Roles and Responsibilities of a Certified Financial Planner Professional

Wealth Management Career – CFP Course

Wealth management career has slowly become an exclusive and most opted career in the world today. There was a time when the only rewarding option in this field was Investment banking. Times have changed now and young graduates are slowly drifting to considering wealth management career. You will be surprised to know that a wealth management career has landed a place in the top 10 fastest-growing career options in the country today. It is high time now that financial and wealth management enthusiasts look for options to land training in wealth management, apart from Investment Banking to get the most flourishing and lucrative jobs available in the country. With the evolution of career opportunities, greater thinking abilities, excessive awareness of wealth creation, and various other economic factors, Wealth Management career is at the top of its game.

If you stumbled across this piece of content, you must be looking for ways to become a Chartered Wealth Manager or a Certified Financial Planner. Before learning more about how to become a wealth manager (Chartered Wealth Manager) and how it is far more beneficial from a Certified Financial Planner, let’s concentrate on the difference between a Chartered Wealth Manager and a Certified Financial Planner.

Who is a Certified Financial Planner (CFP) Professional?

A Certified Financial Planner (CFP) Professional is responsible for working with a varied set of clients to plan and build strategies for meeting long term financial goals of an individual. These long-term financial goals include retirement, business start-up, home, college tuition, and many others. The Certified Financial Planner Professionals are required to work in large insurance and financial firms. Some Certified Financial Planner Professionals can also choose to run their businesses. The candidate who becomes a Certified Financial Planner Professional is required to hone proper expertise and experience in the field of financial planning. This, in turn, prepares them for a wealth management career. The roles and responsibilities of a Certified Financial Planner Professional can be divided into the following elements.

• Making connections and defining the client relationship

• Gathering client data with set plans and goals

• Examining and assessing the financial status of the client

• Introducing recommendations and alternatives for financial planning and wealth management

• Achieving the suggested recommendations for financial planning

• Monitoring the working of the recommendations for financial planning

Who is a Chartered Wealth Manager?

CWM for chartered wealth manager is the designation given to professional issued by the renowned Global Academy of Finance and Management. The Global Academy of finance and Management formally the American Academy of financial management (AAFM) aims to certify the understanding, expertise and knowledge held by Wealth Management experts and professionals. The chartered wealth manager is equally efficient in areas of financial planning, risk management, economics, retirement, banking, tax, investments, etc. Applications who wish to become a chartered wealth manager are required to hold a master’s degree in disciplines like law, economics, wealth management, finance, etc. The candidates are also required to possess over 5 years of experience. However, candidates who are currently working as a professor for lawyers are considered as exceptions for the chartered Wealth Management program.

CFP Course vs. CWM; which one is better for wealth management career

Now, you must be well acquainted with the importance and benefits of the CFP course and the chartered wealth manager program. Certified financial planner and Chartered wealth manager program are the two most sought after certifications all around the world. The general question that most people ask is the difference between the CFP course and the chartered wealth manager program. A set of people also enquire whether they should pursue the CFP course are the chartered wealth manager course first. The truth is the decision lies in your perspective or you can first take up the certified financial planner course and follow it up with the chartered wealth manager program. But this can only be done without a gap. However, the most beneficial arrangement would be to opt for the chartered wealth manager course as it covers additional topics and not just the fundamentals. Unlike the CFP course, the chartered Wealth Manager program trains the Wealth Management career enthusiasts in topics that are advanced in nature and wider in concepts. The CWM course prepares the individuals into experts and professionals way quicker than the CFP course that only cover the foundation topics who wishes to enter the world as a fresher.

How to become a wealth manager?

If you have been looking for an answer to how to become a wealth manager? You as a candidate must fulfill a given set of steps. The following steps are necessary if you wish to choose wealth management career.

Complete a registered education program

The course should be registered under the board. There are plenty of coursework providers available online that offer assistance to individuals in the completion of the wealth management or CWM, and CFP Courses but you ought to opt the one that you can trust. AAFM India offers several courses for finance enthusiasts to gain proper training and rich experience in the subject. AAFM India offers the Chartered Financial Goal Planner (CFGP) course, Advanced Financial Goal Planner (AFGP) course, Certified Financial Goal Planner Lite (CFGP-Lite.) and many more. AAFM however is known for its CWM (Chartered Wealth Management Course.)

Enrol for the examination after undergoing the course

Once your education under a professional organization like AAFM is done, the Board will be notified of the completion of your course. As a mandatory step, you will be required to sit for an examination that will conclude that you have taken proper training through a registered course.

You should hold or earn a Bachelor’s degree in the relevant disciplines to sit for the course

The course for wealth management career requires an enthusiastto hold a Bachelor’s degree in the relevant disciplines (finance, banking, insurance, investment, law, etc.)

India is witnessing a new era of wealth formation and creation today

A recent report conducted by Oxfam stated the shocking revelation that India recently added more than 17 fresh billionaires last year. This addition of new billionaires raised the number of billionaires to 101 billionaires. The report further intimated that the wealth of those fresh billionaires rose from Rs 15.78 lakh crore to more than Rs 20.67 lakh crore in the world in 2017-2018. The rise in the number of billionaires can be a result of budding entrepreneurs marketing their businesses, and a significant rise in investment in the new-age asset groups, etc. With the increase in wealth creation in the country, aspirants are readily considering a Wealth Management career.

If you are a fresh entrepreneur or wish to build an empire by using your financial planning skills, you can check out the American Academy of Financial Management in India that is a Standard Setting Body in India which aims to promote Financial Advisory & Wealth Management in the country.

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