Salary Information for Wealth ManagersCareer News October 31, 2013
A wealth manager is a type of personal financial advisor and has the duty of developing a client’s content. The wealth manager is responsible for working with high-profile clients and maintaining their network.
It’s not simply a job of keeping a certain amount of money but maintaining this VIP’s high status, perhaps in business or as a personal investor. In order to do this, he or she must experience work with advanced economics and understand complex investment services.
The Wealth Manager’s Pay Scale
Personal financial advisors make about $64,000 a year, and the lowest earners make $32,000. Wealth managers make a median salary of $103,000 and are usually designated as wealth management specialists. This job pays well because the client gets to keep their money. In essence, the job pays you for brilliant organizational planning.
It is a unique job field because salaries cannot always be predicted. Much of their pay is determined by how much wealth they can earn for the client. As their experience and reputation improves, they are trusted with more responsibility and can earn a higher salary—sometimes based on reputation alone. Correspondingly, in a recession, not everyone is willing to throw money at an unproven wealth manager or a questionable strategy.
Market Factors and Economic Issues
Wealth managers’ salaries are subject to change because of the market itself. The profession is set to grow nine percent, from 2010 to 2020. As the economy improves, the potential to earn more money will also improve. Even in recession, the United States remains one of the financial hubs of the world market. The more the economies of other countries grow, so will the U.S.
The employment rate is set to increase, and self-employed wealth managers benefit the most. One area, which is predicted to decline, is depository credit intermediation.
Otherwise, landing a job and earning a higher salary depends on the career path of the individual. Competition is high at firms and even among consultants. In general, there are far more job openings than there are job positions and these usually go to applicants with a master’s degree or at least a certification in the field.
Demonstrating your knowledge of international finance is a smart idea, since many companies expanding their products and services to an international or multinational audience.
Who you work for is questionable, as banks and insurance companies can put you to work quickly as opposed to more private firms that deal with high priority clients and top-level executives. Besides finance and insurance, the most receptive industries to wealth management include company managers, scientific fields, manufacturing and government agencies.
You can put your knowledge of the economy to proper use and earn a huge paycheck—but not before you show your value and earn that money, demonstrating to a company what you bring them and how you plan on doing it. It starts with a bachelor’s degree and moves up from there; however, taking the first step towards change is the key.