Wealth Management - Finance, Tech & Analytics Career Resources

What Skills Do You Need For Wealth Management?

Posted on October 26, 2021March 26, 2024 by Imarticus Learning

Wealth management is among the most rewarding career opportunities out there for people aspiring to make a career in the banking and finance segment. The global wealth market is valued over $55,000 billion and continues to grow with the rapidly increasing globalization and the use of progressive technology in the financial landscape.

The role of a wealth manager is very dynamic and requires a diverse skill set to succeed in the domain. Before jumping over to skills for wealth management, let’s understand what it entails.

What does wealth management entail?

Wealth management can be understood as an investment consultative services that incorporate a range of financial services to cater to the needs of affluent clients who generally have a very high net worth. It entails advising the client on various investment avenues and financial instruments after assessing their investment needs, objectives and risk appetite, etc. A wealth manager is more like a financial advisor for wealthy individuals who are looking to manage their finances under expert guidance.

Let’s jump into the skills required to be a successful wealth manager!

Skills for Wealth Management

Now that you know what wealth management entails, you can easily figure out that it requires a diverse skill set to succeed as wealth managers are responsible for holistic wealth management instead of specializing in a specific field.

There are three major skills that you need to hone if you want to be successful as a wealth manager.

Analytical Skills

You need to have strong analytical skills if you are entering the wealth management domain. You will have to provide personalized recommendations based on the individual circumstances of the client who might have varied objectives.

In addition to this, you need to assess the performance and risk of various financial assets before making a recommendation. You also need to assess the changing market circumstances before providing any advice to your clients.

Knowledge of financial instruments and markets

The more information you have about various financial products available in the market the better you will be able to guide and manage the wealth of your clients. A deep understanding of the financial instruments and markets is required to provide the best consultancy to the clients.

A clear understanding of the risk associated with any investment is needed to give transparent advice to your client and it will help to build your reputation and maintain long term relationships. You can even opt for wealth management courses to get a comprehensive understanding of the market and financial instruments.

Communication skills and customer service

This one goes without saying, it’s all about assessing the individual needs of your clients, and to do that you will need to have good interpersonal and communication skills. Everything breaks down to you explaining the investment to your clients and if you are not good with the communication part you might not be able to convince your clients.

The customer is at the center of it all and you need to provide the best customer service if you want to maintain a long-term relationship with the clients.

What is The Wealth Management Career Ladder?

Posted on July 10, 2021March 26, 2024 by Imarticus Learning

Introduction

Wealth management is an advisory service where a wealth manager advises his/her clients in making better financial decisions. A wealth manager makes sure that financial services and resources are used appropriately to generate profit.

Wealth managers can be found in a lot of sectors like estate planning, retail banking, tax processes, investment sector, etc. A wealth manager also focuses on sustainable development i.e. using resources in such a way that they could be preserved for the future.

Let us see more details about the wealth management career.

Wealth management Education
If you are thinking to start your career in wealth management, the first and foremost requirement is to have the necessary set of skills. You need to have a bachelor’s degree in mathematics, finance, economics, management, business, etc. You can also take wealth management courses via the internet. Many wealth managers go for a CFA (Chartered Financial Analyst) course as it helps them in gaining skills for senior wealth management job roles.

Besides education, you also need to do internships to get a basic idea of working culture in the wealth management sector. A lot of institutes/colleges offer summer term internship program or you can grab an internship off-campus. You will learn about updating client portfolios, mutual funds management, financial analysis & research, etc.

With the help of education & internships, you will learn about the basic skills required in the wealth management sector such as analytical skills, financial understanding skills, market analysis skills, forecasting skills, etc. Getting a good education or certification is the first process in building a successful Wealth management career.

Career Path in Wealth Management

Once you have completed your education and are ready to work, you can apply for various wealth management job roles. There is a lot of opportunity in this sector. According to the U.S. Bureau of Labour Statistics, the growth rate predicted in the wealth management sector is 15% from 2016 to 2026 which is much higher.

You can work as a wealth manager in a financial advisory firm, retail bank, investment bank, or as a freelancer. You will grow your reputation as a wealth manager over time. The more you help your clients in achieving their financial goals or booming their business, the more is your demand as a wealth manager in the market.

