Job profile of wealth manager

A wealth manager performs myriad of roles: investment management, portfolio building, financial advisory services, etc. They need to understand the client’s financial background, his objectives, risk taking capability, requirements, etc. and give an optimum solution that best suits his interests. The job profile of a wealth manager involves the following –

  • For RMs, the majority of time is spent with clients, either on the phone, email or personal visits. Companies often give their RMs targets to achieve. They also need to sit down with the Product team from time to time to understand the latest offerings of the firms. Apart from this, they have to read up constantly on the market and be up to date on financial happenings. Keeping in line with the recent changes, they’ve to even advice the product team on which products will appeal to the customers.
  • For Products Managers, the majority of time is spent in devising new product strategies, executing them as well as reviewing existing product lines. They also attend several internal meetings, and have to relay the product strategies to the RMs.
  • A wealth manager’s job can be stressful considering he/she is responsible for a large amount of money and assets. Any small mistake and there can be grave consequences. Constant interaction with high profile clients, although very rewarding, can be mentally exhausting at times. Also, small errors may have serious implications which will affect the goodwill of the wealth manager in the market.

Companies to target :

  • Most banks have their own Wealth Management divisions:
    o Kotak Wealth Management, HSBC Wealth Management, ICICI Wealth Management, Citigold etc.
  • Financial Institutions:
    o Aditya Birla Money, Karvy Private Wealth, Motilal Oswal Wealth Management etc.

After the recent recessionary conditions observed, investors have become vigilant about their investment options, and are seeking expert advice. Wealth managers provide personalized services to individuals, which makes them stand apart from mere finance graduates.

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