Where Should You Practice as a Wealth Manager?
Should you join an Insurance Co. or a Stock Brokerage? Personal Banking or Independent Financial Advisory? Priority Banking or Private Banking? How about External Asset Management or Trust & Advisory Services?
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Which would be a suitable platform to provide wealth management and financial advisory services to clients? Where can you practice as a Wealth Manager?
No. 1 Choosing the Platform
There are many financial platforms to practice as a Wealth Manager. Financial institutions differ in their advisory product offerings focusing on different areas such as Investments or Insurance, Trading or Portfolio Management. They tend to have integrated services, with stronger advisory offerings in a few selected areas.
As a Wealth Manager or Financial Advisor, there are many platforms to join. You can practice in a bank such as in Personal Banking, Priority Banking or Private Banking which serves the High Net-worth clients. You can also join Independent Advisory Co. or Insurance Co. or Agency.
If you have highly specialised knowledge & advisory skills, you can join an Asset Management Co., External Asset Management Firm, Hedge Fund or a Trust & Advisory Service Co.
List of Financial Platforms You Can Join:
- Retail Bank – Personal Banking
- Retail Bank – Priority Banking
- Private Bank
- Insurance Company
- Insurance Agency
- Independent Financial Advisory Co.
- Stock Brokerage
- Online Brokerage / Trading Co.
- Fund Management Co.
- Hedge Fund
- External Asset Management
- Asset Management Co.
- Trust & Advisory Services
No. 2 By Client Segment
Choosing the client segment you want to be in is important too. Maybe you like talking to anyone, or you prefer to work only with the rich and famous, or you prefer to talk to people from similar culture or background.
In Wealth Management, the clients’ market is distinctly classified by:
- Mass Market
- Affluent
- High Net-worth
- Ultra High Net-worth
Below is example of what client demographics look like. Read More: Should you build a Career in Mass Market, Affluent, HNW or UHNW?
Wealth Management Client Demographics:
| Segment | Profile | Singapore | Asian Countries |
| Mass Market | Anyone | Any Amount | Any Amount |
| Affluent | Professionals, Managers, Executives, Retirees | >$200,000 | $50,000 |
| High Net-worth | C-Level Executives, Senior Management, Businessmen, Entrepreneurs, Investors, Inheritance, Retirees | > $1 Million | > $1 Million |
| Ultra High Net-worth | MNCs C-Level Executives, Senior Management, Businessmen, Entrepreneurs, Investors, Inheritance | > $30 Million | > $30 Million |
No. 3 Money, Trends & Popularity
You would not want to get into a role where you make little money, especially when Financial Advisory and Wealth Management is tough work at the start.
The projected earnings you would have would likely decide which platform or role you want to be in. Since Wealth Management is about forecasting the future financially, you would want to make a sound career move too.
You would want to know where the money is flowing, if the role is sustainable, which Wealth Management role is gaining popularity, your projected income and how easy it is to market the financial products and solutions.
For example, if Hedge Funds and Trust are being offered to mass market clients, they probably have little clue what a Hedge Fund is, except link it to being high-risk. And for a Trust … Unit Trust?
No. 4 Products & Expertise
Do you have an interest to further develop your career further in Wealth Management?
Many Wealth & Investment Professionals started their career being fascinated about money matters, global financial market, global economy, stocks and stock market, interest rates, investments and trading.
There are many areas a Wealth Manager can develop further, possibly moving into more specialised areas:
| Products | Area | Skills |
| Stocks | Banking | Sales |
| Bonds | Investments | Advisory |
| Unit Trust | Insurance | Relationship Management |
| Foreign Exchange | Trading | Dealing |
| Commodities | Tax | Trading |
| Interest Rate | Trust | Management |
| Derivatives (Options, Swaps) | Estate | |
| Futures | Advisory | |
| Structured Products |
Learn More:
- What is a Personal Banker?
- What is a Priority Banker?
- What is a Private Banker?
- What is a Relationship Manager?
- What is an Insurance Specialist?
- What is an Investment Advisor?
- What is a Treasury Specialist?
No. 5 Who You Know
If you have a strong passion about managing money, it is likely that being a Fund Manager or Chief Investment Officer ranks higher as a career choice than a Wealth Manager.
But if you like talking to people, meeting clients, staying out of the office, managing your own time and being able to do a variety of things on your job, then being a Wealth Manager is one of the best career option. Read More: 5 Reasons why being a Wealth Manager is one of the Best Job to be in
With many financial institutions and platforms to choose from, how do you select? As Wealth Management focuses on relationships and trust, inevitably, many go for someone or brands and platforms they are familiar with.
Going to a few platforms and financial institutions would give you the broader experience and perspective on the range of Wealth Management products, solutions, processes and service standards. Many advisors go to at least 3 – 5 before discovering their preferred platforms. A few go to as many as 7 – 8 while the rare few stay with one in their entire career.
So where should you practice as a Wealth Manager?
Coming next week: How do you manage clients when you switch to a new job?
Read More:
- 9 Reasons why you became a Wealth Manager or Financial Advisor
- Would you want to be a Wealth Manager or Financial Advisor for the rest of your life?
Related Articles:
- How do you Develop your Career as a Wealth Manager?
- Would you want to be a Wealth Manager or Financial Advisor for the rest of your life?
- 9 Reasons why you became a Wealth Manager or Financial Advisor
- 5 Reasons why being a Wealth Manager is one of the Best Job to be in
- 10 Dangers Wealth Managers Face in their Career
- 7 Secrets how the Old Rich Achieve Success with Wealth Managers
- 8 Reasons why customers don’t understand the value of Wealth Managers
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