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Tag: wealth management online training

Career Advice: Financial Planner or Wealth Manager!

Posted on by Imarticus Learning

Introduction

A financial planner and a wealth manager both come under financial advisory jobs. A financial planner helps in managing day to day finances of their clients whereas a wealth manager helps in preserving the current wealth and adopting sustainable development so that the financial resources may be preserved for the future.

There are a lot of differences in both these job roles and similarities too. It is up to one’s interests and capabilities that which one he/she chooses. Let us see both these careers in detail and compare them.

Job Roles

Financial planners are concerned with lifestyle planning. Their target audience is generally middle-class people or low-level companies. They help people in meeting the ends and give them advice on how to invest money in their lifestyle while saving too.

Wealth Management coursesTheir job duties include saving money for college, budgeting, retirement planning, insurance planning, etc. Their clients are normal people who want to use their income in a planned way so that they could achieve their life goals or some short-term goals.

A wealth manager on the other hand deals with HNI (High Networth Individuals) clients or Ultra HNI clients. A wealth manager helps rich businessmen/people to preserve their wealth and adopt a sustainable development process. A wealth manager analyses the market and advises his/her clients on investment opportunities. They are involved in chores like capital/revenue planning, estate planning, risk identification & management, etc. They help their clients in identifying the risks of investing in any new venture. They help in sustainably using financial resources & services.

Education & Skills Required

Wealth managers & financial planners tend to do a bachelor’s degree in economics, accounts, finance, or mathematics. However, the certification courses vary for them. A wealth manager generally does a CPA (Certified Public Accountant) course whereas a financial planner prefers a CFP (Certified Financial Planner).

Wealth Management coursesThere are a plethora of Wealth Management Courses available on the internet. However, any professional in the wealth management or financial planning sector can do both of these certification courses as there is no necessity for any one of them for getting a job. These certification courses boost your skills.

The skills needed are almost identical in both sectors. The major skills needed in the wealth management & financial planning sector are analytical skills, market analysis skills, communication skills, forecasting skills, networking skills, etc. As a wealth manager, you will need to have a large network of HNI or Ultra HNI clients in the market as compared to a financial planner.

What to choose?

If you have a natural market of HNI/Ultra HNI clients, then go for a Wealth Management Career otherwise you can opt for financial planning. Wealth management requires more networking skills than a financial planner. The salaries of wealth managers are also higher than those of financial planners.

The best criteria would be to aim for a wealth manager and if things don’t work out then go for financial planning because the skills & education required are almost identical in both fields. This was all about career advice related to wealth management & financial planning.

What is The Wealth Management Career Ladder?

Posted on 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.

 

Career path in wealth management


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 –

Investment Counselor in Wealth ManagementThey 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 in Wealth ManagementFinancial 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.

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

Posted on 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.

Wealth ManagementRemember 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:

  1. 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
  2. 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.

Wealth ManagementIt 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.