What do they do?

High networth individuals (HNWIs) and business families may seek the advice of wealth managers to assist them in estate planning, banking and tax-related matters. India is on the trajectory of becoming a new world player that will host the highest number of millionaires. As per the Wealth Report 2012 by Knight Frank and Citi, there are around 18,000 centa-millionaires (with US$100 million in disposable assets) in the region covering South-East Asia, China and Japan that will eventually increase to 26,000 by 2016. India will constitute a major portion of this which implies that wealth management does have a promising future. Wealth management as an industry is largely dependent on the financial health of a country. However, the industry has seen an increased appetite for alternate assets such as real estate and gold that has helped it to sail smoothly. A good wealth manager is one who is able to help clients’ reap profits even in a turbulent market.

Skills Needed

• Aptitude to handle HNI clients; these clients are very demanding in terms of service and good relations
• Top-of-the line communication skills
• Well-versed with different sets of wealth products — mutual funds, private equity, structured product/deals, real estate (private equity), portfolio management services, arbitrage strategies, etc.
• Should have the ability to handle difficult situations and be a troubleshooter

How do I get there?

After completing Class 12 in the commerce stream, opt for a bachelor’s degree in business studies or business administration. Bachelor of financial and investment analysis is another course you can pursue. A wealth manager must have good command over the products and happenings in the industry; he should also have great communication skills. A fresh graduate can enter the industry directly but it is always better to have a professional degree before entering the industry. Some courses related to wealth management can also help in gaining expertise in the field.

Typical day in the life of a Wealth Manager

The day begins in the morning, around 8am and  usually there are no fixed timings.

A typical day in the life of a wealth manager:

8:00 am: Reach office

9:00 am: Morning meeting to discuss the agenda of the day 

12:00 pm: Brief team members; prepare a report

8:00 pm: Leave for home

Pros & Cons about this career