9 Reasons why you became a Wealth Manager or Financial Advisor
Have you ever wondered why you became or wanted to become a Wealth Manager? For interests in finance & investments? The flexibility & freedom? For money?
Find out the top reasons why you became a Wealth Manager or Financial Advisor:
No. 1 Money
Money is often the top reason. Being able to take a $10,000 monthly paycheque is unheard for most people, especially in the early 20s.
There are few jobs in the world that gets you the chance to earn such a high salary. Not forgetting the ones that managed to earn more than $1 Million annually in their 20s. Were you tempted by money when you chose this career option?
No. 2 Interests in Finance & Investments
Finance & Investments are boring to many, but exciting to a few. Being able to talk like a financial wizard on Stocks, Bonds, Unit Trust, FX, Insurance, Options, Futures and more. Managing thousands, millions and hundred of millions is a dream to many, but a reality to Wealth Managers and Financial Advisors.
Trusted by friends and clients, you get to put your knowledge into practice. You share your sophisticated financial, investments and wealth management knowledge to your clients, protecting and growing their wealth. You guide and help them to make the most important financial decisions in life.
Alongside the way, you managed to craft a prudent financial plan for yourself. Is this why you became a Wealth Manager?
No. 3 Flexibility and Freedom
Spending more time on your bed in the morning, waking up later and having breakfast with your family. Plan your own time in meeting clients and going to office. Not a weekday person? Prefer to work on weekend instead so that you can enjoy the Monday to Friday doing shopping with almost no crowd?
Not many jobs offer such time flexibility and freedom. Be it your first career, mid-career switch or late-career switch, such a flexible schedule tempts many to switch into becoming a Wealth Manager or Financial Advisor.
No. 4 The Glamour
Being a Wealth Manager or Financial Advisor may be tough, but the ones that become successful or at least above average take home a much higher income than their peers.
This means they are more likely to afford the Mercedes and BMW, or taking a luxurious long holiday. For those that work in banks, it adds another layer of prestige to the job.
No. 5 Not Knowing what to do
For all the right and rational reasons, some got into the role accidentally. They didn’t know what to do and somehow cleared the examinations, talk to clients, grew client base and sales swiftly. Unknowingly, they did well and after 5 years, and become one of the top performers in the industry.
Do you belong here? Or do you wish you are here?
No. 6 Peer Pressure
Fresh out from school or having friends that seem to be doing so well in the financial advisory and wealth management industry, some had took the risks and plunged into the sector because of peer pressure.
The pressure to keep up with the joneses (social benchmark), being able to have the money and afford the time to hangout, chill out or do something expensive together.
Did you get into the job because of this?
No. 7 Sold into the Job
The reason why some Wealth Managers or Financial Advisors are earning hundreds of thousands or million dollars is because they are great communicators. They are very good in have a conversation, selling, creating needs, building trust, getting you to believe in something and acting on it today.
You may have met one of them, and that is why you are now a Wealth Manager or Financial Advisor today.
No. 8 Easy to get in / No other jobs
Other than regulatory academic qualifications and examinations, it is relatively easy to get a job as a Wealth Manager or Financial Advisor, especially in non-banks institution.
Because some don’t offer a basic salary, it is easy for them to make the hiring decision. It is mutually beneficially as you get to pick up some working experience and in the financial industry that than help you succeed as a Wealth Manager / Financial Advisor, or to find a relevant role in the future.
No. 9 Family Tradition
Historically, some Private Bankers pass on their portfolio to their children or relatives. Since Private Banking is about relationship and connections, it is easier to ease into the network within the circle of family and friends.
Similarly, Wealth Managers and Financial Advisors build up a substantial client base over time. The number of clients can range from 50 to 1,000 for the average advisor while the portfolio size can range from a few millions to hundred of millions.
Are you lucky to be here? Or are you feeling the pressure of living up to the standards?
How about you? How did you become a Wealth Manager or Financial Advisor? Would you be a Wealth Manager or Financial Advisor for the rest of your life?
Read More:
- 5 Reasons why being a Wealth Manager is one of the best job to be in
- Would you want to be a Wealth Manager or Financial Advisor for the rest of your life?
Recommended Articles:
- 5 Reasons why being a Wealth Manager is one of the best job to be in
- Where can you start as a Wealth Manager in Banking?
- 5 Types of Financial Institutions to join as a Wealth Manager
- 8 Reasons why customers don’t understand the value of Wealth Managers
- 7 Secrets how the old rich achieve success with Wealth Managers
Related Articles:
- How you become a Personal Banker?
- How do you become a Priority Banker?
- How do you become a Private Banker?
- What does a Relationship Manager Do?
- Everything about a Personal Banker
- Everything about a Priority Banker
- Everything about a Private Banker
- Everything about a Relationship Manager
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
