Wealth management is a service that provides customised investment solutions to clients. It is a discipline that includes financial planning and investment portfolio management.
What do they do?
High networth individuals (HNWIs) and business families may seek the advice of wealth managers to assist them in estate planning, banking and tax-related matters. India is on the trajectory of becoming a new world player that will host the highest number of millionaires. As per the Wealth Report 2012 by Knight Frank and Citi, there are around 18,000 centa-millionaires (with US$100 million in disposable assets) in the region covering South-East Asia, China and Japan that will eventually increase to 26,000 by 2016. India will constitute a major portion of this which implies that wealth management does have a promising future. Wealth management as an industry is largely dependent on the financial health of a country. However, the industry has seen an increased appetite for alternate assets such as real estate and gold that has helped it to sail smoothly. A good wealth manager is one who is able to help clients’ reap profits even in a turbulent market.
- Aptitude to handle HNI clients; these clients are very demanding in terms of service and good relations
- Top-of-the line communication skills
- Well-versed with different sets of wealth products — mutual funds, private equity, structured product/deals, real estate (private equity), portfolio management services, arbitrage strategies, etc.
- Should have the ability to handle difficult situations and be a troubleshooter
How do I get there?
After completing Class 12 in the commerce stream, opt for a bachelor’s degree in business studies or business administration. Bachelor of financial and investment analysis is another course you can pursue. A wealth manager must have good command over the products and happenings in the industry; he should also have great communication skills. A fresh graduate can enter the industry directly but it is always better to have a professional degree before entering the industry. Some courses related to wealth management can also help in gaining expertise in the field.
Typical day in the life of a Wealth Manager
The day begins in the morning, around 8am and usually there are no fixed timings.
A typical day in the life of a wealth manager:
8:00 am: Reach office
9:00 am: Morning meeting to discuss the agenda of the day
12:00 pm: Brief team members; prepare a report
8:00 pm: Leave for home