Are you passionate about finance and love to advise? Becoming a wealth manager could be the opportunity you’ve been waiting for all along.
On the other hand, questions are multiplying: How do I become one? What skills do I need?
We will tell you all about it in this article.
Contrary to popular belief, wealth management no longer the concerns wealthy elite only. Individuals and entrepreneurs alike need advice to protect and grow their capital. The result? The wealth management profession has gained in popularity and became indispensable. Which explains why opportunities in wealth management are becoming more and more numerous and easily accessible.
This profession consists in helping clients manage their money, optimize their assets and, above all, build long-term relationships based on trust. However, these responsibilities are not to be taken lightly, and require a solid background in investment and financial matters.
There’s no single path to becoming a wealth manager. There are numerous training courses and diplomas to choose from, and candidates have a wide choice. However, certain diplomas are more preferred and make it easier to become a wealth manager:
- Master’s degrees in wealth management;
- Degrees in finance, banking or insurance;
- Specialized certifications such as WMC (Wealth Management Consultant).
Something not to be overlooked? Academic training alone is not enough. Becoming a wealth manager means building lasting relationships with customers who entrust you, partially or entirely, with the management of their assets. This means nurturing the relationship and developing interpersonal skills worthy of the trust placed in you.
Master the art of listening and client psychology
Directly or indirectly, you have to listen to your customers’ needs, so that you can optimally manage their assets. Wealth management approach must be adapted to each customer’s evolving expectations and personal circumstances. You’ll need a solid background in client psychology to be able to deeply understand them, a skill that can be acquired through a combination of training and experience.
A thorough knowledge of financial products: a must
It’s essential to remember that to practice any profession, you must always be well prepared and ready to face the various challenges.
The challenges in the world of wealth management are complex, as the market evolves daily and volatility is real. A successful wealth manager is one who knows financial products perfectly, whether or not they are part of their firm’s offering. Allocating time to stay updated on current trends and the latest information is a wise strategy that allows the consultant to offer excellent advice to clients.
Wealth management is evolving alongside other fields, such as taxation and law. Acquiring knowledge in these fields enables the manager to broaden their skills and access new sources of information that play an important role in the success of the consultant-client relationship.
Heavy responsibilities but irresistible benefits.
Wealth management rhyms with heavy responsibility. However, these responsibilities are well rewarded. In addition to fixed salaries, other forms of remuneration can be added to the equation: commissions, passive income, and more.
The fixed salary depends on a number of factors, such as experience, client portfolio size and other criteria defined by each institution. For example, a Swiss-based wealth manager with 10 years’ experience can earn a fixed salary of up to CHF 200,000 or more.
In addition to remuneration, this is a field where competence is rewarded. Career development opportunities are unlimited, and it’s possible to rise to higher positions in just a few years.
Becoming a wealth manager means choosing a profession that’s both exciting and financially rewarding, as well as humanly enriching thanks to networking.
