How to Become a Wealth Manager
Job Duties of a Wealth Manager
Skills and Qualities Needed to Become a Wealth Manager
Wealth Manager Salary
Influential Wealth Managers
Leading Wealth Manager Organizations
Top Cities for Wealth Manager Jobs
Other Careers of Interest
Educational institutions of varying types, for example, the College of Financial Planning, the New York Institute or Finance and DePaul University, offer professional certificate programs in wealth management. In the U.S., organizations such as the Certified Financial Planner Board of Standards certify individuals as CFP's, or certified financial planners, but most successful wealth managers will have qualifications in addition to, or instead of, such certifications. Some wealth managers may have attended law school and be members of the bar in the state in which they work. Others may be former IRS agents, who are now working in the private sector. Still others may have degrees in finance and business and a professional history in banking, investing or revenue management. Frequently, wealth managers will have General Securities "Series 7" licenses, which are awarded after examination, which entitles them to use the title 'Registered Representatives' of broker-dealers in the US. Others will have real estate licenses, also awarded after examination, which allows them to buy and sell real estate in specific communities and states.
Whatever educational diversity and professional nuance exists in the field, one generality can be affirmed, successful wealth managers are, more often than not, highly educated in the fields of finance, securities, law, taxation and real estate. Those wanting to enter the field would therefore do well to attend the relevant college programs and in many cases, graduate programs. Professional experience gained in these fields, after such initial education regimens, can further hone the skills and ensure the marketability, of aspiring financial managers.
Indeed, wealth managers routinely provide their clients with the following types of services, customized banking solutions, estate and probate planning, general legal counsel, tax advice and investment management. Such a diverse skill-set has led most wealth managers to specialize and work as members of wealth management teams at institutions such as Bank of America, Janus Capital Group, the Charles Schwab Corporation and Deloitte Touche Tohmatsu, and at hedge funds such as Paulson & Co. and Citadel Investment Group.
Moreover, wealth managers must have at least a rudimentary understanding of capital economics, major investment theories and the networked web of modern global markets. Since they manage vast sums of money for other people, it goes without saying that they must also be ethical, trustworthy and free of any felonious record involving larceny, fraud or intentional mismanagement.
An exception to these figures would be wealth managers working at hedge funds. In markets like San Francisco and New York, these people routinely earn $100,000 or more per year. The salaries of managers at the most successful funds, for example, Harbinger Capital Partners and SAC Capital Advisors, can expect to earn into the millions and even billions of dollars.
Major banks, such as Wells Fargo, U.S. Bank and UBS also offer diverse wealth management services and employ any number of lawyers, tax professionals and investment bankers as part of their capital management teams.
Moreover, they will frequently attend continuing education seminars offered by institutes like the Chartered Financial Institute, the University of Pennsylvania's Wharton School and any other number of business schools across the United States.
However, with the boom in private wealth that has occurred over the past twenty years, cities like Atlanta, Houston, Dallas and Las Vegas now have many high net worth individuals who are in need of professional guidance. Moreover, retirement centers like Phoenix and Miami enjoy a greater than average number of people with large capital reserves, who are in need of investment advice, custom banking services and tax guidance. Finally, New York and San Francisco serve as the two major centers of hedge fund management.
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