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Career Guide: How to Become a Successful Wealth Manager

If you are shopping for common stocks, choose them the way you would buy groceries, not the way you would buy perfume.” – Benjamin Graham
Invest in a business any fool can run, because someday a fool will.” – Charlie Munger
If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio’s market value.” – Warren Buffett
If you go online looking for advice on wealth management, you will find a lot of advice like what you see in the quotes mentioned above. Most people find it hard to determine which advice to take and which to reject. The solution to this conundrum would be to get advice from a wealth manager.

Who is a wealth manager? What does a wealth manager do?

A wealth manager, as the name suggests, is someone who provides advise about wealth management. A wealth manager’s job is to help clients manage their income and expenses. They are involved in budget management, wealth preservation, transfer and growth. Often, wealth managers specialize in advising high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs). They provide guidance even for specific requirements such as preparing for college funds, planning for retirement or saving for kids’ weddings. They are also hired by insurance or finance companies to advise on fund or investment planning.

Roles and responsibilities of a wealth manager

As a wealth manager, there are different job roles available based on the type of industry they would be working in. Some of the job titles are;

  • Portfolio manager
  • Relationship manager
  • Senior relationship manager
  • Senior manager in wealth management
  • Business development manager
  • Financial advisor
  • Financial analyst
  • Associate wealth manager

There are different responsibilities that a wealth manager has to undertake. Let us take a look at them.

  1. Manage client funds and holdings
  2. Maintain regular contact with clients to understand their financial changes
  3. Maintain client data such as income estimates, financial documents, and reports on investment performance
  4. Examine potential investment options
  5. Assist customers in compiling documents, including wills, income tax returns, life and disability insurance records, pension plans, and bank account information
  6. Maintain relations with the clients’ other financial advisors to ensure consistency
  7. Tailor services and investments according to the clients’ needs
  8. Communicate risk and return criteria to clients


What are the skills required for a wealth manager?

There are different skills that a wealth manager should be proficient in. Some examples are as follows:

  1. Communication skills: Since the primary role of this position is advisory in nature, communication skills are very important to ensure that the necessary advice is conveyed to the clients in an effective manner.
  2. Analytical skills: As a wealth manager, you have to be able to study previous and current data and gain useful insights that the clients can depend on.
  3. Proactiveness: The client’s interest needs to be given first priority and you need to be assertive and proactive with your investment strategies, to ensure the same.
  4. Market knowledge: Analysis and suggestions are made based on market knowledge to help clients with their portfolio building and investments.
  5. Portfolio management: Clients give the responsibility of their wealth to wealth managers. This wealth needs to be divided properly which comes with portfolio management skills.

How can you become a wealth manager?

Certain qualifications and training is required to become a wealth manager. These are mentioned below.

  1. Education: Today, initial shortlisting before hiring is done based on the person’s educational qualifications. The right qualifications also help you to clear the foundation of any subject. Hence, a person should start by gaining the right degrees and certifications to pursue wealth management. First, a bachelor’s degree in finance, accounting, or economics will help you build the foundation you need. A bachelor’s degree in finance will also help you secure an entry-level position that will help you with initial experience in the industry. Next, get the right master’s degree. To get promotions in the corporate sector, people often prefer getting an MBA which is a much more holistic degree. But for wealth management, a degree specific to the field will help with the job as well as getting promotions. Getting an international degree is also advantageous as these open opportunities to work globally. Here is a degree that will be helpful.
    1. Global Master of Science in Finance (Global MS in Finance) from the Richard DeVos Graduate School of Management: The Global MS in Finance program is engineered around the most advanced financial theories, quantitative models, and industry practices. This program includes subjects such as risk management, portfolio management, corporate financial decision-making, etc., which prove to be very helpful in wealth management. After finishing this program participants will be eligible to participate in the US OPT – Optional Practical Training program for F-1 students upon the completion of the degree.
  2. Experience: After completing your education, to become a wealth manager you need hands-on experience in the field of finance. Working in entry-level or mid-level positions such as a financial planner, financial advisor, account management, etc., will help in gaining a wealth management position. This will also help to sharpen your skills and test them in the real world.
  3. Network: Finally, a wealth manager should focus on building a network of clients and financial experts. This would lead to generating more opportunities and improving your reputation. The better your network the more high-profile clients would trust you with their asset or wealth management.


Wealth management is a sector that offers a lucrative career opportunity. It helps provide clients with services that help them grow their wealth using diverse tools. Opting for this career also provides you with a substantial return, as the average salary per year is $84,535, according to


A private wealth manager is a type of wealth manager who works for individual clients as a separate entity and is not a position in a corporation.

A wealth manager and an investment manager have quite similar roles and responsibilities but the difference is in the types of clients they cater to. A wealth manager often takes up private clients as well while an investment manager solely works in corporations.

There are 4 types of wealth management namely financial planning, asset management, estate planning, and tax accounting.

A postgraduate degree with a specialization in finance or accounting is considered the best for wealth management. The Global Master of Science in Finance (Global MS in Finance) program from the Richard DeVos Graduate School of Management would be appropriate for pursuing wealth management.


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