Wealth management is a branch of various financial services. This branch deals with the financial and investment requirements of clients and wealth management professionals ensure that they help their clients manage their finances effectively & efficiently.
Wealth management is a process that requires clients and wealth management professionals to sit together and have thorough conversations about the client’s wealth and financial goals before developing a proper plan to execute the same. If you’re interested in knowing more about wealth management and wish to enroll in the best wealth management course, continue reading our blog. Let’s get started.
The Best Course to Start Your Career as a Wealth Manager
If you’re highly intrigued by the field of finance and want to pursue a career as a wealth management professional, starting your journey by pursuing the PGCM in Investment Banking & Capital Markets course offered by IMS Proschool will be the best way to go about it. IMS Proschool has designed a course that flips the usual 2-year concept of post graduation and focuses on all the specialized subjects in the first year itself.
Doing so allows the students to start working as professionals and equips them with the essential skills required to become a successful wealth manager. You can also get an MBA through this course by completing the 2nd year within the next 5 years.
The syllabus of the PGCM in Investment Banking & Capital Markets course is divided into two terms:
- Problem Solving in Excel
- Business Communications
- Business Statistics
- Introduction to IT Systems
- Visualization in Tableau & PowerBI
- Financial markets
- Financial Performance & Analysis
- Financial Management
- Business Economics & Industry Analysis
- Project Finance & Equity Modeling
- Business Analysis, Valuation & Pitch book
- Business Simulation
After the successful completion of this course, you will receive the following certifications:
- AICTE Approved PG Certificate in Management
You will receive this certificate after clearing all the subject examinations.
- An additional certification from NSDC
You will receive this certificate from IMS Proschool after you clear the internal assessments.
What Are the Types of Wealth Management?
The following are the different types of wealth management:
- Financial Planning
Financial planning is a type of wealth management that focuses on offering financial advice considering your cash flow as well as your short and long term goals. Under this type of wealth management, the professionals will help you with your investments, budget, savings, taxes, etc.
- Asset Allocation
Asset allocation is a type of wealth management wherein the development of a strong investment strategy is the primary goal. The strategy is created depending on an individual’s unique financial goals and how much of a financial risk you’re willing to take.
- Asset Management
Under asset management, the professional’s job will be to manage your assets and help you achieve your financial goals by buying bonds, funds, and stocks. The professional will also monitor these assets for you. Asset allocation and asset management are two different concepts as asset allocation is inclined towards high-risk investments with high rewards.
- Estate Planning
Estate planning is another type of wealth management that focuses on curating a plan for the management of your estate in case of incapacitation or death.
- Tax Accounting
In this type of wealth management, the focus is put on your payments and tax returns. The tax accountant will create a plan to come up with a way to help you increase your tax deductions so that you don’t end up paying heavy amounts of tax. The professional will also help you file your taxes as it can get tricky because of the investments you make.
Wealth Management Business Structures
In terms of the business structure of a wealth manager, these managers can either work with small-scale organizations or big corporations linked to the field of finance. Wealth managers also perform various job roles depending on the type of business and its requirements. Their job titles can also be financial advisors or financial consultants. Moreover, wealth managers can work individually or as a team.
Strategies of a Wealth Manager
Wealth managers have various strategies up their sleeves to help their clients manage their finances. These strategies are:
As the first strategy of wealth management professionals, their job is to find unique ways to help their clients generate income. Many individuals and organizations acquire wealth by making the most of new business opportunities and making profits because of inflation. These clients often seek help from wealth managers to maintain their wealth or increase it further.
Wealth managers often use their skills and expertise in terms of investments to help their clients generate extra income.
Protection of Assets
Another strategy used by wealth managers is asset protection. Here, wealth management professionals come up with ways to help clients with higher net worth reduce the risks such as marital disputes, disagreements in property or business dealings, succession, etc.
In the case of the occurrence of such scenarios, the clients are often liable to pay heavy amounts in the form of compensation. Here, wealth managers come to play as they use their expertise to find solutions for protecting your assets in a legal manner.
Management of Taxes
Last but not least, tax management is another strategy used by wealth managers to help clients find ways to pay the minimum taxes possible. With a high level of income, it can become challenging to understand tax laws to find loopholes. The wealth management professional will ensure that he/she selects the best option for personal or business tax, effective taxation, and inheritance advice for you.
What are the advantages of Wealth Management?
The following are the benefits of wealth management:
- The wealth managers will cater to your unique requirements, ensuring that you get effective measures as per your financial goals.
- Wealth management professionals keep your sensitive information confidential and ensure that it only stays between you and them.
- Various concepts of finance such as retirement planning, budgeting, accounting, taxing, and investment advice are used by wealth managers to manage and increase your wealth.
- Wealth managing services are recommended and appropriate for individuals or businesses with high levels of wealth.
Wealth managers use numerous financial and investment strategies to help their clients meet their financial goals. These professionals are responsible for developing tailored strategies to maintain as well as increase their client’s net worth, protect the assets, and reduce taxes and financial risks.
If you want to pursue wealth management and become a skilled wealth advisor, you should consider pursuing the PGCM Investment Banking course offered by IMS Proschool to excel in your career. The course will help you understand the concepts of finance and flourish in the field as a wealth manager.
What is the average salary of a wealth manager?
The average salary of a wealth manager in India is ₹ 7 LPA as per the data analyzed by Glassdoor.
Why is it important to hire wealth managers?
It is vital to hire wealth managers because these professionals help you analyze your financial requirements and your short and long term goals in terms of finance. These professionals also help you figure out ways to accomplish your goals within the set deadline.
What are the services included under wealth management?
Wealth management services include retirement planning, budgeting, legal services, investment management, tax planning, etc.