The Underlying Philosophy of Business Financial Planning and Wealth Management - A Conceptual Study

Abstract

Financial planning and wealth management are neither two alternatives nor substitutes for each other, though these concepts are often found to be used interchangeably in financial parlance. However, these two terms are inexorably important and undeniably interrelated for the successes of a business in the long run. Hence, these can be considered as emblematical of the ‘two sides of a coin’. If the business is supposed to be the entity, then arguably, the financial planning and wealth creation processes are certainly the two sides representing the business’s two inseparable and indispensable wings contingent of its management strategy. The present paper, therefore, aims at exploring the conceptual meaning and significance of both financial planning and wealth management, and, thereby links their structural and mutual dependency by evaluating the underlying relational philosophy between the two from a business perspective.