviser who is paid by their clients to deal with a specific need or objective. They have access to the whole of the financial services and products market and can implement a plan to meet their client’s objectives. Be careful with restricted advisers, who can only recommend from a limited list of products, as there may be better and cheaper options available elsewhere.
Always ask and check that any financial advisor you are dealing with is entirely independent. This way, you can be assured that they have your best interests at heart in any recommendations.
Financial Planner
This type of adviser is generally more involved, they get to know their clients well and then create a plan through recommendations and then continually monitor that plan to ensure that it stays on track. The relationship with a financial planner is long-term, and they meet with their clients at either 6-monthly or yearly intervals, depending on the needs and complexity of their clients’ objectives.
At Milestone, we have close links to accountants and solicitors that we can call upon, so that clients do not have to engage with different professionals to create a life plan. Again, the important issue to check is that your financial planner is also an independent financial advisor so that you can be confident that any recommendation made is in your best interests.
Wealth Manager
These types of advisors work with high-net-worth and ultra-high-net-worth individuals who may require more complex financial and tax planning. Being a wealth manager often involves a blend of financial planning, investment portfolio management, and other services to manage the entirety of a client’s wealth.
The goal is to preserve and grow wealth, and then use estate planning, trust planning, tax planning, risk management, and family legacy planning to ensure that the wealth is managed both during and after the client’s life. More frequently, the involvement of accountants and solicitors is needed to ensure that every aspect of the medium- and long-term plan is addressed appropriately.
Due to the complexity of a high-net-worth individual’s wealth and financial plan, more regular reviews and meetings are often required. Again, when looking for a wealth manager, it is important to ensure they are independent and to check the minimum asset level required to access a full wealth management service.
Milestone independent financial advisors
At Milestone, we are all independent financial advisors, financial planners and wealth managers. Highly qualified and experienced to deal with the varying and often complex financial planning needs of our clients.
Five-star Google reviews
I have been with Milestone Financial Planning for several years and have found them to be a very welcoming company. The advice that I have received has been transparent, and they have guided me through setting up my pension. I would not hesitate to recommend them to anyone needing help with their financial future.
Mark Garrett
Craig and the team at Milestone have helped guide me, my family, and our pensions through a difficult period, including redundancy. More recently, he has helped my father tidy up his finances and use their extensive network of professional firms to provide a comprehensive service for the family.
Director and Financial Planner