The Definitive Guide to Wealth Management Jobs and Careers

Have you ever wondered why people earn money?

This might seem like a strange question, but the answer to this question is very serious.

Apart from fulfilling the basic needs of life like food, clothes and shelter, money offers a lot more.

Some of you would say that you want money to lead a comfortable life, or to travel the world, or to pursue a dream etc.

But for all these things a very small part of your earnings are utilized.

The real answer to this question is creating wealth.

Look at everyone around you, and you will realize that it is true.

The answer is not too different for companies and organizations.

Yes, making profit is of utmost importance, but in the long run each and every company wants to improve its net worth. worth is nothing but the wealth accumulated by the company over the years.

Today, in this article I am going to tell you about Wealth Management Jobs and Careers.

But let me first ask a very basic question...

Why Do You Need to Know about Wealth Management Jobs?

There are two major reasons why you should know about wealth management jobs as a finance aspirant.

One – wealth management is one of the most sought after profiles in the finance domain, because of the pay offered to wealth managers.

And two – there is a huge potential in the field for having a successful finance career.

The wealth management industry has never been so organized in the history as it is today.

Every single day there are people who want wealth management services for a secured and prosperous future.

What Is in It for You?

By now at least once this question must have crossed your mind “But why should I read this article?”

Again the answer is fairly simple.

This article will give you a clear path in building a career in wealth management, and to get a job with one of the wealth management companies.

The insights and action steps provided in this article will give you an edge over those who haven’t come across anything like this.

The article will also give you a direction in terms of your preparations and applications for getting your desired job.

Let me explain this by giving you an example: you and your competitor are in a room which has 5 exit doors. Whoever exits the room first will win. Now your competitor does not have a clue which door is the correct door. For him to choose the correct door at the first attempt, the probability would by 1/5. Now in the same situation, you are handed over a description of the correct door stating the characteristics of the correct door. Obviously, your chances and the probability of choosing the right door would be better than your competitor. Similarly, by reading this article you would benefit from the learning and insights provided in this article.

Which Services and Products Form a Part of Wealth Management?

Wealth management products and services can be broadly classified into two categories:

1. One time investment
These investments are made at once and the benefits are reaped at a future date. The wealth managers offer such services and products to the clients depending on the risk appetite and availability of money with the client. A few examples are fixed deposits, government bonds, fixed securities etc.

2. Recurring investment
– These investments are done at regular intervals and might offer benefits regularly or at once at a pre-decided maturity date. These are the most common product and services offered by wealth managers and are quite popular in the industry. A few examples are insurance policies, mutual funds, stock scripts, retirement benefit plans etc.

Which Kind of Openings Are There in Wealth Management?

There are three areas of openings in wealth management.

1. Sales

This is one of the most commonly offered jobs in wealth management.

But sales here is not the stereotype sales in nature but more of a need based selling.

The sales person has to listen to the needs of the clients and offer the optimum solutions.

The job of a sales person in wealth management is to convince the client to get associated with the firm for his investment needs.

A sales person in this profile should be very good at listening and should be unbiased and considerate towards the clients’ needs.

2. Marketing

This is a profile where you tell the world about who you are, what you do, and how you do it.

This is more of a strategic profile when compares to the earlier one.

Here the focus is more on making your company visible and generate more leads.

This is a function that precedes the sales function.

For your company to be able to walk up to the client, they should first know who you are.

The job of a marketer in wealth management is to offer a holistic picture of the company to the clients and make them recall your company name when the need arises.

3. Investing

This is one of the most challenging and well rewarded profiles in the wealth management domain.

Once the sale has happened, the job of the investment manager here is to allocate funds of the client for reaping maximum returns on the invested amount.

The job of a marketer is to let the client know what all products and services the company offers and why they should go with them.

The job of a sales person is to convince a client to invest in a certain product or service because of a certain benefits.

Whereas the job of an investor here is to determine how much actually to invest in which product and service to minimize risk and maximizing returns.

All the above mentioned profiles are quite intertwined and any person in wealth management should know about each of the written profiles.

Which Kinds of Companies Offer Wealth Management Jobs?

The companies that offer wealth management jobs are as follows:

  1. Investment Banks
  2. Asset management firms
  3. Financial services firms
  4. Fund managers
  5. Private & Commercial banks
  6. Stock broking firms
  7. Any firms under the purview of BFSI sector (Banking, Financial Services and Insurance)


Top 10 US Companies Offering Wealth Management Jobs

Following is the list of top 10 wealth management firms in the United States of America:

  1. Bank of America Corp.
  2. UBS AG
  3. Morgan Stanley
  4. Royal Bank of Canada
  5. Deutsche Bank
  6. JP Morgan Chase
  7. Credit Suisse Group
  8. Bank of New York Mellon Corp.
  9. ABN Amro Bank
  10. Goldman Sachs Group


What Do Companies Look in Candidates for Wealth Management Jobs?

