5 Steps to Becoming a Successful Wealth Manager

Are you good with finances and numbers, and are quick to find solutions then a career in wealth management can be your calling. It is a way different than a career in investment banking or just a financial advisor. As a wealth manager you will have the chance to manage a person’s wealth and different aspects of it. Most importantly you will be in charge of the well-being of your client as you help them find ways to increase and effectively manage their wealth.

So, what exactly do you need to do? If you want to know how to become a wealth manager then this article is for you. Know more about wealth management and how to begin a career in it.

Here are some important pointers for your considerations:

What is Wealth Management?

Wealth management is a vast area encompassing various things. It is a professional services provided by a professional wealth manager. A wealth manager offers financial and investment advices, accounting and tax services. They are also responsible for helping the client plan for the future like retirement planning. Additionally, wealth management includes legal or estate planning as well.

As a wealth manager it will be your task to collect information from client’s attorney, accountants and insurance agent. You can also advice your client to participate in social services or activities for the welfare of the community.

Is it for you?

Before asking how to become a wealth manager many people would like to know if it is a profitable career. Wealth management is a rewarding career. It includes finance, taxes, property management, legal and real estate advice. You can wear many hats by becoming a wealth manager.

In case you are thinking how much you can earn with a career in wealth management then the numbers are not bad. At the start of your career you can earn up to $30,000 per year. And, once you get the relevant experience your earning could go up to $80,000 per year. As the time pass and you gain a reputation your earnings will only go higher along with the bonuses.

Education Requirements

Unlike other professions wealth management doesn’t have a stand-alone degree or certification. This is probably because it requires knowledge and expertise in finance and other related subjects. If you have a degree in finance, business management, economics or math then you can easily enter the field.

What you really need is the employer-based training program. It can prepare you for the career in wealth management by teaching you the essential points. It is one of the best ways to start your career in the field.

Experience in Finance

If you don’t have the degree, don’t get worried. Having an experience in financial services can open the career doors for you. If you have been doing accounting or taxes for quite some time then you can a land a job as a wealth manager. You will be working with clients with different requirements. You can find the right opportunity by focusing on the job descriptions. Some employer may need an extensive set of qualification and experience while others may me need of a few things like taxes or accounting.

You need to keep adding to your experience and technical qualification. The profession is regulated and will require you to get qualification from the Financial Conduct Authority (FCA) Appropriate Qualification list. The qualification requirements will depend on the job role you are looking for.

Additionally, you need to stay updated on the latest development regarding the qualification requirements. There can be changes in the regulations or procedures so you need to be well aware of it.

Skills Required for Wealth Management

There are skills essential to wealth management. You need to have the necessary skills to perform your job well and to succeed in the field. Analytical skills are very important as you will be required to analyze a lot of information. You should have the ability to understand complex information to recognize what it is. Calculations are a part of the job, so you need to be good in math. You don’t have to be a math genius for it, but you need to have decent calculation skills.

Communication is essential for all types of jobs including wealth management. So make sure you have good communication skills. The skills can be learned and mastered with practice. As a professional wealth manager you need to have clear communication skills so that you can effectively present your ideas.

The Bottom-Line

There are a few essential steps to how to become a wealth manager. If you have the skills and qualification for the job, it is one of the most rewarding careers. Understand the requirements and qualification and you can become a successful wealth manager.