There will be need for advisors in the investment and banking sector since India is witnessing an era of wealth creation. This means there will be lucrative opportunities in this field, says Amit Goyal

Wealth Management is a most common term thrown out in the board rooms of the companies and in front of the clients. Wealth management is a very straightforward term from the affluent individual's perspective; wealth management is simply the science of solving/enhancing the financial situation of a client. It involves financial advisory services, accounting & tax planning, estate planning, will drafting services as well as other matters that require expert advice.

Scope

The career has not been taken up very seriously in India. When it came to building a rewarding career in Banking and Finance, Investment Banking was the first preference. But times are changing now. With evolution in the thought process, growing awareness about Wealth creation, and various macroeconomic factors, aspirants are earnestly considering a career in Wealth Management as a Wealth Advisor.

India is witnessing an era of wealth creation and on the trajectory of becoming a new world player that will host the highest number of millionaires. A report by Oxfam released ahead of the World Economic Forum in Davos states that India added 17 new billionaires last year, raising the number to 101 billionaires. The report further indicated that the Wealth of these billionaires grew from Rs 15.78 lakh crore to over Rs 20.67 lakh crore in 2017-18. The overall growth in wealth during 2018 is phenomenal.

Prospects

The financial jobs are expected to grow by 30 % by 2025. Wealth management, by contrast, enjoys explosive growth when the economy booms, aspiring wealth managers or advisor could see the job prospects improve greatly in the coming years. The Wealth Advisor is able to bring in the appropriate experts and provide the appropriate financial products.

Life of a wealth advisor is quite stressful because having access to personal accounts of clients comes with great responsibility and accountability. The mistakes on the job are rarely acceptable or redeemable, so the job involves a lot of mental pressure.

Wealth Advisors or Managers spend large amounts of time in their offices, but they do have to travel occasionally to meet with clients to discuss their needs and offer them advice about potential investments.

Qualification

Most companies look for at least a bachelor’s degree in a related field such as business finance, or economics. On-the-job training is provided by the hiring firm. The major skills and competencies that employers look for are excellent communication and listening skills, confidence and presentation skills, Ability to explain complex information clearly and simply and Good sales and negotiation skills. A certified global PG diploma course is also beneficial for people who want to pursue a professional career as a Wealth Advisor. The course combines the best of the global orientation and the strong industry exposure.

Required Skills

Though a wealth advisor has to deal with numbers it is said that a professional person has to be good in Maths. Whereas the most important attribute for a successful career ahead is your sales ability.

Apart from sales ability, a professional must love the markets and enjoy keeping up with them around the clock. Finance is more fast-paced than ever; clients demand a manger that are high-energetic and stays ahead of the curve.

Being good with people is also an important skill for anyone under the broad umbrella of financial advising.

The high net worth client looking forward to a person who has top-of-the-line communication skills, should offer good service and maintain great relations with them.

A person seeking the professional career as a wealth advisor has to be well versed with different sets of wealth products like mutual funds, private equity, structured products, real estate, portfolio management services and arbitrary strategies.

Remuneration

Salaries are quite considerably varied within the field of wealth management. The starting salary for a wealth advisor is Rs 25,000 per month. There is no close bracket for the salary of a good professional. 

The writer is Director, TKWs Institute of Banking & Finance, New Delhi