What are careers in wealth management?

Wealth managers, financial consultants, and financial advisors are careers in wealth management. Here are some details on each of these careers and others in wealth management:

• Wealth Manager

A wealth manager is a financial professional who aims to protect a client's wealth over the long run. Wealth managers help clients in a broad financial sense. They look at a client's overall wealth and take steps to maximize it and protect it for the long term.

Their services include tax planning, education planning, legacy planning, estate planning, insurance, charitable giving, and retirement planning. They may work for a bank, or a large financial firm, as a consultant or run their own wealth management company.

The main objective of a wealth manager is to protect and increase a client's wealth. Most wealth managers have master's degrees in wealth management or finance. The average salary of a wealth manager in the United States is $111,963 per year.

• Financial Consultant

A financial consultant is a professional that helps an individual or company build wealth. Their main objective is to help their clients with developing comprehensive long-term financial strategies to increase their wealth.

They are heavily involved in the buying and selling of investments and turning complicated financial concepts into actionable strategies.

Financial consultants may work in a bank or a large company or independently offer their services. Most financial consultants have at least a bachelor's degree; however, many also have advanced degrees in finance or another related field.

The average salary of a financial consultant in the United States is $91,944 per year.

• Financial Advisor

A financial advisor helps clients understand their current financial situation. They help clients with many different needs, such as figuring out ways to save for college, save for retirement, start investing or have more money available to meet regular expenses.

They also see clients that are on the cusp of major life changes like marriage, divorce, job transitions, or the birth of a child. Their objective is always to protect clients' finances and give them strategies and options to increase their wealth.

Financial advisors generally have a bachelor's degree in finance, economics, business management, or another related area. Many also have advanced degrees in these fields.

The average salary of a financial advisor in the United States is $74,553 per year.

An asset manager is a financial professional who seeks to aid an investor in gaining more money. Asset managers advise and manage a client's investments. This includes things like stocks, bonds, mutual funds, EFTs, and other investments.

Their primary objective is to help a client increase their wealth by determining what investments are the best options for a particular client. They may also assist in asset allocation or choosing how to divide a client's investable assets into different asset classes.

Asset managers typically have advanced degrees in finance or other related areas. The average salary of an asset manager in the United States is $80,016 per year.

• Financial Planner

A financial planner is a professional who seeks to assist clients with lifestyle planning. Financial planners assist clients with many different financial situations. They cover the whole spectrum of financial clientele, from low-earning individuals to the extremely wealthy.

To do this, they assist clients with things like budgeting, cash flow planning, and saving for college or retirement.

Financial planners often have bachelor's degrees in finance or a related field, while some also hold advanced degrees. The average salary of a financial planner in the United States is $72,585 per year.