Job Roles in the Wealth Management Sector

There are a lot of different job types in the wealth management sector. Let us see some major wealth management jobs:

• Investment Counselor –

They focus on the financial relationships of his/her client. They keep analysing the market and ping their clients whenever a good investment opportunity occurs. They also work in investment banks advising clients on whether to invest in any particular venture or not.

• Portfolio Manager – They usually work with HNI clients. They are responsible for updating and analysing client portfolios.

• Business Developer – They help in the growth of their client’s business by maintaining good financial relationships. They usually work with ultra HNI clients.

Financial Advisor – They help in making financial strategies and models. They are also considered with insurance-related problems. A personal advisor can work for a firm or as a freelancer.

These were some of the major job roles in the wealth management sector. It usually depends on the firm/company that what type of services are they expecting from a wealth manager.

Conclusion

You can learn more about the skills required in the wealth management sector via various Wealth management courses available on the internet. This was all about the Wealth management career path and what opportunities are waiting for you in this field.

Cybersecurity for Wealth Management Firms: Are You Tailoring Security for Your Specific Risks?

Posted on June 13, 2021July 13, 2021 by Imarticus Learning

Over the past few years, there are various reports of banks and financial firms experiencing a huge number of security breaches. On average, a company that deals with financial services faces 85 to 90 attacks every year, and at least one out of three succeeds.

A Cybersecurity breach is a serious problem faced by every organization. Even though financial firms and companies try their best to keep these attacks at a minimum, success rates of cyber-criminals have begun to increase, and this has become a threat to the world of finances.

This is when the importance of new-age banking training arises. It is crucial for everyone to be well-versed with techniques to avoid such incidents. However, because of a lack of proper training, bank and financial firm employees are unaware of different ways to deal with such situations.

What Are the Biggest Threats Faced by Wealth Management Firms?
There are plenty of different ways cyber criminals try to lure their targets or breach cybersecurity in an organization. Here are a few ways you should know-

Phishing Emails, And Phone Calls

Cybercriminals use the tactic of sending phishing emails and phone calls to people to get information. This is one of the most commonly used strategies with the highest success rates. Any individual may get emails from such people that may look legit and fall into their trap by replying to the same with confidential information.

The cybercriminals also act as individuals willing to take services from wealth management firms and make phone calls to gather information. Such phishing calls can lead to huge data extortion and a breach of cybersecurity.

Malware and Viruses

Using malware and viruses, cybercriminals attempt to get into a firm’s information drive and steal data. These viruses are sent in links through emails or documents. When someone clicks on those links and opens them, the malware gets activated.

For smaller organizations, the goal is to collect data. However, for a wealth management organization, the reward is huge.

What Can You Do to Educate Your Employees?
As an organization, to avoid such cyber-attacks, there are a few things you should do. Apart from asking your employees to take up new-age banking courses from reliable institutes like Imarticus Learning, you can also educate them in the office. Here’s how –

Educate your employees about the importance of cybersecurity. Teach them the basics of cybersecurity through new-age banking training classes and workshops.
Take help from a reliable IT service provider. Once you know your potential attack surface and its various risks, improve your network security.
Keep an eye on your network activity.
Use various policies like secure passwords and the use of VPN tools to minimize any mobile device risks and casualties.
Enforce proper and practical policies in your network, users, and devices. With the help of a reliable IT team, you can configure them in a way that can impose automatic compliance.

Importance of New Age Banking Training
The new-age banking training has become very important for anyone who wishes to take up a career in the world of finances. These training sessions will not only help you shape your career as an impeccable wealth management advisor but will also help you learn various ways to combat cybersecurity attacks.

With the help of institutes like Imarticus Learning, now you can take up such new-age banking courses and learn various important lessons. The institute is a prominent one in the market for providing varieties of courses in machine learning, data mining, as well as data science, among many others.

Interview Questions You Need to Nail to Work in Wealth Management!

Posted on October 19, 2020March 21, 2024 by Imarticus Learning

Take any wealth management interview training and you will see a mix of questions. Some questions will be about the subject or an associated theme while others will focus on ethics. Some others will be about your interpersonal and soft skills, which are equally important for you to both land and pass a job interview.

But detecting the most important questions and answering them in a way that floors the interviewer is what will set you apart. Here are six such questions and how to answer them like a pro.

6 Critical Wealth Management Interview Questions

This is a mix of two topical questions, two about finance in general, and two about ethics. Let’s go.

