Wealth management could be the career for you if you enjoy crunching numbers and are passionate about helping others. Successful advisors can make significant income depending on their location, firm and number of clients handled.
https://www.thewealthmanagementexperts.com/is-a-career-in-wealth-management-worth-it
Wealth Managers typically provide Financial Advisory Services such as Tax Planning, Strategic Investing, Estate Planning and Life & Disability Policies from major urban centres around the globe such as US, EU or Singapore.
Qualifications
One of the key qualifications needed to become a wealth manager is an undergraduate degree, in any of finance, economics, accounting or another relevant subject area. Furthermore, internships or summer jobs should also be pursued to gain industry experience.
For higher positions in wealth management, one needs a strong network and impeccable reputation. This is particularly important as unlike investment banking which deals with corporate clients, wealth management specializes in individual relationships that must trust their manager.
Start off your career on the right foot with an on-the-job training program at a wealth management firm! This typically involves serving as an assistant to Relationship managers and helping with transactions and paperwork while coordinating with internal teams. After some years, you may also be trusted with handling client service issues; senior positions in Wealth Management will require managing multiple RMs while hitting certain revenue targets.
Day-to-Day Duties
Wealth management professionals lead fast-paced lives that demand close attention to detail. Their career necessitates strong knowledge of financial trends and markets as well as strong networks and the ability to effectively communicate with clients.
Wealth management professionals typically perform several duties for HNI clients such as rendering financial advisory services, accounting services, estate planning services, insurance policies and investing in equity & debt markets. Furthermore, they must identify their needs before offering the best financial solution possible.
Wealth management careers usually start off as financial analyst or customer service representative positions, progressing to investment advisor, financial planner or portfolio manager roles over time. Wealth managers tend to advance by increasing assets under management and client referrals while remaining abreast of regulatory frameworks governing their industry as well as being fluent in multiple languages for effective international client communication.
Working Conditions
Wealth managers typically begin their day reading client emails, tracking market trends and preparing for meetings. They may review portfolio performance reports before reporting to clients as well as spending time preparing in-house meetings and seminars. Wealth manager jobs are physically demanding with extensive effort required in building up an overall book of business while adhering to ethical considerations such as KYC ("know your customer") requirements, fiduciary duty obligations and suitability regulations that must also be adhered to.
Wealth management professionals often begin as assistant relationship managers or financial analysts before transitioning into roles such as client advisors. Those with prior experience in investment banking or front-end sales may be better equipped for moving directly into this sector of finance; especially if they possess an established client network. They should expect both salary and commission for these roles.
Salary
According to Investopedia, individuals looking into becoming wealth managers should possess both an engaging personality and adept socializing skills in order to be successful at selling themselves to clients or prospective employers.
As a rule, when starting in wealth management — whether as an independent specialist or part of a larger institution like Goldman Sachs PWM — your income won't depend solely on salary for too long. Within five years at most, your focus will switch towards client relations and commission income from assets under your care or managed for other senior managers.
As soon as you become a relationship manager, your compensation increases considerably. Relationship managers receive both a base salary plus a percentage of revenue generated from their client book as part of their compensation package – in addition to any bonuses or commissions that may also form part of this compensation structure.