Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

What Do Wealth Managers Do?

Job Descriptions September 25, 2013

There are a lot of different titles for different people that seem to be doing the same thing in business today. Take the title of wealth manager for instance. The job description comes out a lot like financial manager, but there are subtle but essential differences.

Without going too far into the weeds, a financial manager’s job is to help build wealth; a wealth manager’s job is to maintain it. The jobs are similar, however, different in many ways.

Why Wealth Managers Are Important

Let’s say a person is 50 years old and wants to retire at sixty and have accumulated a million dollars in assets. A good round number. In the 1960s, a person could put that money in the bank and draw 5% interest and live quite well, including maintaining the home, dining in some luxury, and travel overseas. Unfortunately, this is not taking into account inflation.

The government fosters inflation which reduces the worth of a person’s money. A wealth manager’s fist job is to see that the money maintains the same buying power over the course of time. The bank will now pay $5,000 a year from the client’s interest, and the stock market is the world’s greatest advertisement for Pepto-Bismol. Not a journey for the faint of heart!

Not only does the government instill inflation but it also taxes individuals, to and after death. A wealth manager must be aware of tax laws so that the beneficiaries, and not the government, get whatever wealth that is left to pass on. The government will take everything that is not nailed down. This career field is vital because it is really a matter of helping to ensure generations of family happiness.

Going back to our 50-year-old example. He might have a comfortable house, a small business, a moderate and diversified stock portfolio, by the time the kids are done with college. He likes to work and wants to, but not for the projected 30 years of life that he has left. He might already have a financial manager who is trying to grow his piece of the pie. Why not give him the job of preserving wealth too, because there are two different mentalities at work here.

Growth and Risk

In growth, you must be risk “accommodating”; in preservation you must be risk averse. Risk is a natural part life and finances, but the differences in mentality are whether you seek nominal risk or accept it when necessary. A wealth manager tries to squeeze the risk out of a client’s financial life.

Taxes are a surety, but are a risk to the wealth. One of the first jobs of a wealth manager is to make sure that the money outlives the client, and the second is to make sure that the government takes as little of it as possible.

Trusts, annuities, and other instruments are part of the career field, as well. The wealth manager works with clients to ensure their plans, dreams, and futures happen as desired. That is the goal of a wealth manager, to peer into a murky future and pull out a way for you to control your destiny, no matter what.

Wealth managers should be certified and may be or have been financial managers but understand the nuances of both jobs. By seeking this career path, you can be that trusted “navigator” that a client needs to traverse the shoals of the unknown future.

Searching Searching ...

Matching School Ads
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Become the leader you know you can be @ Ashford University
  • Apply Now! Classes Start Every Tuesday!
  • Online Courses
1 Program(s) Found
Everest College , Newport News
  • Bachelor's and master's level Business programs are available online and on campus.
  • Courses are designed to teach practical business solutions, with a career-focused curriculum.
  • Students can study in areas such as business, applied management, and business administration.
  • Experienced professionals equip students with a working knowledge of marketing, financing, accounting, and sales.
  • Students who have graduated high school in or before 2015 are eligible to apply.
  • Financial Aid
5 Program(s) Found
  • Online Bachelor's programs include BBA, Criminal Justice, Psychology, IT, Healthcare Management & Public Health
  • Over 115 years of delivering quality education and personalized attention to students
  • Provide a range of campus experiences and services online including advising, tutoring, student community, and career services
  • Give students and alumni access to career assistants who help with resumes, cover letters, job hunting, and more.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, Marketing, and more.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Online Courses
2 Program(s) Found
South University , Glen Allen
  • Program options include Accounting, Business Administration, Leadership, and more.
  • Curriculum focuses on developing leadership, critical thinking, problem-solving, and communication skills.
  • Programmatic accreditation by the Accreditation Council for Business Schools and Programs (ACBSP) at select campuses.
  • Business programs are available at many of the 11 campus locations across the United States.
Good for Working Adults
  • Flexible Scheduling
  • Financial Aid
  • Education Connection is a 100% Free College Matching Service used by 50,000 People Daily.
  • Get Matched to the Right Business Administration and Management, Accounting, Healthcare Administration, Marketing and Entrepreneurship Degree Program for YOU.
  • Affordable and Flexible Business Degree Programs from Top Colleges Across the Nation. Both Online And Campus!
  • Just Fill Out a Few Questions and You Can Find Your Perfect Business Degree Program Within Minutes.
  • Start Using our Fast, Free, and Easy Matching Service Right HERE and Right NOW!
  • Online Courses
  • Full Sail's curriculum combines elements of creativity, art, technical prowess, and academic achievement
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average
  • Students gain real-world experience by working with industry-standard tools and technologies
  • Online Courses

Searching Searching ...

Matching School Ads
4 Program(s) Found
  • Designated as a 2015 Military Friendly® School by Victory Media, publishers of G.I. Jobs®.
  • Each program is designed to instill the knowledge, ethical values, and interpersonal skills of professional practice and to foster values of social responsibility.
  • Offers several flexible learning options, including a blended format that combines campus and online learning.
  • Several scholarship opportunities are available for students who qualify.
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Become the leader you know you can be @ Ashford University
  • Apply Now! Classes Start Every Tuesday!
  • Online Courses
5 Program(s) Found
  • Online bachelor's programs include BBA, Criminal Justice, IT, Healthcare Management, Pscyhology & Public Health
  • Over 115 years of delivering quality education and personalized attention to students
Good for Working Adults
  • Online Courses
  • Flexible Scheduling
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Available business concentrations include Accounting, Economics, General Management, Marketing, and Human Resource Management.
  • Ranked among the Best Online MBA and Online Graduate Business Programs in 2016 by U.S. News & World Report.
  • Programmatic accreditation provided by the Accreditation Council for Business Schools and Programs (ACBSP).
  • Regionally accredited by the Southern Association of Colleges and Schools Commission on Colleges (SACSCOC).
  • Online Courses
1 Program(s) Found
  • Full Sail’s curriculum combines elements of creativity, art, business and life skills, technical prowess, and academic achievement.
  • Full Sail offers accelerated programs, so a degree that would normally take four years takes 24 months on average.
  • Students work with industry-standard tools and technologies, allowing them to gain practical knowledge and real-world experience.
  • Join us on Facebook, Twitter, YouTube and Instagram to interact with our community, read about grad success, and see campus images.
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!