Were you the kid who dreamt of making money for a living while others dreamt of being astronauts or firefighters?
Do you think it is fantastic to get paid money to make money?
Do you have a strong passion for profits?
If you answered yes to any of the above, you have the makings of a wealth manager. It is an incredible career where you put your skills and talent toward enhancing the net worth of your clients. Wealth management is a highly specialized field of financial services that caters to high-profile individuals. Your role is to use your knowledge and expertise to make wise investments and manage portfolios. Wealth managers build close relationships with their clients, ensuring that the financial services are tailored to their personal needs.
There is a growing number of high-net-worth individuals in India today. More and more people see the need to have two streams of income. This has led to a demand for wealth managers who can offer well-planned, integrated investment services. Investment and commercial banks, investment advisory services and other financial organizations all know the value that a competent wealth manager can bring. So if you are ready to put your natural money-making abilities to good use, find out more about how to kickstart your wealth management career.
Why are wealth managers in such high demand?
Over the years, high-income individuals and families have come to expect a high standard of living. They are actively pursuing a luxurious lifestyle that requires more than one income. They have also become increasingly aware of the benefits of putting your money to work. The rise of the affluent class in India led to a surge in financial and investment-related services. With more capital, comes greater responsibilities. Wealth managers are an elite group of sharp finance professionals who use business savvy and industry knowledge to make their well-to-do clients even richer.
They analyze the markets, examine the risks and make the right decisions that lead to some highly profitable investments.
The complete wealth manager job description
Here are some of the job responsibilities that go with this prestigious designation
- As a wealth manager, your job is to create a gamut of investment options for your clients to offer them a holistic portfolio-building experience
- You forge a strong bond with the clients and understand their background, financial history, current income, lifestyle requirements, tax saving plans, etc.
- You also counsel them on what their short-term and long-term goals are
- Use your knowledge and skills to implement a strategy to cover a list of various investment opportunities that suit the client’s objectives
- Keep track of the client’s portfolio and monitor the various market fluctuations to ensure there is minimal threat of risks or losses
- Make changes and modifications to the investments according to the lifestyle and financial changes that occur in the client’s life
Job profiles for wealth managers
For freshers looking for entry-level jobs, your first role in wealth management services would be the assistant relationship manager. It is the starting point for your career. You can work closely with a supervising manager, and learn the tricks of the trade. You will learn to find lucrative investment opportunities, research the markets and use analytical skills to make the right decisions.
Once you have gained some experience, you can move on to becoming a manager and handling your clients. Over time, you can move on to upper management positions or start your own firm.
Three profiles are often listed under wealth manager jobs:
- Relationship managers
These professionals are responsible for developing and managing customer relationships. You need good communication skills and strong knowledge about the investment market to succeed in this profile. Relationship managers are in constant contact with the clients, ensuring their financial needs are met. They work together and plan the best strategies to enhance the investment portfolio. The two parties will discuss new exciting investment opportunities or revise the existing products to see if they still work. The relationship manager will either meet the clients in person or call them regularly to ensure they are happy with the service.
Salary expectations: The average annual salary is Rs 8 to 9 lakhs, while the starting salary for freshers is around Rs 4.5 lakhs a year.
- Product managers
As a product manager in a wealth management firm, you have several responsibilities to consider. You review financial products, develop ideas for new ones and manage the various investment options. You also work closely with relationship managers to help them understand the existing and new product lines. You must be aware of all the aspects of investment services and advise other team members accordingly. The best product managers are often innovative yet analytical. They are also perceptive of the various market trends and the current economic climate.
Salary expectations: The average annual salary is Rs 11 – 20 lakhs, while the starting salary for freshers is around Rs 6.5 lakhs a year.
- Wealth managers
This is a high-pressure job where you will be working closely with affluent clients. You are in charge of multiplying their wealth and enhancing assets. It is your job to handle the intricacies of their portfolio while analysing and handling their debts, insurance policies and savings. A competent wealth manager is well-trained in financial planning and investment services. They are also familiar with new developments in the financial industry, government laws and potential risk factors. A strong academic background helps to strengthen your knowledge and skill development.
Salary expectations: The average annual salary is Rs 6 – Rs 10 lakhs, while the starting salary for freshers is around Rs 3.5 lakhs a year.
How to become a wealth manager
A wealth manager is a financial counselor who works in the best interests of the clients. You have to make tough decisions. Which investments are better in the long run? Would they affect your client’s retirement plans? How to handle a volatile market?
There is no room for mistakes here. You have to be proficient in investment planning. Luckily, there are professional training courses that prepare you to take on the big, scary world of financial advisory services. These programs equip you with the expertise and education you need to make well-informed choices on your client’s behalf.
- Chartered Financial Analyst (CFA)
The CFA certification is globally acknowledged as one of the best investment management programs. It is the go-to designation for any financial hopeful looking for a future in the industry. The course is centered around key finance subjects offering students an in-depth study of the genre. They also provide practical training that helps future analysts hone their skills and become competent investment professionals such as wealth managers. Here are a few more reasons why a CFA can help you get one of the many wealth manager jobs:
- The CFA syllabus contains core finance concepts, investment analysis and market-based knowledge
- The certification is recognised in over 165 countries
- Many internationally renowned wealth management companies prefer CFA-qualified professionals
- CFA students receive training in technical, analytical and practical skills
- CFA charterholders can take advantage of the many networking and career opportunities available to them
- Certified Financial Planner (CFP)
The CFP course sets the benchmark for excellence in financial planning worldwide. It is a reputed program that offers a comprehensive curriculum in investment and financial management. Students are trained to manage high net-worth clients in a number of services such as portfolio, retirement, insurance and tax planning. The program is focused on ethics and professionalism, ensuring that all certificate holders understand the importance of the job they are entrusted with. It is not just about building portfolios but also relationships with clients.
Here are some features of the course that can land you a wealth management career:
- Preferred by wealth management firms across the global
- The CFP is the gold standard in courses for financial planning and wealth management
- CFP-qualified professionals are seen as specialists with a vast industry knowledge
- They come with detailed knowledge of banking products, insurance, mutual funds, etc.
How Proschool can equip you for a wealth management career
IMS Proschool is considered one of India’s premier institutions in financial education. They offer holistic coaching for the CFP and CFA exams, ensuring that students receive the support and dedicated focus they need to clear the courses. The institute believes in out-of-the-box teaching methods that help students fully absorb the material. They take a practical approach to learning, incorporating real-world examples and case studies into the lessons. The teaching staff at Proschool consists of highly qualified industry specialists with professional experience. They are CFP and CFA certificate holders with a wealth of knowledge they are happy to share with students.
- Proschool offers many learning resources such as intensive training, skill development, mock interviews and practice tests
- You can opt for a classroom-based learning experience by visiting any of the centers across India or go for online sessions or distance learning if you are pressed for time.
- The institute offers percent placement assistance for all students where they help you build your resume and prepare you for your interviews.
- Proschool Alumni work in some of the top MNCs such as Morgan Stanley Capital International, Saxo Group, Citi Group etc.
India has seen a growing demand for wealth managers in the past decade. It is an exciting time for the investment industry as new avenues are opening up, which includes MNCs and major corporations setting up shops on our shores. All the big banks also have their own wealth management departments to help clients with their personal portfolios. If you have a CFA or CFP qualification, you stand out amongst other finance graduates. Once you are certified as a professional, a wealth management career is yours for the taking.