It is no secret that Indian financial industry is among the fastest-growing in the world. It has led to a greater demand for certified wealth managers capable of handling a variety of complex functions that fall within the ambit of wealth management. In the course of this article, we will talk about what you need to become a wealth manager in terms of academic requirements and key skills and capabilities. We will also talk about career roles they might have to adapt on their journey to become a wealth manager. Finally, we will discuss why Chartered Wealth Manager (CWM®) is arguably the best choice for finance professionals to gain a foothold in the competitive field of wealth management.
Key Skills and Capabilities to Become a Wealth Manager
- To be a successful wealth manager you need to have following skills and abilities.
- Be Self-motivated and enterprising
- Be receptive and have a problem-solving approach.
- Should have a clear understanding of the client’s investment objectives and risk profile
- Understand any unique needs of the client and accommodate them in your investment strategy
- Ability to create personalized investment plans to ensure desired future growth
- Ability to modify and optimize any existing investment plans of your client
Areas of Knowledge:
Now, we will talk about the areas of knowledge critical to succeed as a wealth management industry professional. Financial planning and investment management are two key areas that you need to focus on as a wealth manager. Advanced research skills and analytical abilities along with an in-depth understanding of financial markets and impeccable mathematical skills are essential for a wealth manager to identify opportunities and devise investment strategies in keeping with individual needs and preferences of a client.
As an industry professional, you also need expert knowledge of applicable tax laws, banking, debt management, trust and estate planning to be able to analyze and develop a comprehensive plan for managing assets as well as liabilities of your clients. CWM course is a perfect choice of designation to gain specialized knowledge related to all these aspects of wealth management.
Academic Requirements
- You need at least a three year’s or four year’s bachelor’s degree in finance, mathematics, economics or business for an entry-level position as an analyst or associate.
- Master’s Degree in business or finance can be a big plus
- Trend-wise, it will be a wise decision on your part to earn a MBA in Finance from a Tier-1 institution to become a preferred choice of candidate for leading banks, consulting firms and financial institutions.
- Previous work experience or exposure in financial industry is always desirable.
Wealth Management Certification Programs:
Apart from academics, you also need to earn specialized knowledge of wealth management and to do that, you can earn a financial designation of repute. There are a number of certification programs meant to offer expert knowledge of wealth management but Chartered wealth Manager (CWM®) is the only certification that affords comprehensive skill development and has an all-encompassing curriculum that covers every aspect of wealth management.
It also includes projects and case studies to help develop the kind of proficiency needed to deal with complex real-world situations and work out detailed strategies and implement them in an effective manner. CWM is the only globally accredited certification in wealth management that will earn you the status of a certified finance professional in 151+ countries. It has two levels, each consisting of ten units covering different aspects of wealth management. The first level covers the fundamentals and the second level is designed to offer knowledge of advanced wealth management concepts including behavioral finance and portfolio management.
Career Roles
Relationship Management:
If you begin working as an analyst or associate, you might graduate to the role of an assistant relationship manager with time where you assist a relationship manager and learn in greater depth about the art of dealing with clients and performing various analytical tasks. With 5-10 years of industry experience under your belt, next-level could be of a relationship manager where you are managing your own clients. As your career begins to take shape, this could be your first step in the wealth management industry. You will be involved in carrying out comprehensive tasks of investment advisory and management. The role of Relationship Manager is client-facing who serves the critical role of representing the wealth management firm and being the face of the firm for HNWI clients.
Personal Financial Advisor:
You could opt for the role of Personal Financial Advisor in a financial firm, bank or financial institution. The role of Personal Financial Advisor involves guiding clients in terms of financial planning, bookkeeping, investment advisory and insurance. It can also include estate planning and specialized knowledge in this area could be highly beneficial for you.
Specialized Wealth Management Roles:
Once you gain the requisite amount of experience and industry exposure, you can acquire a more specialized role which might include working for a family office. Alternatively, you can also start your own firm to offer specialized services as a wealth management industry professional. Top-notch wealth managers in private wealth management end up managing wealth for HNWIs and UHNWIs.
Portfolio Managers/Investment Advisors:
Portfolio Manager and Investment Advisors are some other specialized career roles that require a good amount of industry knowledge, experience and impressive mathematical and analytical skills. It is also important for finance professionals to stay updated with industry standards, latest financial tools, taxation laws and market trends among other things to be able to offer professional guidance. It may be noted here that there are very few wealth management programs except the highly reputed CWM course that include a detailed treatment of both portfolio management and investment planning, which are two critical areas of knowledge for finance professionals.
In the End:
We can sum up by saying that global financial industry has come a long way from what it was just a few years ago and today there is an urgent need of trained and certified professionals. You need to excellent ability to analyze data and make complex assessments on the go to help your clients deal with real-world situations.
On the other hand, you also need a thorough grounding in related areas including tax and estate planning, wealth transfer and succession planning to assist your HNWI clients with holistic financial and investment planning. As we have already explained, Chartered Wealth Manager (CWM®) designation holds the key to acquiring all the above skills and capabilities and to be recognized as a certified professional in the global industry.
