How to Become a Wealth Manager

Wealth managers, or wealth management advisors, help their clients to invest, store, utilise and organise their finances, working one on one to manage the client’s wealth according to their needs. 

They offer a range of financial services, including investment advice, estate planning, retirement planning, tax services, and portfolio management. Wealth managers usually work with wealthy clients and therefore handle substantial finances and assets, and must be aware of financial strategies to help clients manage finances according to their individual needs. 

They often work in wealth management firms or banks, being delegated private clients and taking on several clients at any one time. However, senior wealth managers can take on just one or two particularly wealthy clients and work with them independently, often collaborating with other personal financial advisers that the client has. The tasks of a wealth manager might include:

According to the National Careers Service, wealth managers earn an average of £42,000 per year. However, many bank wealth managers and those in private wealth management in the UK earn up to £70,000.

There are no formal education requirements or qualifications that are necessary to get on the career path to become a wealth manager; however, experience within the finance industry and/or an excellent understanding of finance is essential. 

Having a Bachelor’s degree in finance or a similar subject is therefore highly recommended, and a Master’s degree or postgraduate degree in accounting, business administration, or finance is regarded highly among recruiters.

There are certifications to become a chartered wealth manager, however, such as the CISI Chartered Wealth Manager Qualification, and useful qualifications such as certified financial planner qualifications. 

Undertaking online finance courses can set you up for a career in wealth management, helping you understand the basics of finance and begin on the career ladder.

Most wealth management positions require a range of skills, including being able to analyse and assess a client’s finances to create a plan for them. Therefore analytics courses provide an excellent foundation to build the skills needed to become a wealth manager.

The skillset to become a successful wealth manager contains both soft skills (personal skills) and hard skills (professional skills). This is because you will work closely and tailor your service to each client. Some of the key skills include: 

Having experience which demonstrates your knowledge and ability to work within the financial industry is not essential but is highly recommended if you are looking to go into wealth management. 

If you do not have a Bachelor’s or postgraduate degree in a financial, mathematical, or business subject, then you will need experience before becoming a wealth manager. 

Any experience in customer service or finance is useful, and the more experience you have managing finances (be it as an assistant financial advisor, personal assistant, or part of a finance team), the better. 

Undertaking online courses in consultancy, finance or accounting is an excellent idea to take alongside work to boost your employability. Whether you find an internship, work experience opportunity, or paid work, getting as much experience as possible is the best way to succeed as a wealth manager.

Some organisations also offer graduate internships for those with a finance-related degree, and these can provide a great amount of experience. Whether you have a degree or just work experience, most will begin their wealth management journey as an assistant wealth manager and need to work their way up to a wealth manager.

When you have the experience and knowledge to become a wealth manager, there are a variety of other areas you can go into. This includes progressing into senior wealth management, which usually involves leading a financial team and taking on high-profile clients who require several services. 

You could also become a desk head in a bank, managing up to 12 wealth managers and taking on new clients, assigning clients, and managing your team. You can also work in other finance professions such as financial analyst, stockbroker, financial consultant, or investment banking or be a private banker for just one or two particularly high net worth individuals and families.