Review: The Secrets of Private Wealth Management

This week Jai captured his thoughts about the talk for us all:

What is it like to have a job of a Private Wealth Manager?

This week we got a quite comprehensive perspective on the job role of a Private Wealth Manager and the conversation was made more enriching because Konstantinos took the time to describe how to develop personal objectives with regards to career progression, skill set required, and remuneration potential.

In his opinion, the private wealth management industry integrates the varied and complex business of managing wealth by accounting for income and capital growth needs, tax planning, estate preservation and asset protection for the wealthy. Typically, private wealth management is a smaller division of a much larger investment firm or bank. The private wealth manager leverages the expertise of the various departments inside the firm (such as the tax planning department) to present clients with solutions to wealth management issues. Though not required to be experts in one particular area of wealth management, private wealth managers must know enough about each area to expertly represent their clients' best interests and, where appropriate, offer advice.

Who would be suitable for a wealth management role?

Successful wealth managers are people who have real relationship-building ability and are intellectually curious. They need to be able to build a rapport with their clients, who could include those with inherited money, but increasingly includes those with earned or won money – entrepreneurs, corporate executives, inventors, sports stars or even lottery winners. It’s therefore important to understand each client individually. They need to take an interest in clients and show enthusiasm for what they are interested in – and help tailor a bespoke plan to meet their wealth management needs.

Any career advice for new graduates in Wealth Management?

When going to meet a prospective employer for your first interview, always try to put yourself in the shoes of the interviewer. Think of the needs of the employer and how would you add value to their team.

Develop a business plan and point of view about who you would like to build relationships with in a professional network, the type of clients you would like to work with, and then consistently work on cultivating your network whilst consistently providing a high standard of service to your clients.

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Next week is a very special talk: we've got industry expert Tim Skeet here to discuss how politics influences regulation. It's a big picture topic that is never out of the news and applies all of us in this industry. I'm really looking forward to it. Tim is a charismatic speaker with forthright views (check out his feed here). Being able to have these kind of big picture discussions with your fellow professionals will help you develop your career.

Sign up via My Jobs Online and let me know if you have any questions.

Thanks

Dan