A position within wealth management is ideal for those with a good all-round knowledge of the financial world. You’ll also need to show a dedication to keeping up with financial news and trends, and the ability to build strong, lasting relationships with clients. You’ll need to have good communication skills, and an understanding of the fine line between taking risks and playing it safe. You want to help your client maximize returns, whilst not taking too much risk.
The Current Market
In the United States, the number of ultra-high-net-worth clients is booming, and we’re seeing an influx of both single and multi family offices across the country whose job it is to manage the finances of America’s most wealthy households. In recent years, there were concerns that the need for private bankers would decline significantly, as it was expected that more and more of these UHNW clients would be taking advantage of new technologies that allowed them to easily manage their funds online. However, the industry has gone in the opposite direction, and there are now more opportunities within this sector than ever before. There are three reasons why the industry didn’t go down the technology route. Firstly, for the UHNW clients, it’s actually much more cost effective to use private banking services. Secondly, these clients are accumulating assets at a rate that they cannot manage by themselves, and thirdly, many people would simply rather have a trusted private banker overseeing their portfolio than a machine.
When starting out your career in wealth management, you will usually take on more of a support role. Many new graduates, and those entering into wealth management from a non-financial background, will usually find themselves developing in depth investment plans for particular clients. However, for those with experience, wealth management starts to become much more client facing. Much of wealth management is performed by banks within their private banking divisions and in private banking, you’ll become much more involved with the client, helping them to decide where to invest, and how best to manage their portfolio. To become a private banker, a CWM qualification is a big advantage. To be accepted onto a Chartered Wealth Management course, you’ll need three years experience within wealth management, and have a relevant degree acknowledged by the AAFM.
- New York, NY, USA
- Permanent, Full time
- Morgan Stanley USA