Wealth managers are financial advisory specialists with the necessary credentials, who specialize in coordinating retail banking, estate planning, legal resources and tax professionals for high net worth clients. In doing so they possess both technical and nontechnical abilities such as capital markets proficiency, portfolio management expertise and financial planning knowledge – essential attributes in today's highly complex environment.
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An undergraduate degree in finance, economics or business is necessary for entering this career field. Other qualifications for entry include CFP and CFA certifications as well as several years of finance, investment or sales experience.
Education and Qualifications
Wealth management is an interdisciplinary field encompassing services provided to high net worth individuals and families requiring financial guidance, including tax planning, strategic investing, retirement/estate planning and risk management. A career in this area requires extensive finance experience as well as outstanding communication and interpersonal skills.
Aspiring wealth managers must have at least a bachelor's degree in finance or related field, as well as experience working in investment services and an in-depth knowledge of the stock market. Furthermore, you must possess strong communication skills so you can explain complex strategies clearly to clients.
Starting your career in financial planning involves joining either a large firm and working towards becoming a relationship manager or senior advisor, or beginning your own private practice specializing in one area. No matter which path you take, however, it's essential that you stay abreast of industry developments as well as update any required certifications and education programs.
Work Environment
If you are considering becoming a wealth manager, it is essential that you fully comprehend what their work environment entails. Achieve success as a wealth manager requires strong problem-solving abilities, communication and client relationship building abilities as well as working under pressure. Aim to develop rapport with clients while going the extra mile in providing exceptional service.
Wealth managers typically begin their careers at banks or financial services firms. Junior private bankers might assist senior managers with individual client accounts. Other possible entry points for wealth managers could be investment consultants, insurance brokers or family offices.
No matter where they begin their career, wealth managers will likely meet regularly with high net worth individuals and their families, either face-to-face or via email, providing advice about investment opportunities while crunching numbers and analyzing trends. Many wealth managers also possess bilingual capabilities which may prove advantageous in international markets.
Job Duties
As a career goal, wealth managers provide financial services to high-net-worth individuals. They advise on investment products, provide tax and insurance advice, buy and sell stocks, as well as offer other specialized services for clients. Successful wealth managers form close relationships with their customers and possess exceptional customer service skills; in addition, they need to have the ability to communicate complex information clearly and concisely.
Career opportunities exist within private banks, brokerage firms, investment consultants and family offices. You will typically begin as a junior private banker or assistant to an experienced wealth manager adviser and work your way up as you gain more experience.
Entry-level requirements in finance, economics or business typically include a bachelor's degree; internships and relevant work experience will help advance in this industry. Certifications such as Certified Financial Analyst (CFA) or Certified Public Accountant (CPA) can also enhance career prospects.
Salary
Wealth managers typically start off earning a modest base salary, relying on sales to meet their targets. Therefore, it is vital that firms have specific business models which allow for enough waiting time until they have enough clients before hiring you as an employee.
Investopedia states that networking and marketing could be very lucrative career options. You must become adept at managing service operations while simultaneously acting as both financial adviser and broker.
Many investment professionals from other areas of finance who already work in one field decide to switch careers into wealth management. Previous investment or front-end sales experience can give an early edge, helping to secure you an entry position as either relationship manager or client advisor. You could also consider opening your own private wealth management firm or joining a family office, eventually working up to director level.
