What is the difference between a financial manager and financial planner? | FAQ

2 minutes   |  FINANCE

What’s the difference between a Financial Manager and a Financial Planner? Here’s a clue: one looks after the “health” of a business, while the other focuses more on an individual’s personal financial situation. If you want to make the most of the job opportunities available in financial management, you need to understand exactly which role speaks to your strengths and interests.

Gareth Cotten, Head Tutor of the UCT Basics of Financial Management online short course, takes you through the difference between these two financial management roles in this short video.

Financial Managers are responsible for leading the overall financial health of organisations. Click To Tweet

There is a significant difference between the roles of a Financial Manager and a financial planner. A Financial Manager will have more of an internal focus. They will be responsible for the financial health of the organisation and ensuring that sound financial management is apparent within the organisation’s transactions and profits.

Financial Planners define the budgets of an organisation and ensure they stay on track. Click To Tweet

A Financial Planner, on the other hand, can vary between different individuals. It’s most likely that a Financial Planner’s role will consider defining the budgets of an organisation and ensuring they are staying on track. It will also consider things like insurance, retirement planning and other financial management related actions of an organisation.


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Transcription

The difference between a Financial Manager and a Financial Planner – the former, the financial manager, his job or her job is going to be looking at the health of a business as such. You are going to have more of an internal focus to make sure that a business’s finances are healthy. With a financial planner their focus is going to be more on an individual’s personal, financial situation. So they are going to be looking at things like budgeting, insurance, retirement planning, that kind of thing.