In my line of work, I get labeled as a financial advisor, financial consultant, or financial planner. These are words that get tossed around frequently, often interchangeably, and over the years, I’ve found myself reflecting on what they mean—not by dictionary definitions or legal jargon, but by how I see these roles in practice.
Let’s break them down, in my view anyway:
An advisor, at its core, provides advice. People come to an advisor with questions, ideas, or even rules they want to follow, asking for guidance: How am I doing? What should I consider? What’s next? It's about offering direction based on where they are and where they want to be.
A consultant is slightly different. Consultants are sought out for their professional opinion, often on specific facts or circumstances. People ask, what do you think we should do? It’s about evaluating a situation and providing informed recommendations based on experience and expertise.
And then there’s the planner. A planner dives deeper into the long game—helping individuals identify goals, take stock of where they are now, and craft a roadmap to achieve those goals. Planners don’t just build the plan; they help hold you accountable along the way.
So, which one am I?
Honestly, all three. It sounds like a cop-out, but it’s the truth. On any given day, I might wear all three hats—or just one or the other. Some clients want advice: Mark, what do you think I should do? Others need a clear, actionable plan to achieve their goals. And many seek my professional opinion, whether in a mentorship capacity or as a sounding board for decisions.
Sometimes, these roles overlap, and other times, they don’t. It’s not about splitting hairs over definitions—it’s about understanding why someone engages with me and my team in the first place. It’s because they need something more than a Google search or an AI-generated suggestion. They want advice tailored to them. They want reassurance, clarity, or direction. They want someone to help them make sense of their goals and the steps to get there.
Here’s the kicker: my job isn’t simple. It’s not a one-size-fits-all formula. I’m not an algorithm or a pre-recorded YouTube video. I have to adapt. My personality stays constant, but my behavior—the questions I ask, the stories I share, and even how much I speak—flexes to meet the needs of the moment.
At the heart of it all, my role is to make people feel safe and supported while helping them achieve their goals. Whether that means giving advice, offering an opinion, or creating a plan, the mission is the same: to help them accomplish something meaningful. This profession lets me mentor, counsel, advise, and plan in ways that feel deeply fulfilling. I’m not all things to all people—I never could be—but I can flex when needed, and that’s what makes this work so rewarding.
For my team and me, success isn’t just about profit margins. Sure, profitability matters, but what truly defines our success is the impact we have. To maximize that impact, we must remain flexible—sometimes offering advice, sometimes providing counsel, and sometimes being the architects of a plan. This blend of roles, this flexibility, is what sets us apart. If that means being a little bit of everything—advisor, consultant, and planner—then I’m perfectly okay with that. In fact, I wouldn’t have it any other way.
Mark J Modzeleski, CFS, CLTC, AIF
President, Legacy Wealth Advisors of NY