Wealth management is basically concerned with managing and preserving wealth and to help grow that wealth to meet the objectives of the owner or investor. However, today we are going to talk about wealth management as a career and how a globally accredited professional certification like Chartered Wealth Manager (CWM) can not only help wealth managers earn the trust of their clients but also deliver quantifiable and competitive results in keeping with the current global standards. A wealth manager is basically responsible for advising businesses, institutions and High Net-Worth Individuals (HNWIs) to make the best investment decisions possible and to manage and grow their wealth in a strategic manner.
To do this, a professional needs expert knowledge and the kind of financial acumen that can only be earned with hard work and diligence. Another much-needed element to succeed in a rapidly evolving financial industry is a thorough grounding in the theory and practice of wealth management and that is where the need for a professional wealth management certification arises. Speaking of which, CWM is the only financial designation of its kind, designed to create wealth managers of tomorrow. This designation is recognized in no less than 151+ countries and accepted as a gold standard certification in the field of wealth management.
Growth of Wealth Management Industry & Number of HNWIs & UHNWIs
Today, wealth management has become a prized choice of career with a steady rise in the number of High Net-Worth Individuals (HNWIs) and Ultra High Net-Worth Individuals (UHNWIs) over the past few years in India. HNWIs are individuals with net worth of US$1 million or more and UHNWIs are individuals with a net worth of US$30 million or more. The calculation of net assets includes the primary residence of the individual as well. As per 16thEdition of Knight Frank’s Wealth Report 2022, the number of UHNWIs increased by 9.3% from 5,58,828 in 2020 to 6,10,569 in 2021 globally. India is ranked 3rd in billionaire population globally in the report with an 11% Year-on-Year (YoY) growth in 2021 to reach the count of 145 billionaires.
Boston Consulting Group (BCG) published a report ‘Global Wealth 2021: When Clients Take the Lead’ that stated, “Financial wealth grew among Indians at 11 per cent per annum from 2015 to 2020 and further expected to increase at 10 per cent per annum to US$ 5.5 trillion by 2025.” With Indian as well as global wealth management industry witnessing such unprecedented growth over the last decade, there is certainly a growing need for wealth managers with the highest level of competency and expertise in their field. In this context, it makes perfect sense if an increasing number of finance professionals are looking to develop specialized skills for this role with a professional wealth management certification.
Evolution of Digital Tools & the Growing Need of Wealth Managers
There were far fewer options in terms of investment avenues a decade ago, whereas today we have a multitude of investment options and an entire spectrum of novel investment products due to constantly evolving technology. Today we have Artificial Intelligence (AI) software for advanced data analysis and precision financial decision-making and an array of tools to easily analyze financial data and gain relevant insights. It is a highly focused industry approach on developing specialized investment products which has made all this possible and helped turn a slow-paced evolution of financial industry into a fast-paced revolution in India and across the world.
On the other hand, the digitization of financial data and analytics is also accompanied by emerging industry challenges in an intensely competitive global market. Naturally, it has led to heightened expectations of HNWIs who look for nothing but the best in terms of professional advice and guidance to make intelligent investment choices and to manage their wealth in an effective manner. However, there is a dearth of certified industry professionals today with the right kind of expertise to deliver desired results and Chartered Wealth Manager certification is specifically designed to fill this gap. CWM certified professionals are well equipped to tap into these wealth management opportunities and to ensure future growth for their super-rich clients.
One might observe how this shortfall in the number of wealth managers and investment advisors who are ready to take on the mantle has created some exciting opportunities in the field of wealth management and advisory in the global industry. As we already know, India is among the fastest-growing nations in terms of wealth creators which translate into a premium job market for wealth managers to meet the investment needs of Indian HNWIs.
However, an increasing number of global consulting firms as well as HNWIs are relying on professionals with a credible wealth management certification under their belt when it comes to making critical investment decisions. As we have already pointed out, there is no better choice than CWM in terms of a financial certification program to earn that kind of trust and respect in the industry and with your clients. So, what are you waiting for? Enroll in CWM right now to become the wealth manager professional you aspire to be.