What is the most important factor when recommending an investment instrument to a client?

You are supposed to be a bit diplomatic here because the answer is in the plural. Both the earning potential/in-hand capital and the end goal/s are important. Only when you know what the investment figure is going to be and for what purpose can you recommend an instrument that will be ideal for that scenario for that person. A third factor would be the investor’s age.

Or you can choose to answer this using an example. In that case, you can give a single answer and impress the interviewer. For instance, assume the age and the figure and leave the third factor to the imagination, which becomes the most important one in that example.

How can an Indian citizen explore offshore investments?

This is a tough nut to crack and will require you to have some knowledge about international investing. Use available info to provide a safe answer. If you can, detail a process out and provide examples.

Remember that interviewers love examples. So, keep feeding them with appropriate real-life examples. To learn about new topics such as international investing, explore wealth management courses online.

Do you consider insurance an investment?

This again demands a diplomatic answer. Here you can divide your answer into two:

On its own, insurance can never be termed an investment as it is used as a cushion in case of an unfortunate incident. Moreover, the returns on insurance policies are low and not appropriate when one is considering the management of huge wealth
Depending upon the age of the investor, and if he does not already have insurance, insurance may be considered an investment

Interviewers are looking at your thought process as well as subject knowledge. So, make sure you define the concepts well before providing your opinions on them.

What according to you is an underrated investment path?

This is another tricky question where the interview is testing your knowledge about different instruments. Use your judgment and pick an obscure instrument that provides high ROI and also saves in taxes. Don’t forget to answer diplomatically and use examples.

It is questions like this that makes taking a wealth management interview training worthwhile. You can learn more about the topic as well as know about different investment tools.

Would you suggest tax evasion to a client if it means creating wealth?

This is to test your stand on ethics. The answer is no, but you should garnish it with examples of how you would communicate with the client and provide better solutions.

Would you use one client’s investment information to help another client?

Again, the answer is no, but you should furnish as to why you wouldn’t do it. Providing your opinion may win you some brownie points but beware or it can also backfire.

These are some of the most challenging questions that you may be asked at your next wealth management job. Enrolling into a wealth management course won’t harm.

Coronavirus Fears Accelerate Wealth-tech Innovation! How?

Posted on September 16, 2020March 21, 2024 by Imarticus Learning

Introduction

Wealth-tech is one of the trending sectors in recent days. It is wealth management through digital solutions. Wealth management is being done with the help of technology and it gives better results and accuracy. It also helps in faster analysis & research.

Market forecasting can also be done more accurately with the help of wealth tech services. The recent coronavirus outbreak has slowed down the growth of many industries but it will not slow down the growth of wealth tech services. Let us see how wealth tech services are predicted to grow despite the recent Covid-19 outbreak.

How will the Wealth-tech Sector Grow?

The reasons which will help in the growth of wealth tech innovation despite the coronavirus outbreak are:

Wealth-tech has influenced automation in wealth management services. New-age technologies like artificial intelligence, data analysis, machine learning have helped in the growth of Wealth-tech services. People can now automate the wealth management services and they don’t even require a professional to physically manage the processes.
It can all be done by smart & intelligent applications. The digital platform can be easily managed by wealth managers from a remote location too. All they need is a system and the client’s requirements. This also helps in adopting more efficiently with the new work from home culture.
This pandemic has forced companies/firms/HNI clients to opt for digital wealth management services. If it wasn’t for the pandemic, they still would have been taking traditional wealth management services. It won’t be a hyperbole to say that this pandemic is a blessing in disguise for the wealth tech sector. The employees are also shifting rapidly towards digital platforms.
Wealth-tech extends its services to smaller companies as well. The digital tools & services can be used by small scale companies that would have been neglected otherwise.
Wealth-tech also helps in cost optimization. Smart applications provide data-driven solutions to wealth management problems and reduce the cost of hiring wealth management professionals for the same. Companies can just use smart digital solutions and can easily manage their wealth.
HNI or Ultra HNI clients are also happy about the wealth tech services as they can now talk to their wealth manager from a remote location too. The social distancing norms have been introduced due to this ongoing pandemic. Wealth-tech helps in taking advantage of its services while following the social distancing norms.
Market volatility & uncertainty is expected to grow because of the ongoing pandemic. It such times, you don’t want wrong forecasting information so that you end up investing in a loss generating venture. The digital wealth tech solutions are proving to be more accurate than traditional methods. The data analysis & forecasting is more robust & on point via the digital mediums. This will help clients in opting for wealth tech services to know about the trends.
It is expected that AUM (Assets Under Management) sector will grow from $74.3 trillion in 2018 to $145.4 trillion in 2025 with an impressive CAGR (Compound Annual Growth Rate) of 8.8%. The asset management under wealth management is also shifted to online channels and clients are loving this innovation as it helps them to get more accurate details in less cost. It reduces paperwork and the amount of hard work an individual has to put in to go through all the assets & financial resources of any particular individual.

