Wealth management can be challenging
People always need guidance on investing their money right from saving taxes to planning retirement
Financial Planning is one of the fastest growing professions with a huge rising demand in India. It is a process of determining capital requirements and capital structure to ensure that scarce financial resources are maximally utilized in the best possible manner.
Youngsters have a bright future and can grab a lot of opportunities in the Financial Services Industry. Financial planners or Wealth managers as they are commonly called is a very interesting career opportunity to take up.
Managing people’s money is a very challenging and difficult part. People always need guidance on investing their money right from saving taxes, planning education, planning retirement to choosing the best insurance schemes. This is where the expert advice from Wealth Managers comes into picture.
The career path of a financial planner depends upon the individual’s decision of either working in a financial services firm or working independently. It is a mixture of 4E Education, Examination, Experience and Ethics.
Wealth Management combines both financial planning and specialized financial services, including personal retail banking services, estate planning, legal and tax advice and investment management services. The goal of wealth management is to sustain and grow longterm wealth.
Wealth Managers are responsible for helping clients manage their assets and plan for their beneficial needs as per their wishes. They help people deal with how they would plan their education, wedding or retirement.
Career path of a Financial Planner / Wealth Manager can start from a trainee’s role or from an executive profile which is a common entry level opportunity that an individual can get into Financial planning/Wealth management. However, the next level could be a Sales manager or a Relationship Manager’s role which works with financial expertise. There are senior level profiles as well which are offered when an individual gains a meaty experience in this field, this could range from being a Functional Head like Tax Specialist to being Business/ Regional Heads.
There is no preferred employer in this career path. Individuals who have some entrepreneurial abilities and interest generally try and setup their own wealth management firms, while others choose to be employed for firms run by other individuals.
Opportunities for Financial Planners / Wealth Managers are expected to grow faster than average in the future.
There are newer areas that planners are getting into with the changing demands and opportunities that are posed at them. On the investment side of things, Wealth
Managers may trade the client’s investments on behalf of the client (discretionary services) or else provide them with tailored advice for where they should buy and sell (advisory services).
They will also spend a lot of time meeting with the bank’s research analysts to find out about new opportunities which could be suitable for their clients.
• There are few steps that can be helpful if an individual wants to make a career into Financial Planning/Wealth Management
• Serve as an Intern – internships offer opportunities for financial advisors to get realworld experience.
• Obtain certifications – Certifications provide a license for doing the role that you want to do. Like • Land an entry level job – as mentioned earlier, start from an intern, trainee or an executive role. • Networking – Keep on looking for new customer base along with old clients, to increase AUM
• Keep learning – A graduate degree in finance or a master’s in finance like MBA with finance specialization, can provide a competitive edge It is always wise to consider the direction of the market before seeking a financial job.
To effectively pursue jobs with the highest probability of success, you must measure the demand for the position and work accordingly towards it. There are different skill sets required for different jobs so it is wiser to select the one which aligns with your long term goals, interests and abilities.
Make sure you do the research first to discover your options.