Following skills are required to get a job in a wealth management firm:

1. Technical skills

These are the finance skills that you will acquire in your graduation or post graduation.

You need to be well aware with the basic concepts of capital markets, financial management, portfolio management, securities analysis and forecasting tools.

If you are not from the finance domain, there are a bunch of certification courses available both online and offline for you to gather the required skills.

2. People skills

You will be dealing with high net worth individuals and strategic decision makers day in and day out in your wealth management job.

It is of utmost importance for you to create a rapport with your client in order to build a long lasting professional relationship.

Money is a complex issue, and to make the client open up with honesty you will have to make the other person comfortable with you.

This is one of the most important skills to have as a wealth manager.

3. Communication skills

Both written and verbal communication is a part of day to day activities of a wealth manager.

Make sure that you have these skills in place for you to be able to do better in your job as a wealth manager.

You also need to have reading comprehension skills as you will be required to go through a lot of written documentation in this profile.

You need to be sure that you understand each and every clause of the investment documents, and also explain it to the clients in a simplified yet absolutely clear manner.

4. Analytical skills

This stands true for any finance job that you need to be good in analyzing situations involving money.

Your thought process needs to be logical and clear, as there is no place for ambiguity in matters as sensitive as large sums of money.

You need to have a knack for questioning the logic at every step of your job.

5. Sales skills

Sales is an integral part of any job.

It could be inbound or outbound, at the end of the day you need to be able to sell effectively to be successful in your profession.

Wealth managers need to have good sales skills including a very strong listening skill.

This is one of the most important factors in this profession.

You need to identify the real need of your client for you to be able to deliver the best product or solution.

6. Creative skills

As wealth managers, you need to be quick on your feet in terms of thinking and coming up with ideas and solutions.

As a wealth manager, you will be faced with a number of permutations and combinations to offer a portfolio to your clients.

You need to be creative enough to come up with the need based solutions for your client.

How Wealth Management Is Different from Investment Banking?

To put it in simple words, wealth management is a part of investment banking and not the other way round.

The investment banks offer a far more variety of services including wealth management.

An investment bank offers services right from sourcing the funds, maintaining a healthy balance between debt and equity, valuation service, project management service, corporate finance service among other services, whereas wealth management only offers services related to managing your investments.

It is not a concern of a wealth manager where the funds are coming from.

His job is just to allocate your funds to minimize your investment risk and maximize results over a period of time.

Actionable Approach to Getting Wealth Management Jobs

So here is how you can land in your dream job. Follow the step by step approach mentioned below and you shall have a very high chance of getting a wealth management job in the near future:

1. Gather the required skills – If you are a finance student, get back to your text books and brush up the basic concepts of finance. If you are not, then make sure that you have acquired these skills well in time.

2. Choose a profile – Depending on you technical competence and personality, you should be able to identify which profile suits you the most. Please take advice from people in the industry before arriving at a decision so that you do not start on the wrong foot.

3. Prepare the resume – This is a crucial part, and must not be taken lightly. Your resume should highlight your strengths and glorify your skills. It does not mean that you need to boast about your abilities, but you need to be assertive in expressing your strengths and skills.

4. Apply for job – There are vacancies available on the company websites these days. This is the best way to apply for a job. Also there are various job portals available online like Indeed and Monster that offer a bouquet of jobs available with the best of the companies from around the world.

5. Prepare for the interviews – Depending on the profile and the company that called you for an interview, prepare for the job interview. Make sure that you know enough about the company and the job that you have applied for.

I hope this article gave you clarity on what all you should know and do to get a job in a wealth management firm and build a strong career.

Here’s the Next Step…

Now I have a quick question for you:

Did you get some value from The Definitive Guide to Wealth Management Jobs and Careers?

If so, leave a comment and let me know.

The Definitive Guide to Wealth Management Jobs and Careers 1
The Definitive Guide to Wealth Management Jobs and Careers 2
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6 thoughts on “The Definitive Guide to Wealth Management Jobs and Careers”

  1. Hello,

    Useful and detailed article for those who are searching and are planning to work in wealth management sector.
    But my opinion is that wealth management jobs are very risky to work in because in case of financial instability it is possible to lose your job very fast if you do not have the skill set required.

    Also I think nowadays we need to add one more very important skill and it is skill to adjust for any changes.

  2. Hello,

    Your articles have particularly been helpful to me.

    I recently registered my company, waiting for regulatory approval to start as a boutique investment bank.

    Your articles has helped me come up with an operational manual aimed at setting standards. If you have a fully prepared manual, kindly forward to my email.

    Dare Akinola

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