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6 Important Milestones to Overcome for Wealth Managers

Would you be the next hotshot in equities or bonds?  Or are you able to provide wealth advice to thousands of clients or are you better suited to advising clients with $30 Million or $500 Million of money?

If you are thinking of being able to do any of the above, there are plenty of milestones for you to clear.

We look at 6 important milestones to overcome for Wealth Managers:

#1 Learning & Licensing

Fund Management

Do you know what is Wealth Management?  What can Wealth Management do?  What are the benefits of Wealth Management?  Why don’t all clients use the same solution?  Will any 2 Wealth Managers give the same answer?

Wealth Management is all about learning and continuous learning.  At the forefront of wealth management is coping with changes from global financial markets  to economic trends, policies and taxes to changing consumer demands and clients’ needs.

But how can you start advising?  Do you need any license?  How can you be a certified Wealth Manager?  Which country are you allowed to practice in?

Some of the things a Wealth Manager needs to learn:

  • Global Financial Knowledge
  • Regulations
  • Relationship Skills
  • Selling Skills
  • Client Management
  • Portfolio Management
  • More … …

Read More: What does a Relationship Manager do?


#2 Acquiring Clients

Challenges of Relationship Managers

Received your license?  Got a new job in a new financial institution.

Where are your clients?  Do you have any existing clients?  How do you acquire clients?  Would the clients belong to you or the financial institution you work in?

Acquiring and building up your portfolio of clients is the pre-requisite to you being able to provide wealth management advice to client.


#3 Selling Products

Portfolio Advisory

Are you a new wealth manager?  Why would client follow your advice?  If they have an immediate need such as taking up a loan or investing into selected investments, why should they listen to your advice and do otherwise?

Very likely, as a new wealth manger, you will be selling products.  You will soon realised that selling a financial product is more complex than you can ever imagine.

Roadmap for Every New Product:

  • Product Learning
  • Product Exam
  • Identifying suitable clients
  • Prospecting clients
  • Matching product to client
  • Explaining product to client
  • Convincing client the product works
  • Full disclosure of product
  • Documentation of product
  • Monitoring and updating of product to client

This is possibly one of the key reason why many wealth managers or investment professionals specialised in a few products.

Even if you master all products, would your clients be able to understand most of the products?  Is there really a need for them to have more products?  Does more products means better diversification?


#4 Selling Advice

Banker Counselling

What many wealth managers aspire to be able to do – selling advice.

Scenario A: Are you providing information so that clients can make better decisions, saving money or having more returns?

Scenario B: Or are you providing advice so that clients can make better decisions, saving money or having more returns?

In both situations, there is certainly an element of consultation.

But when it comes to being able to sell advice, the client must in essence, trust your expertise and ultimately rely on your advice.


#5 Getting Results

Wealth Management Training

You don’t want to be a Wealth Manager with no clients.  Neither would you want to be a Wealth Manager with no sales (AUM & Revenue).

Getting the results as a Wealth Manager is paramount to the sustainability of your career.  But getting the result for client is really more important for a lasting career.

What results would matter most to clients?

  • Financial products that work
  • Financial solutions that work
  • Financial advice that work
  • Positive or above benchmark returns
  • Cost savings
  • Saving time

Or perhaps not making mistakes?


#6 Managing Crisis

Financial Crisis

The most feared scenario and most important milestone for Wealth Managers – a crisis.

All the work that is put in place, with extensive studies and team of experts, will be rigorously challenged during a crisis.  No one can escape a crisis, but at what cost?

  • Will you be able to hang on to the relationship with your client?
  • Will your client file a lawsuit against you?
  • Are the financial transactions in protection of you, your client or your financial institution?
  • Will you suffer from massive funds outflow?
  • How do you advice your clients during this period?
  • How do you navigate new opportunities for your clients?
  • Will they (still) trust and listen to your advice?
  • Will they look for new Wealth Managers?

Have you been through your first crisis?  How many crisis have you overcome?  Which are more important milestones to overcome for a Wealth Manager?  What do you think?



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