Wealth Manager are the mostly hired by Companies in the finance and insurance industries. Aside from that, clients hire wealth managers for a short or lengthy length of time, based on their needs and requirements. Clients occasionally hire wealth managers to sell and acquire equities on their behalf.
Let us know about Career opportunities as a Wealth Manager!
Who is a Wealth Manager?
A wealth manager is someone who provides guidance on money preservation, asset transfer, wealth management, and wealth growth. He is in charge of assisting clients in managing their costs and budgeting according to their needs and expectations. They also assist clients with other difficulties such as retirement planning and financial planning. The wealth manager’s main responsibilities include personalising the range of services accessible to clients based on their needs, performing tax and estate planning, visiting with customers on a regular basis to evaluate goals, and offering wealth management services.
Roles and Responsibilities of Wealth Manager
A Certified Wealth Manager has a thorough understanding of financial planning process, as well as, of financial products including equity, banking and fixed income, insurance, real estate, art, derivatives and structured products. A wealth manager must be conversant with these aspects to assist the client in aligning to their wealth management plans and offer additional value to them. The major responsibilities of a Wealth Manager include –
- Firstly, develop new business relationships
- Then, assess the client’s profile and need and offer them financial advice
- Subsequently, recommend the clients, strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.
- Further, maintain communication with clients and record of each client, business transactions, credit facilities, etc. as per rules and regulations of the bank at all times.
- Furthermore, promote cross-selling by developing and maintaining relationships with other areas of the bank
- Also, ensure compliance with the bank’s policies/procedures and regulatory requirements
- Likewise, Monitor financial market trends to ensure that client plans are responsive.
Eligibility to become Wealth Manager
Applicants for a position as a wealth manager must have a bachelor’s degree in one of the following fields: business, finance, economics, or management. Aside from that, candidates with any type of qualification in a finance-related profession will be given preference. Companies prefer to hire employees with prior experience in the financial and planning fields. To obtain expertise, candidates may choose to work part-time in any financial-related industry. They can also enrol for a full certification programme to learn about additional areas.
Career opportunities
Personal Financial Advisor – He is the one who individually meets with clients to advise them on the best financial planning, accounting, estate planning, and insurance options. He is in charge of bringing in new clients for the organisation by cross-selling them various financial goods.
Relationship Manager – He is the HNI Client’s single point of contact and the Wealth Management Firm’s single point of contact. He is in charge of obtaining business for the organisation by analysing the client’s risk profile and building a long-term connection with them in order to gain repeat business.
Director of Business Development – He is in charge of the company’s Business Development Team. He is in charge of cultivating solid ties with the market’s Ultra HNI clients and investors.
AVP – He is in charge of the Wealth Management Firm’s PMS Department. He is in charge of the PMS department’s end-to-end operations, as well as monitoring and servicing the portfolios of HNI clients.
Investment Counselor – He is typically employed by a bank and is responsible for determining the client’s risk appetite and providing an acceptable solution. He is in charge of giving the best solution for the customer based on his needs.
Market Demand and Average Salary
A job in wealth management will allow you to follow your passion for financial markets while also allowing you to earn a good living and have a life outside of work. For a profession in finance, you shouldn’t have to work 100-hour weeks and sell your soul. You don’t have to with money management.
Wealth managers can be compensated in a variety of ways, depending on the type of firm: salary, fees and commissions, a percentage of assets under management, or a combination of these. Private bankers and wealth managers are personal financial advisors who work with rich customers, according to the Bureau of Labor Statistics, which does not collect wage statistics particularly for wealth managers. As of May 2019, the median annual wage for all personal financial advisors was $87,850, with $95,540 for advisers in securities, commodities contracts, and other financial investments and related activities.
Resources for Wealth Manager
Before you can become an expert in desired areas, you must first build a solid base. Before you can move on to practical teaching, you’ll need to have the right applied skills. To gain a full understanding of the domain, you can use the following tools:
- Firstly, Online Tutorials for Wealth Manager
- MBA in Financial Management or Wealth Management
- Also, Certification Courses from verified sources such as Vskills, Coursera, Udemy and so on.
- In addition, Online communities
- Moreover, Blogs and study material from experts in this field and many more.
Here are some examples of how you can improve your abilities:
- Freelancing
- Internships
- Apprenticeship programs
The above steps will help you to get this domain started. It’s a long way to go, however. You can take an advanced course to reach a new level of skills.
Some resources offered by Vskills
Vskills offer Wealth Management certification for all those interested in working in this field. This certification course covers the following topics –
- Introduction to Wealth Management
- Understanding Client Goals and Constraints
- Classes of Asset
- Types of Portfolio and Policies
- Introduction to Tax
- Insurance and Wealth Management
- Estate planning
- Retirement Planning
- Client Education
- Investment Mathematics
- Investment Theory
- Business of Wealth Management
Vskills also offers free practice tests and online tutorials to supplement the learning process. You can check them by clicking on the following links –
Discover the career opportunities and other prospects of career as a Wealth Manager. Hurry up and start preparing now with Vskills.in!