Key skills required for a Wealth Manager (2024)

A wealth manager performs a role in guiding his/her clients in tax planning, managing his assets, making smart investment decisions, employing idle funds. Clients with multiple businesses, personal assets and dealings with foreign countries usually need expert advice on financial planning and management of their assets. This is where a wealth manager comes into the picture.

Key skills for an entry-level role would be:

1. Confidence and excellent communication skills: A bulk of wealth management roles is of the relationship management type. Here, a confident persona and the ability to carry out meaningful conversations with *UHNI and **HNI clients is a top required skill. The RM must be able to understand client requirements and also be able to put forth his /her suggestions to the client effortlessly.

2. Knowledge of investment products: UHNI and HNI clients have a lot of money waiting to be invested in a plethora of different products. It is essential that the RM or product manager is well versed with different types of products and is able to suggest these and even generate new ideas.

3. Spotting investment opportunities: Market awareness is highly essential. A Wealth Manager needs to be on top of what is ‘hot’ in the market and see if it makes sense for the client to invest/sell. Mistakes made while suggesting appropriate investments can cost the employee the client, his/her job or his/her reputation.

4. Proactive nature: Wealth Managers have to be proactive and assertive. A shy Wealth Manager or one who is simply reactive earns no respect from the clients.

5. Problem-solving: Clients call up the RM from time to time to discuss problems/issues. The RM must be a great problem solver with good turnaround time.

6. High level of integrity: Since Wealth Managers are privy to details of the assets of their clients; they have to be high on integrity or risk losing face for themselves and their firm.

*UHNI clients: Ultra High net worth individual

**HNI clients: High net worth individual

How to get in:

Wealth management in India is still at a nascent stage, as a lot of Indians still don’t believe in paying someone to manage their own money. However rising affluence, evolving financial products and changing attitudes are making this a sunrise sector

• MBA graduates are often sought after for these roles since they have a good understanding of financial markets and products.
• CAs as well as graduates in the economics of business administration fields would also find a good fit.
• A Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP) certification is very sought after and signals your interest in this vocation.

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