Conclusion

If you are thinking of building a Wealth Management Career then perhaps this is the right time to step in with all the innovation going around.

You can learn more via the Wealth Management Courses available on the internet. This was all about how the coronavirus outbreak will accelerate the growth of the wealth tech sector.

Covid-19 Impact on Banking Training! How Imarticus Helped The Students To Get Trained and Placed?

Posted on August 19, 2020March 26, 2024 by Imarticus Learning

The banking industry in the COVID-19 landscape

The Coronavirus pandemic has brought almost all economic activities to a standstill. To protect human life from this deadly virus spreading like a wildfire, governments around the globe imposed lockdowns in their respective nations. This pandemic has defined a state of new normal for all of mankind.

Customer behaviour has also changed owing to this pandemic. Some of the positive changes that came along with the state of lockdown are the increase in online shopping, online payments, digital banking, online education, etc. These industries were already growing but the current pandemic scenario has given it a massive push.

Coronavirus outbreak has disrupted businesses in almost every industry, it also had a direct impact on the functioning of the banking and finance industry in addition to the indirect ones that came in the form of economic slowdown and reduced business activity. This economic slowdown has led to a reduction in consumer demand that has impacted small and medium businesses majorly. To stay cash flow positive and manage their operations, these businesses have to rely on financial aid provided by banks and financial institutions.

The Coronavirus pandemic has drastically impacted business across the majority of industries and has left a dent in the economies but it has also boosted the growth prospects for business in the digital landscape. People are staying inside their homes and are afraid to go out and shop, this has created a huge demand for online shopping and e-commerce companies are benefitting from this like never before. Everything you need can be ordered online using your smartphones by making payment through your digital wallet or other banking services.

Now the interesting thing to note about this growing trend is that it has also boosted the prospects for the banking and financial services industry. It has given a major push to digital banking services and people are getting more accustomed to making financial transactions online using their smartphones. This has created a demand for qualified professionals in the banking and financial services industry. This employment opportunity has also increased competition among candidates.

Wealth management course can help you provide a comprehensive understanding of the banking and finance industry. It is very beneficial for those look to excel in commercial banking related roles, it will help you obtain an edge over your competition by imparting you with relevant knowledge and skills needed in the industry. Commercial banking training has seen a surge in demand in the contemporary COVID-19 scenario as there is a huge demand for professionals in the commercial banking industry to cater to the growing needs of the customer.

This has happened because we are moving towards a cashless economy and more people are transacting using progressive services such as a digital wallet. This has reduced the dependency for cash transactions and has resulted in more number of banking transactions. The fear of the spread of Coronavirus has also added to this changing customer behaviour, to be safe from the risk of contamination, people are relying on using the digital medium to purchase everything.

Bridging the gap with Imarticus

Banking is an essential service for businesses and individuals alike; our dependency on money is such that we can’t survive without the services of the banking sector. Even during the times of Coronavirus, we need banking services. The demand for professionals in the banking and related sector is still on the rise even when most other businesses continue to fail.

Imarticus Learning’s banking and wealth management courses have helped people to learn about this industry and obtain a thorough understanding of the functioning of this sector.

The courses are focused on providing a practical understanding of the subject so that the candidates are trained to do the job even without any additional assistance from the organisations. This has also reduced the training cost for organisations that rely on the services provided by Imarticus. Imarticus has helped over 8000 professionals to get placed with some of the most reputed organisations in the industry including Deutsche Bank, Citi Bank, Axis Bank, Kotak Mahindra, Reliance Capital, etc. The courses are specifically created to help with your employment prospects. Wealth management course with Imarticus will definitely help you achieve your career goals.

Tag: Wealth Management