What are the Career Paths in Wealth Management Industry?
August 11, 2022
Wealth management is an investment advising service that integrates other financial services.
Wealth managers’ strategies and design long-term financial plans for their clients that will help them meet their goals and objectives.
The Wealth Management Industry is filled with opportunities.
It has numerous job scopes for the aspirants who are seeking growth in their careers.
However, many are unaware of the career paths it has to offer.
Let us help you showcase the paths. Also, one secret reaching the desired destination.
Scope in Wealth Management Industry:
1] Portfolio Manager
The role of the portfolio manager is to make investment decisions.
There are types of Portfolio Managers; Stock-trading Portfolio Manager, Growth Portfolio Manager, and Income Portfolio Manager.
The Fundamental skills required to be a portfolio manager are; analytical, decision making, communication, proactive and agility skills.
Avg Salary: Rs. 7.0 Lakhs
2] Relationship Manager
The Relationship Manager’s role is to build relationships with clients and customers.
It does not limit here, the relationship manager also has to develop and maintain relationships with them for the long run.
The essential skills of a relationship manager should be, fluency in speaking, listening skills, problem-solving ability, and sales and negotiation skills.
Avg Salary: In between Rs 2 Lakh – 7 Lakh
3] Investment Counselor
The investment Counselor’s job role is to provide financial advice and guidance to the clients.
Moreover, they also educate the clients about the various investment products and services that will lead to meeting their financial needs and goals.
Avg Salary: Rs 6.5 Lakh
4] Financial Advisor
The Financial Advisor’s job is to advise clients on various financial aspects, it can be both short-term and long-term.
Financial advice is simply about investments, taxes, and insurance.
The duties and responsibilities are basically doing the market research and analysis, recommending and executing strategies.
Avg Salary: Range between Rs 1.1 Lakh – 7.7 Lakh
5] Business Development Manager
The Business development manager focuses on generating leads, forecasting sales revenue, and negotiating client pricing.
Most importantly, their role is to help organizations maximize their profits.
The key skills required are; organizational skills, negotiation skills, problem-solving, communication skills, and technical skills
Avg Salary: Rs 5.3 Lakh
6] Financial Analyst
The financial Analyst keeps track of the company’s financial plan.
Furthermore, they are also responsible for predicting the future performance of the company and analyzing the financial statements.
Moreover, it also includes budgeting and modelling capital structure.
The crucial skills of any financial analyst are, critical thinking, financial literacy, accounting skills, technical skills, and management skills
Avg Salary: Rs 2.1 Lakh – 10.8 Lakh
If you have found your path and seeking to reach to the destination, let Thadomal Shahani Centre for Management (TSCFM) aid you.
TSCFM offers Professional Diploma in Banking, Financial Services, and Insurance (PDBFSI) that will transform your career to the next level.