How Do I Become A Wealth Manager?

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Being a “team leader” is the first quality you must cultivate in order to become a wealth manager. As a wealth manager, you are well aware that your clients have just one business goal: to make and keep their wealth. This will involve knowing the efficient means of making a purchase, following market trends, probate law, real estate law, and any other new laws that the government may be putting in place to generate revenue themselves. All these knowledge areas might be a little hard for one individual to understand. You must be committed and focused when embarking on this career.

Becoming a Wealth Manager: What Do I Need to Do?

A lot of people simply assume that education is the most vital thing. Although getting an education is the right step in the right direction, it is certainly not the only vital factor. Having a high school diploma will not help you land clients so easily, but when you are armed with a Bachelor’s or Master’s Degree, landing clients will not be a problem. The courses of study may include finance, economics, or even a Wealth Management Degree.

The most important skill to have in order to become a successful wealth manager is the capacity to gain the trust of clients and possess the ethical/moral fiber essential to earning the trust of clients. Wealth managers are not financial managers by definition, but this line of work does entail that area of communication. Wealth managers try to maintain the wealth and purchasing power that a client has, possibly through several generations.

For example, if you have a client who is a successful manufacturer and he or she desires to work and own the plant until they retire or die, but your client’s children are not interested in taking over the plant. Then, it would be your responsibility as a wealth manager to come up with a management team and a good line of credit, so that in the event that the client dies, the plant can still operate and be sold at its true market worth. Next, you will also have to foresee probate laws in the state and create a seamless transition for the deceased client’s wealth to reach the beneficiaries. You will also need to see to the tax liabilities, so that the government doesn’t litigate the business out of existence.

Who Qualifies to Be a Wealth Manager?

There are a couple of rules as to who can become a wealth manager, but the person with great working skills will definitely be trusted and chosen by the client. Networking is not limited to clients because word of mouth is much more valuable than other means of advertising. It is important that you network with people who can help you create a plan that will not only foresee, but even thwart a lot of the problems that the future may hold – having great people skills is definitely a great asset.

This is a career that will be satisfying, and certainly lucrative, as wealth managers can make up to $121,869 per year according to Salary.com. Isn’t that worth a serious look?