As India is expected to grow rapidly only to become the country with third-largest economy until the end of next decade, wealth management firms may contribute at least 10% to its GDP by then. The expanding Indian wealth management industry is opening up many career opportunities for the young. The wealth management firms offer financial and investment advisory services to affluent individuals or the ones who are about to touch the boundary of the high-net-worth club. Basically, the wealth managers assist the individuals, which generally are big entrepreneurs, executives, public figures, or lawyers, etc., in risk-free money management or investments. This shall include tax planning, retirement planning or simply the estate planning on the basis of client’s financial requirements.
Responsibilities of a wealth manager
The job of delivering the personalized financial services involves the responsibilities of both relationship manager and an investment professional. Like a client relationship manager, wealth management executive must know the client and the nature of his business to clearly understand his/her financial needs. On the other hand, he should also examine the type of investment; probable risks and returns that client is inclined towards. Thus, he has to manage the relationship with clients apart from educating them on various investment projects. They are also required to guide their clients on the way to business expansion and success.
With the steady expansion of wealth management firms, there is also an increasing demand for the private bankers at the firms. Their base packages bloom up to Rs1crore a year with additional commissions in the projects. Until now, investment banking has always been the mainstream career choice for the millennial. Such heavy salary packages and additional benefits in wealth management are alluring them to make a career in it.
Job type in wealth management
The job profile involves the work of immense responsibility, honesty, and agility. Even the slightest of mistake is not accepted in the profession as it can cause a great loss to the hard-earned wealth of a person. There lies loads of pressure on the shoulders of wealth managers as they have to constantly stay in touch with the volatile finance industry trends and suggest the clients’ most profitable option without even landing them in trouble. Loads of paperwork or net surfing, in-depth study of company & finance laws along with meeting a variety of brokers, investors, loan seekers, etc., is a part of a wealth manager’s daily work. Both the work struggle and the salary package increases as the experience level of professional starts increasing. Presently, the industry is at its nascent stage, but with the uncertain economic conditions prevailing worldwide, the industry is sure to zoom on the path of growth. The competition is stiff at the entry levels but once inside the industry the credibility and dedicated approach of the professional are enough to open up the growth avenues instantly.