The fourth industrial revolution put forth several lucrative industries, which quickly became the mass-favourite, with thousands of new entrants every year. From computer science to marketing, many career paths promise exponential growth at the cost of unparalleled hard work.
Amidst all the in-demand career paths, wealth management is offering lucrative opportunities through the shadows only to those looking for a sustainable and rewarding career path. With the new-age systems' implementation, wealth management's future seems more promising.
This blog underlines the potential future of wealth management and what aspiring generations can expect when compared with other in-demand career options. On the other hand, we have also ensured to portray the effect of technology on the lucrative career in fintech and how it will further evolve wealth management.
What is Wealth Management?
Wealth management is an advisory service for affluent clients looking to invest and use their assets and cash to earn more. It follows a consultative approach, where a wealth manager, with all their knowledge of the current industry dynamics, offers valuable advice to their clients.
While in many cases, instead of providing advice, the wealth manager handles the client’s assets while leveraging the necessary trends deemed profitable by the manager.
Wealth Management Evolution and Future Scope
Wealth management as an industry or a career has been witness to a long and turbulent evolution, with diversification at every step. It is impossible to put up a date on the start of this profession. However, back in the 1970’s wealth management only revolved around company stocks and bonds.
Even though bonds and stocks are still available, the area of operation has increased exponentially. With the internet explosion and the consequent technological evolution, trading worldwide became possible. Careers in fintech became a viable option for students back then, and the industry has steadily grown.
Technology has been a crucial driver in the evolution of wealth management as an industry, with the increase in connectivity providing wealth managers with a more playing field to invest in. The new-age wealth manager is now able to invest in foreign stocks, bonds, lands, startups, and more. Those who are looking to kickstart their career through a financial technology certification course will have more avenues for creativity in the future.
Digital transformation and the implementation of CRM, promoting interconnectedness, is resulting in better insights, as wealth managers are being able to pool their opinions. Furthermore, with the inclusion of Machine Learning (ML) and Artificial Intelligence (AI), wealth managers can replace the grunt work with precise suggestions pooled from all the data on the internet. All these, complied together, are disrupting and creating a new eco-system, which needs technologically aware individuals with excellent foundational skills, achievable through a financial technology certification course.
Current and Future Demand
Nowadays, with the increasing workload, individuals have often started to rely on wealth managers to do the needful with their assets. Studies have shown that the demand for wealth management is bound to increase by CAGR 11% due to the rise of high-net-worth individuals, further highlighting the rewards one can achieve through a career in fintech.
Furthermore, considering the current demand in India estimates highlight a count of thirteen-thousand inhabitants with around USD 30 Million worth of assets. This number is bound to rise further since India is touted as the fastest-growing economy with forecasted GDP growth of 6.5%, equating to the creation of more high-net-worth individuals who will need reliable wealth managers.
With a promising future demand, one can pursue a career in fintech by taking part in financial technology certification courses. However, with more demand and connectivity, students looking to start a career in fintech must also be aware of the regulatory challenges which accompany foreign and domestic investments.
The current demographic is a mixture of non-tech savvy and tech-aware individuals, which further enhances the opportunity wealth management offers even to those looking to start a career in fin-tech. However, with the advancement and inclusion of technology, the upcoming wealth managers must possess a sound knowledge of the current and oncoming technological models, which can further disrupt the industry. Therefore, such candidates must choose a financial technology certification course, such as PGDM in Fintech offered by Imarticus, which puts equal emphasis on wealth management and technology. Therefore, ensuring irreplaceable and technologically-savvy wealth managers of the future.