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Would you want to be a Wealth Manager or Financial Advisor for the Rest of your Life?

Being a Wealth Manager or Financial Advisor is not really a dream career option.  Being a pilot, lawyer, banker, doctor, teacher or singer would be ranked much higher on dream career aspiration.

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Common Career Aspirations:

Finance Common Less Common
Fund Manager Teacher Pilot
Investment Banker Doctor Businessman
Private Banker Lawyer Inventor / Scientist
Trader Banker Superstar
Equity Analyst Stock Broker Athlete

 

But many people do spend time considering a career as a Wealth Manager or Financial Advisor.  As middle-income rises and wealth grows, the demand for Wealth Managers and Financial Advisors increases.

Every year, many people into the financial industry, and take up regulatory examinations en-route to becoming a Wealth Manager or Financial Advisor.  But would you want to be one for the rest of your life?

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No. 1 Why Not?

Personal Banker in Office
Personal Banker in Office

The most challenging part of a Wealth Manager or Financial Advisor is usually the first 3 years.

What a Wealth Manager / Financial Advisor goes through:

  • Regulatory certifications, examinations and training
  • Learning abstract financial & wealth management knowledge, jargons
  • Lots of Administrative work
  • Cold Call, Client Acquisitions
  • Endless Meetings and Training
  • Sales & Rejections
  • Sales Target, Stress and Pressure
  • Dealing with setbacks, errors, complaints and mis-judgements

Being able to get through this phase means you are able to adequately manage client’s growing wealth and continue the learning journey.  As clients wealth grow, your income also grows. Your growing knowledge will also grow in value over time.

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No. 2 Not for Me

Private Banker
Private Banker

Managing money, protecting wealth and growing wealth is not an exciting role unless you are fascinated with numbers and finance.

Most went into the role because of the following reasons:

  • They can earn much more money
  • They have some interests in finance & investments
  • They like the flexibility and freedom

There are many more interesting industries to be in such as travel, fashion and dining. This is probably a reason why perceived boring jobs such as: law, accounting and finance, have a higher salary in the longer run. These are roles which requires dedicated professionalism through continuous learning & practicing.

Or perhaps you have earned your money?  Or you want to explore other jobs and sectors while you still can?

Read More: 5 Reasons why being a Wealth Manager is one of the best job to be in

 

No. 3 It Depends

Portfolio Management
Portfolio Management

Industry economic cycle goes through peaks and troughs.  A time when traders and money brokers were the hottest subjects, most were rendered obsolete when internet and online trading silently killed their importance (1990s).  The same could happen for any roles in Wealth Management, so it is always great to keep options open.

Plus, there are many areas to practice Wealth Management: Retail Banking, Private Banking, Independent Asset Management, Asset Management, Independent Advisory Firms, Family Office and more.  Making a suitable selection is no easy task, especially a lifelong career.

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No. 4 Money Talks

Revenue Strategy
Revenue Strategy

If you are doing well and earning an above average income, it is very hard to replace the similar income in any other jobs.  The top Personal Banker takes home $300,000 annually while the top Private Banker takes home more than $5 Million annually.

If you are doing too well and earning $1 Million a year, and maybe 5 years later, you are able to find something else to do since you are financially strong enough to do so.

If you are struggling, you will always be counting if your current hard work is sufficiently compensated when your peers are earning comfortably, while facing lesser stress at work.

 

No. 5 Emotional Struggles

Financial Advisor
Financial Advisor

Financial industry is a globally competitive industry.  Whether you are 30, 40, 50, 60 or 70, there will always be a 25 years old that outshines everyone.  The moment you decide to slow down, means someone will be rising.

The days when you were the rising star would be quickly overshadowed by the new rising star.  How would you deal with it?  To ignore means you could be missing out on new emerging trends that could impact negatively the money management of your clients. Were you not supposed to be at the forefront of financial and economic development?

Perhaps, it is a wise decision not to follow the new trends.  Your skepticism works.  But do you do nothing and allow your colleagues’ clients wealth to be destroyed?

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No. 6 Moving into Management

Banker in Deep Thought
Banker in Deep Thought

For many successful Wealth Managers and Financial Advisors, doing less advisory and growing young advisors is a popular long-term career shift.

This way, they get to keep their most valuable clients and continue to practice wealth management advisory.  With the new management role, they can learn and do new things that will keep their career exciting.

 

How about you?  Would you be a Wealth Manager or Financial Advisor for the rest of your life? Read More: 5 Reasons why being a Wealth Manager is one of the best job to be in

 

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Caproasia Online is an E-Magazine for Wealth Managers, Private Bankers & Investment Professionals.  View latest jobs in Banks, Private Banks, IFAs, Fund Management at the Jobs Center or join thousands of leading financial professionals to receive the latest news and updates here

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