Wealth Manager

Wealth managers must be flexible people who have a general understanding of the world of business and finance. They must have excellent communication skills as well as people skills. This career is for people who are able to synthesize well.

Wealth managers must deal with different kinds of people on a regular basis so they must have an open mind. Moreover, people who opt for this career path must be natural problem solvers, and they must have the ability to solve problems in a timely manner.

Wealth managers are responsible for helping individuals manage their assets and plan their finances according to their personal needs and wishes. They help people deal with important issues such as how they will be living after retirement, how they will send their children to college, and how they will be able to fund their wedding.

Wealth managers can either choose to work for financial services firms, or they can work independently. No matter who employs them, wealth managers are generally contracted to clients to work with them on a short term or long term basis depending on the needs of the clients.

There is no preferred employer in this career path. Wealth managers who have some entrepreneurial abilities and interest generally try and setup their own wealth management firms, while others choose to be employed for firms run by other individuals. The normal career route is that people start out working for wealth management firms, and once they gain experience, they opt to work independently so that they can receive the full commission rather than just a share of it.

Wealth managers must invest their clients’ assets in equities, shares, bonds, real estate, gold and other potentially lucrative commodities. They must use their knowledge on finance to determine what financial decisions to make, while keeping in mind the need of the client. A client may wish to take a risk for potentially quick and lucrative returns, whereas another may wish to invest in a very safe, but low yielding bond.

In terms of qualifications, wealth managers need not have any formal education if they work independently. However, if they choose to work for a firm, they must at least have a bachelor’s degree in business, finance, economics or accounting. Further qualifications are also beneficial.

Regardless of who an investment manager works for, they must have outstanding knowledge of the world of finance. They must be able to offer sound advice, so to please their clients and attract more on a regular basis.

Salaries vary quite considerably within the field of wealth management. While the mean salary for wealth managers in United States of America remains US $70,000 per annum, 10% of these professionals find themselves earning more than US $200,000. Entry level salaries are generally quite low, but there is room for increase in salary.

The highest salaries are earned by those people who work independently, and not part of any company. However, these people lose out on the many non-monetary benefits that others are entitled too. These include insurance, paid vacation, easy access to credit etc. Independent wealth managers work purely on commission and bonuses, whereas employed wealth managers normally receive a monthly salary. fresh post graduates can earn in the range of Rs. 4 lakh per annum to Rs. 6 lakh per annum,

Life as a

wealth manager

is quite stressful. Having access to personal accounts of clients, a

wealth manager

must work with immense responsibility and honesty. Mistakes on the job are rarely acceptable or redeemable, so the job involves a lot of mental pressure.

Wealth managers spend large amounts of time in their offices, but they do have to travel occasionally to meet with clients to discuss their needs and offer them advice about potential investments. Life in this career involves dealing with lots of financial paperwork, and the modern

wealth manager

spends a considerable amount of time in front of his or her computer.

The most frequently cited perk for being involved in wealth management is the satisfaction one obtains from helping out other people in realizing their life dreams and making things they thought were impossible possible. A good wealth manager is highly appreciated by everyone he or she helps. The good work a wealth manager is always evident, making it a highly rewarding job.

Wealth managers do not have to deal with much competition to get into the field, unlike a lot of related careers in the discipline of finance. As a result, they can even use it as a stepping stone into linked careers.

The biggest downside is the large amount of pressure all wealth managers must work under. Even if they make a small mistake, it could have a detrimental impact on the life of an individual. A bigger mistake could even scar the reputation of a wealth manager for a long period of time, resulting in him losing all his or her jobs or clients.

Wealth management is one of the fastest growing fields in the world. With the prevalent uncertain economic conditions globally, more and more people are seeking the assistance of professional wealth managers to secure their financial futures. As a result, the level of competition at entry level is not that fierce, despite a large number of people opting for this profession.

However, the more lucrative jobs within the discipline of wealth management are well contested and only the most able and competent applicants are successful in obtaining them. People with internship experience and better qualifications are generally preferred over others.

People all over the world require the services of wealth managers. As a result, the best places to practice wealth management are where there is the highest density of people with disposable income. The developed world, as a result, holds the highest number of opportunities for aspiring wealth managers. In India, the larger cities have a broader middle and upper economic class base, and so the demand for wealth managers here is the highest.

After completing Class 12 in the commerce stream, opt for a bachelor’s degree in business studies or business administration. Bachelor of financial and investment analysis is another course you can pursue.