How to Become a Wealth Manager in India?

The demand for wealth managers has taken a giant leap in India in recent years. Thus, pursuing a career in wealth management can help you build a gratifying profession to provide diversified and personalised financial services to high-net-worth individuals. Having wealth manager qualifications and understanding their duties and responsibilities can be a great way to become a successful wealth manager.

So, keep reading if you plan to pursue such a lucrative career path.

A wealth manager is a subset of a specialised financial advisor who chiefly provides wealth management services to affluent clients with high net worth. However, the role of a wealth manager is much more comprehensive and not limited to offering investment advisory associated with your financial life.

Their focus area involves a holistic set of services comprising financial planning, investment management, accounting, risk management, tax advisory, estate planning, and retirement planning. A wealth manager may serve individually or with multiple specialised professionals related to different domains and working in the wealth management wing.

Following are the ways for you to become a wealth manager:  

• Getting an Advanced Degree

To kick start your career as a wealth manager, your first step on the ladder is to pursue advanced degrees. On completion of your bachelor's and master's degrees, having a PhD in business administration, economics, finance, or management will make you stand out in the competitive job market. Additionally, an advanced degree will unveil the scope to connect with financial and wealth management professionals. Getting their valued guidance can be of immense help to becoming a wealth manager.

• Getting Certified

Apart from pursuing advanced degrees, you need to get certified to become a decent wealth manager. You may get the Certified Financial Planner (CFA) or Certified Public Accountant (CPA) certifications. Furthermore, the National Institute of Securities Market (NISM) has authorised the Certified International Wealth Management (CIWM) e-learning course by TimesPro and Moody's Analytics, which will help you to become a proper investment advisor with SEBI.

Also, you may get an appropriate chartered wealth manager qualification from the Institute of Chartered Accountants of India (ICAI) and other specialised institutions.

• Gaining Financial Experience

Having a minimum of one to two years of work experience in any financial enterprise can make you eligible for joining beginner jobs in the wealth management industry. To achieve exposure and strengthen your skills, you should undergo internship courses alongside your studies and education with certified organisations. This way, you may get an opportunity to work as a financial adviser, financial planner, or banker as an entry-level employee, which is a part of wealth management.

• Enhancing Relevant Skills

Besides advanced qualifications, wealth managers should possess some proper knowledge of business management, finance, mathematics, information technology (IT), statistics, and so on.   Furthermore, enhancing your communication, managerial, analytical, and other skills will be sensible.

Remember that authoritative clients mainly prefer to carry out their business activities with dependable and proficient wealth managers having exceptional customer service skills. Thus, you need to retain your self-confidence and efficiency.

• Joining a Professional Network

To achieve a wealth manager's qualifications successfully, you can participate in a forum or network of financial experts and like-minded professionals, and clients. Joining such a network can help you build confidence, skill and knowledge. Subsequently, you can develop your own website or utilise social platforms to provide your services in the financial world.

Wealth managers offer specialised services associated with financial planning, investment, accounting, taxes, estate management, etc. Following are the duties and responsibilities of an upright wealth manager:

• Wealth managers offer a set of services combining several areas related to personal finance in the form of a package designed to deal with the whole financial activities of affluent individuals.

• Typically, a wealth manager collects data, evaluates those facts and figures, makes decisions, resolves existing issues, establishes interpersonal relationships, identifies goals, develops customised strategies, and finally executes them.

• Every wealth manager and wealth management agency focuses on specific speciality areas and services. You cannot expect the complete range of services from a particular wealth manager or team.

• The different areas of their services include investment advisory and management, long-term financial management, legal services, tax planning, estate planning, trust services, family legacy planning, insurance planning, risk management, banking services, and philanthropic planning.

Wealth Management plays a vital role in efficiently dealing with the financial matters of ultra and high-net-worth individuals. While these rich people accumulate a huge amount of money for their savings to ensure their loved ones are financially secure, properly utilising such funds with effective strategies is equally important. Wealth managers are the professionals who offer such services enabling their clients to find an outline of a way to invest their savings. 

Without the support of a wealth manager, making sound financial strategies can be highly challenging and stressful. Before formulating financial strategies, it is vital to determine your financial portfolio's strengths and challenges. An expert specialising in wealth management can support adopting a plan into action while monitoring the progress. Wealth managers also ensure the financial protection of your loved ones.

Completing a wealth management course takes 3 to 4 years on average. If you are wondering what qualifications you need to be a wealth manager, check out the answer below:

• To undergo this certification, you must pass your 10+2 examination from a certified board and pursue and complete courses like PhD, LL.B, Chartered Financial Analyst (CFA), Foundation etc.
• Secondly, you need to complete a bachelor's degree or a master's degree in science, business administration, technology, commerce, or arts.
• You also have to pass intermediate courses from the Certified Associate of the Indian Institute of Bankers (CAIIB), Institute of Cost and Management Accountants of India (ICMAI), etc.
• You may pursue a Chartered Wealth Management Certification from the American Academy of Financial Management India Private Limited (AAFM India).

You can start a career in wealth management by taking the following steps:

• Learn Wealth Management

Start with determining the financial services required by high-net-worth individuals or how they manage their wealth. 

• Gain the Necessary Educational Qualifications

Pass your higher secondary examination with good marks and pursue a bachelor's degree, a master's degree or a doctorate in business, commerce, management, economics, finance, mathematics or finance, and technology. 

• Gather the Essential Certifications

Attain the necessary certifications in financial planning, wealth management, wealth preservation planning, and financial consultancy. 

• Research Job Opportunities

Figure out various wealth management roles in investment organisations, financial institutions, etc., and also search for the available job opportunities on different websites.

• Prepare and Apply to Jobs

Prepare a structured resume and cover letter, send them to insurance companies, financial institutions, investment advisers, or trusts, and prepare yourself for job interviews.

• Get an Entry-Level Position

Carry out your responsibilities as an entry-level private banker and get adequate knowledge in providing financial support and advice to clients. 

• Progress in Wealth Management Career

Gain several years of work experience to become a private banker and then a senior wealth manager.

Following are the tips by which you can evolve as a wealth manager:

• Progress your technical knowledge to become capable of using stock market applications and accounting software.
• Always stay updated on various financial growths occurring both nationally and internationally.
• Take the assistance of a reliable mentor who can help you to form the right networks and provide you with information regarding your wealth management career.
• You should learn additional languages like French, German, Russian, Japanese, Mandarin, etc., to get wealth management job offers from foreign clients and financial organisations.

Now you should clearly know how to become a successful and efficient wealth manager. However, before you decide to make a career in this profession, go through the duties and responsibilities of a wealth manager and know the wealth manager's qualifications. If necessary, you can take the help of an expert.