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Career in wealth management – What is it exactly? Why is it so rewarding?

Published: Tuesday 9th October 2018



Have you been told that you are a “people person”, “you have great selling skills” – if you believe that you have high levels of emotional intelligence, and are competent in taking calculated risks, then a career in wealth management may be the right job for you.

It is a job which requires extroverted personalities to deal with high risk responsibilities. Advisers are regularly facing onerous revenue targets. As a result, many advisers are rewarded with a fantastic salary, along with luxuries for incentives.

female banker looking out of a skyscraperWhat does the role entail?

Private banks provide high net-worth clients with professional advice and services that help them manage their finances as efficiently as possible. This can include financial planning, investment management, and advice on tax, pensions, inheritance, and family trusts.

Finding own clients is about 99% of a new adviser’s job. The best advisers do extensive research into competition to keep up with market knowledge. After familiarising themselves with the market, the ideal adviser is always convinced that the product she is offering is the best.

After gaining knowledge, advice is presented to clients in a way which the client can easily understand. Only then, a rapport can be built between both parties.  The adviser must be confident in communicating economic market views, as this will help the adviser win a way into a potential client’s pocket.

How is revenue generated?sacks of money falling on a single hand

The adviser starts by developing a plan that will maintain and increase a client’s wealth based on their financial situation, goals, and comfort level with risk.

The adviser meets the client regularly to keep them updated with goals and reviews. The bank is then paid a fee from the client. The fee can be taken as a monthly plan, selling its financial product as a one- off, or the client is charged a percentage fee for the bank’s services, based on the value of assets under management (the most common arrangement).

As many banks are paid through a percentage of assets under management, turnover rate in this field of work becomes extremely high. The adviser is under pressure to bring in as much new revenue as possible, making many advisers stressed, eventually resulting in them giving up.

male figure on top of stacks of coinsHow to thrive in this field?

The major reason people want to work in wealth management is to make money. The basic salary starts at £37,500 and increases significantly as the adviser becomes more experienced. It has been said that, “If you can survive for about three years and start building up your own book of business, then you can thrive for the rest of your career”.

Successful advisers are paid a lot. The adviser tackles significant levels of pressure and achieve hard-to-reach performance milestones to stay employed and eventually become successful. Assuming you don’t give up and maintain a can-do attitude, you will be constantly rewarded.

Finally, continuing education is highly recommended. There are many professional certifications available, both relating to the role of financial adviser and other industry careers such as research.

We have many financial adviser roles on Zoek along with a 100,000 other jobs. Many of these jobs are located around Manchester, London, and Birmingham.  We wish you good luck on your job hunt!

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