The wealth management advisor profession is a profession much coveted by business school students. Indeed, it is a job that is known to be well paid, versatile and rewarding.
Let’s see what it is and how to become it!
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What is the wealth management advisor profession?
The profession of wealth management advisor consists of manages the financial and real estate investments of its clients. He must also look for and prospect new clients to develop his address book and his real estate portfolio.
Its role is therefore twofold: must be both commercial in the way of prospecting new clients, and have a real role as a real estate financial analyst. It also has an advisory role to be able to explain to its clients in an understandable and accessible way the best investments they could make according to their profile.
What are the missions of the wealth management board?
The missions of the wealth management board are different. We will explain and detail below:
- Support for professionals and individuals: First of all, the wealth management advisor has a supporting role towards its clients. Most of them are not professionals and therefore do not have specific knowledge of real estate and they have to be accompanied in their management. This involves the purchase of a property, but also the management of its taxation throughout the years of ownership of the property.
- Receive and advise customers : Once his clientele has been established, the asset management advisor must provide the best advice throughout his relationship and receive his clients when they ask for it.
- Understand and explain the legal and tax environment to its clients: Tax rules and jurisdictions around the field of wealth management are constantly evolving and new laws are added to the previous ones to avoid any abuse. Thus, the laws can evolve between the moment the customer signs his contract and the sale of the good, or during the detention of the latter. Consequently, the adviser must follow the fiscal news and be able to explain it to his clients, in order to orient them, in particular, towards new financial strategies if the situation requires it.
- Carry out a complete estate and tax assessment: The goal of a wealth assessment is to take stock of the client’s personal, fiscal and financial situation. This allows in particular to be able to make good decisions regarding investment. Thus, it is important to do so in the company of a wealth management advisor, who knows the ins and outs of the budget and can help their clients make the best decision later.
- Assess and present the risks: Any investment that presents risks, and no guarantee of profitability, the wealth management board must warn its clients about the risks they incur. It is then his duty to adapt to the profile of his client: he offers the riskiest investments with better profitability, or, on the contrary, select low-risk investments, but which yield less.
- Facilitate the transmission of the heritage: Finally, some clients of the wealth management board mainly use their SCI (Société Civile Immobilière) when transferring their assets. In this case, the advisor’s role is to facilitate the transfer of assets and ensure that the client’s initial wishes are respected during the transfer.
The missions of the asset management board are therefore different and demanding great adaptability. In fact, the adviser must be able to juggle between his missions of prospecting, advice and financial analysis, while following the tax update.
What are the skills needed to become a wealth management advisor?
To be as qualified as possible in their various missions, the wealth management board need certain skills which are necessary:
- Responsiveness and high availability: As a professional in contact with clients who invest large sums and who pay for a quality service, the wealth management consultant should be as available as possible. It is expected to process the requests of its customers within a maximum of 24 hours.
- Knowledge of wealth engineering, economics, accounting, taxation and law: This knowledge is the very foundation of the wealth management advisor profession. The mastery of all these skills is mandatory to offer the most comprehensive services possible.
- Rigor, tracking and organization: Part of the job of a wealth management advisor is also to monitor the portfolios and maintenance of the accounts of their clients. This is part of the board’s commissions and therefore represents a significant part of its work. Thus, to be able to monitor and update numerous portfolios and constantly adapt to the differences of each client, the adviser must be very organized and endowed with great rigor.
- Listen: The asset management advisor must be able to adapt to the different profiles of their clients and be able to offer them the most consistent services with their needs. To do this, he must have a great capacity for listening and relational analysis.
Training to become a wealth management advisor
To become a wealth management consultant, there are different types of training. In any case, even if there are many possible routes, it is imperative to validate them a diploma course in bac +5.
From here, the future counselor can decide to move, during his studies, towards a certain field, which will then be useful in his work. Thus, it is possible to become a wealth management consultant in obtain a DSCG (Higher Diploma in Accounting and Management) for someone who is more naturally oriented towards accounting and auditing. In the same way, anyone who has a more particular appetite for financial and portfolio management, can go the Masters in Finance, Wealth Management, Wealth Management and others. Finally, it is also possible to go through a Master’s Degree in Insurance Law or Banking Management.
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How much does a wealth management advisor earn?
At the beginning of their career, it is estimated that a wealth management advisor earns, on average, a fixed €35,000. So there it is a large variable part since it is a profession where the commissions are considerable. Indeed, there are different commissions for the board (subscription commission, account management and maintenance commission, etc.) that greatly increase the fixed salary. It is difficult to establish a precise price range since everything also depends on the status of the adviser (independent or employee of a financial institution) and the geographical area in which it operates.
It is estimated that the fixed part may go up up to €75,000 at the end of your career.
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