Wealth Management - The Next Best Career

Wealth Management is the science of solving the problems through proper solutions to enhance the financial position of individuals. It incorporates financial planning, investment portfolio management and several aggregated financial services such as estate planning, asset management etc.,

Wealth Management is different from financial planning as it requires much wider knowledge and capabilities. The goal of Wealth Manager is to provide financial independence to the individuals and financial planning will alone not be able to achieve this objective. The expertise and knowledge and skill levels of Wealth Manager goes beyond financial planning. It is why “Every Financial Planner cannot be a Wealth Manager, but every Wealth Manager is an expert Financial Planner.

Indian Economy is going through a robust growth phase and is poised to become third largest economy in the world by 2030. Strong GDP growth, a promising economic outlook, high savings rate and a relatively young and rapidly increasing population of wealthy Indians, both in terms of absolute numbers and geographic diversity, will provide the fuel for the dream run of the wealth management sector in India.

With the booming of economy and unprecedented prosperity of middle class in India has raised demand for wealth management services in the country which were hitherto the preserve of elite foreign banks. As a consequence, wealth management has emerged as a high adrenaline and well rewarding career option for the growing number of India’s university graduates and post graduates, particularly of its B Schools. With the demand for qualified wealth management professionals far outstripping supply, there is unlimited scope for professional advancement in this field.

Wealth Management, Financial Planning and Investment Advisory comes under the concept of “Financial Intermediary” which is the most valuable of the Career opportunity in financial services. Financial Planning and Wealth Management are most sought-after careers globally and India provides a huge opportunity in this segment.

As per the estimates, the country requires nearly 100 Lakh professionals in the intermediate segment of the financial services. In India till now, the market is dominated by standalone financial product distributors. But, slowly the focus is shifting towards financial planning and wealth management. The reason for this being the growing awareness among the educated people and the regulatory push by SEBI. There exists a huge demand and supply gap in this segment. Due to this, many Independent Financial Advisers and firms who hitherto are dealing with distribution of the products are converting into full-fledged Financial Planners and Wealth Managers.

Graduates with a professional certification in wealth management like Chartered Wealth Manager (CWM®) and preferably with some relevant experience through a regular job or internship are well placed to bag coveted jobs in this sector. The possible role and compensation packages will be as below:

Experience in Years Positions CTC Range Role
0-4 Years Wealth Advisor/Financial Planner/ Relationship Manager Rs.4-6 Lakhs + Incentives Individual
4-8 Years Senior Wealth Advisor/ Senior Financial Planner/ Senior Wealth Manager/ Senior Relationship Manager/ Private Banker Rs.6-18 Lakhs + Incentives Individual
8-12 Years Team Leader/Private Banker Rs.18-24 Lakhs + Incentives. Team Handling
12-15 Years Regional Head Rs.24-40 Lakhs + Incentives Team Handling

Note: The above details are as per the current industry norms and the actual job prospects and career growth depends on other skills and personality traits of the individual which are independent of the qualification.

We at FINPRO, offer the following courses in Wealth Management Domain which are approved by SEBI.

a). Chartered Wealth Manager (CWM), a global qualification in Wealth Management;
b). Investment Adviser Level-01 and Level-02 conducted by NISM.
c). NISM Series V A- Mutual Fund Distributors Certification.