How to Become a Financial Advisor - Wealth Management Career Path

Wealth Management Career Path

Choosing the wealth management career path is amongst the best business jobs, today. The career of a financial advisor is one of the most paid and sought after jobs in the world. According to several types of research and studies carried out on career rankings, a wealth management career path has evolved from a sales and product-driven career path to a career option that is centered solely on producing meaningful financial advice for businesses around. The president of Wealth Management at D.A. Davidson (Management Services Company) states that a wealth management career path is the most astonishingly rewarding career option.

With the evolvement of the financial industry, financial advisor as a career has become the most opted for a career. Especially, if you are an individual who loves to interact with people and have an inclination towards success as a trusted counselor, the career as a financial advisor shall be the best for you. But, how to become a financial advisor? Before we get into that, let’s brush up some basics related to the wealth management, wealth management career path, and the responsibilities of a financial advisor.

What is wealth management?

Wealth management is an advisory service that uses other financial services to address the needs of well-to-do, potential, and prosperous clients. It is a consultative process where the person in charge of wealth management, which is the financial advisor keeps a note of the requirements of the client and designs a strategy. The financial advisor works with the most suitable and relevant financial products and services to bespoke a strategy for the client.

If you might be mistaken about wealth management as investment advice, you might be wrong. Rather, wealth management includes guiding the potential client with their decisions related to finance and accounting, utilizing products and services in a holistic approach.

Career of a wealth manager

Wealth management career is slowly becoming a seriously sought-after career path in the country. Now, most individuals interested in finance look for wealth management career path to hold the responsibilities of a wealth manager. As most people may exclaim, wealth management is not entirely and only about helping rich people get richer but it also involves accessing the financial assets of an individual (client) and assist them with decisions on investment, goals for future, retirement plans, etc. Financial advisors also assist their clients with the planning of short-term and long-term goals related to educational expenses for their kids, savings for retirements, wealth management strategies to maximize business, etc. The advisors assist their clients to invest money, offer advice related to tax or even sell insurance as a part of their repertory.

Summing up, a wealth manager is responsible for the following culpabilities.

Creating and managing a detailed review of their client’s financial status and situation to draft advice

Understand the goals of the client and the potential thought process to build their business further

Offer the client general investment advice, or advice for college tuition, or retirement, whatever the client needs

Involve the client in discussions related to the possible investments

Lay-out the potential risks for the drafted investment plans, if any

Recommend investment options that best suit the client’s requirements, demands and match their risk tolerance.

Is Wealth management career path good?

Based on several estimates and data that have been collected worldwide, various HR Managers and domestic wealth managers from wealth management companies have concluded that there is a growing requirement of wealth managers in the country and worldwide. India, in fact, is in a dire need of professional and quality wealth Managers as compared to the requirement of standard profiles like investment bankers, equity researchers, etc.

Wealth management career path is an extremely good option in the world today. To be more precise, there are plenty of reasons that have added up to making a wealth management career path as the most strived for a career option, today.

India is witnessing a constant increase in wealth creation

With the digital era constantly expanding, awareness of wealth management and wealth management career path is also on a rise

Wealth managers are getting paid the highest. They get to sign lucrative pay packages with leading wealth management companies

Most of the wealth management companies are looking for promising candidates in the form of resources to hire

There is a constant emergence of successful wealth management firms in the country

How to become a financial advisor?

To take up a career as a financial advisor, an individual must have the appropriate education in the field for finance, accounting, and management. Candidates must have a bachelor’s degree in the field of finance. To be eligible, one can also take up the profession of a financial advisor with specializations in the field of accounting and finance or financial management.

To begin with, you can register for a financial certification program that is designed especially for candidates who wish to build their life as a financial advisor. AAFM India (American Academy of Financial Management) offers several certification courses for wealth management. Their Chartered Wealth Manager (CWM) Program is best suited for individuals who hold a Graduation degree in any stream. Having a graduation degree in related subjects (accounting and finance) will be a plus. You will have an edge over the others. Earning the CWM certification will open a variety of doors in wealth management. AAFM also offers an Associate Wealth Manager Program which can be your stepping stone to the CWM Program.

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