Management Associates

Covering capital markets, investments & private wealth in Asia. Who are the next billionaires? When is the next IPO? Which are the fastest growing cities? Which company is going bankrupt?

Join 14,000+ leading financial professionals, investment managers, professional investors and CEOs. Get the latest data, information, research and many more



Where Should You Practice as a Wealth Manager?

Should you join an Insurance Co. or a Stock Brokerage?  Personal Banking or Independent Financial Advisory?  Priority Banking or Private Banking?  How about External Asset Management or Trust & Advisory Services?

Which would be a suitable platform to provide wealth management and financial advisory services to clients?  Where can you practice as a Wealth Manager?


 

No. 1 Choosing the Platform

Singapore Financial Center
Singapore Financial Center

There are many financial platforms to practice as a Wealth Manager.  Financial institutions differ in their advisory product offerings focusing on different areas such as Investments or Insurance, Trading or Portfolio Management.  They tend to have integrated services, with stronger advisory offerings in a few selected areas.

As a Wealth Manager or Financial Advisor, there are many platforms to join.  You can practice in a bank such as in Personal Banking, Priority Banking or Private Banking which serves the High Net-worth clients.  You can also join Independent Advisory Co. or Insurance Co. or Agency.

If you have highly specialised knowledge & advisory skills, you can join an Asset Management Co., External Asset Management Firm, Hedge Fund or a Trust & Advisory Service Co.

List of Financial Platforms You Can Join:

  • Retail Bank – Personal Banking
  • Retail Bank – Priority Banking
  • Private Bank
  • Insurance Company
  • Insurance Agency
  • Independent Financial Advisory Co.
  • Stock Brokerage
  • Online Brokerage / Trading Co.
  • Fund Management Co.
  • Hedge Fund
  • External Asset Management
  • Asset Management Co.
  • Trust & Advisory Services

 

No. 2 By Client Segment

Choosing the client segment you want to be in is important too.  Maybe you like talking to anyone, or you prefer to work only with the rich and famous, or you prefer to talk to people from similar culture or background.

In Wealth Management, the clients’ market is distinctly classified by:

  • Mass Market
  • Affluent
  • High Net-worth
  • Ultra High Net-worth

Below is example of what client demographics look like.  Read More: Should you build a Career in Mass Market, Affluent, HNW or UHNW?

Wealth Management Client Demographics:

SegmentProfileSingaporeAsian Countries
Mass MarketAnyone Any Amount Any Amount
AffluentProfessionals, Managers, Executives, Retirees >$200,000 $50,000
High Net-worthC-Level Executives, Senior Management, Businessmen, Entrepreneurs, Investors, Inheritance, Retirees > $1 Million > $1 Million
Ultra High Net-worthMNCs C-Level Executives, Senior Management, Businessmen, Entrepreneurs, Investors, Inheritance > $30 Million > $30 Million

 

No. 3 Money, Trends & Popularity

Financial Times
Financial Times

You would not want to get into a role where you make little money, especially when Financial Advisory and Wealth Management is tough work at the start.

The projected earnings you would have would likely decide which platform or role you want to be in.  Since Wealth Management is about forecasting the future financially, you would want to make a sound career move too.

You would want to know where the money is flowing, if the role is sustainable, which Wealth Management role is gaining popularity, your projected income and how easy it is to market the financial products and solutions.

For example, if Hedge Funds and Trust are being offered to mass market clients, they probably have little clue what a Hedge Fund is, except link it to being high-risk.  And for a Trust … Unit Trust?

No. 4 Products & Expertise

Do you have an interest to further develop your career further in Wealth Management?

Many Wealth & Investment Professionals started their career being fascinated about money matters, global financial market, global economy, stocks and stock market, interest rates, investments and trading.

There are many areas a Wealth Manager can develop further, possibly moving into more specialised areas:

ProductsAreaSkills
StocksBankingSales
BondsInvestmentsAdvisory
Unit TrustInsuranceRelationship Management
Foreign ExchangeTradingDealing
CommoditiesTaxTrading
Interest RateTrustManagement
Derivatives (Options, Swaps)Estate
FuturesAdvisory
Structured Products

 

Learn More:

 

No. 5 Who You Know

Relationship Managers
Relationship Managers

If you have a strong passion about managing money, it is likely that being a Fund Manager or Chief Investment Officer ranks higher as a career choice than a Wealth Manager.

But if you like talking to people, meeting clients, staying out of the office, managing your own time and being able to do a variety of things on your job, then being a Wealth Manager is one of the best career option.  Read More: 5 Reasons why being a Wealth Manager is one of the Best Job to be in

With many financial institutions and platforms to choose from, how do you select?  As Wealth Management focuses on relationships and trust, inevitably, many go for someone or brands and platforms they are familiar with.

Going to a few platforms and financial institutions would give you the broader experience and perspective on the range of Wealth Management products, solutions, processes and service standards.  Many advisors go to at least 3 – 5 before discovering their preferred platforms.  A few go to as many as 7 – 8 while the rare few stay with one in their entire career.

So where should you practice as a Wealth Manager?

 

Coming next week: How do you manage clients when you switch to a new job?

Read More:

Related Articles:

 





Caproasia.com is the leading financial media platform covering capital markets, investments and private wealth in Asia. Driving $25 trillion of assets in Asia.

Join 14,000+ leading financial professionals and professional investors in Asia. Receive exclusive Caproasia newsletter here. Managing $20 million to $300 million? Register here: Financial Professionals
. Stay ahead of your peers & competition.

Register: Professional Investors | CEOs & Entrepreneurs