LONDON, June 22, 2012 /PRNewswire/ --
For anybody seeking a change of direction, a career in wealth management could prove to be a rewarding and fulfilling choice.
In recent years the number of qualified financial advisers equipped to meet that demand has fallen. This is due in part to the forthcoming Retail Distribution Review, which many have surmised has led to older financial planners choosing this time to retire. As a result, market conditions are favouring aspiring new entrants into this growing professional sector. For those thinking of a change, starting up a career in wealth management could be a positive move.
So what is wealth management exactly and what is required to succeed in the business? Broadly, wealth management, and an adviser's role specifically, is to prepare people and their finances for the future, helping clients to determine their goals and develop long term strategies. Wealth managers will also need to respond to markets as they change, assisting clients in capitalising on opportunities, or avoiding the pitfalls, as they arise.
Whether working for individual investors or trustees, right up to large financial institutions, wealth management success comes from managing long-term client relationships, analysing opportunities and being equipped to give clients total peace of mind with the strategies that are determined together.
To consider wealth management careers, candidates will need to be motivated, entrepreneurial and have natural people skills to build a network of clients and sustain long-lasting relationships. Compared to the work undertaken by financial advisers, wealth managers are likely to service a larger percentage of high net worth and affluent individuals and organisations. These individuals and organisations are more likely to take a longer term view, having specific aspirations that need to be realised relative to a higher awareness of risks and concerns. Although there are a lot of similarities between the two careers, wealth managers are required to take a broader view.
As a pre-requisite to a financial services career individuals will also need the Chartered Insurance Institute Diploma in Regulated Financial Planning qualification to provide wealth management advice. However there are organisations that can provide the training, resources and support to help people make the move into wealth management.
Award winning St. James's Place, with £31 billion funds under management, takes a distinctive approach to careers in wealth management. They offer outstanding candidates with no previous experience of giving personal financial advice a unique route into the business through the St. James's Place Academy.
The Academy model offers all the advantages of a start-up business - such as self-determination and a healthier work/life balance - with a wide range of resources and expertise. Through training, qualification and continual support individuals can create a self-employed business within the culture of a preferred brand.
St. James's Place is the 2012 City of London Wealth Management Company of the Year, and are the current holders of the Telegraph Wealth Management of the Year Award. As well as winner of the Best Financial Adviser Award at the Personal Finance Awards 2011/12 and FT/Investors Chronicle Best Wealth Manager for Tax 2011.
SOURCE St James Place