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

What is the career path for a wealth manager?

The career path for a wealth manager includes jobs as a junior private banker, wealth manager, and senior wealth manager. Before beginning work, most people on this path complete a bachelor's degree or master's degree in business, finance, or economics. For many senior positions, a master's degree is required.

What is the difference between a financial advisor and a wealth advisor?

The difference between a financial advisor and a wealth advisor is that a wealth advisor is a subsection of financial advising and deals specifically with high net worth within their clientele. Financial advisors can range from basic tax and budget advisors to management of higher clientele funds to gain wealth.

Wealth Manager vs. Financial Advisor

A wealth manager is a financial professional who offers financial services to high-net and ultra-net-worth clients, while a financial advisor is a professional that offers financial planning services to a wide range of clientele.

What is a wealth management advisor and how to become one

Updated January 8, 2025

4 min read

Quoted expert

Margaret Franklin

A wealth management advisor provides financial planning and investment advice to high-net-worth individuals and families. They assist with asset management as well as estate and retirement planning. Wealth management advisors help clients set financial goals and monitor client progress to ensure they are on track to meet their objectives. These professionals work for banks, investment firms, and independently. They typically hold certifications such as Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA).

What general advice would you give to a wealth management advisor?

Margaret Franklin

President and CEO, CFA Institute

To compete in the career race, new entrants need to sharpen not only their technical skills, but develop soft skills as well. A job in the investment management industry is much more than numbers. As an industry, we're becoming much better at capitalizing on diverse perspectives and skillsets to think about risk, return, and ultimately, what we're doing for clients more effectively.

Young professionals must also remain curious along their career path with a commitment to lifelong learning. In finance today, this is an absolute requirement. Our industry continues to evolve at a rapid pace, and none of us can afford to stand still. However, the basic tenants of hard work, professional learning, passion for what you do, and lateral skills are unchanged.

ScoreWealth Management AdvisorUS Average

Salary

7.2

Avg. Salary $91,605

Avg. Salary $59,228

Stability level

6.6

Growth rate 15%

Growth rate 0.3%

Diversity

5.0

Race

American Indian and Alaska Native 0.11%

Asian 8.27%

Black or African American 5.61%

Hispanic or Latino 9.42%

Unknown 4.37%

White 72.23%

Gender

female 30.89%

male 69.11%

Age - 44

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 44

Stress level

6.6

Stress level is high

7.1 - high

Complexity level

8.8

Complexity level is advanced

7 - challenging

Work life balance

5.6

Work life balance is fair

6.4 - fair

What are the pros and cons of being a wealth management advisor?

Pros

High earning potential and job security
Flexibility in work schedule and location
Ability to work independently or as part of a team
Access to industry-leading technology and resources
Chance to work with other professionals, such as attorneys and accountants

Cons

Stress due to managing large sums of money for clients
Risk of legal or ethical issues arising from providing financial advice to clients
Long and irregular work hours, including evenings and weekends
Pressure to meet sales quotas and targets
Difficulty in building a client base in the beginning stages of the career

Key steps to become a wealth management advisor

Explore wealth management advisor education requirements

Most common wealth management advisor degrees

Bachelor's

71.5 %

Master's

17.0 %

Associate

5.5 %

Start to develop specific wealth management advisor skills

Skills	Percentages
Customer Service	11.17%
Insurance Products	8.10%
Securities	7.78%
Portfolio Management	6.88%
Client Relationships	6.72%

Complete relevant wealth management advisor training and internships

Accountants spend an average of 1-2 years on post-employment, on-the-job training. New wealth management advisors learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a wealth management advisor based on U.S. Bureau of Labor Statistics data and data from real wealth management advisor resumes.

Gain additional wealth management advisor certifications

Wealth management advisor certifications can show employers you have a baseline of knowledge expected for the position. Certifications can also make you a more competitive candidate. Even if employers don't require a specific wealth management advisor certification, having one may help you stand out relative to other applicants.

The most common certifications for wealth management advisors include Certified Professional, Life and Health Insurance Program (CPLHI) and Certified Financial Planner (CFP).

More About Certifications

Research wealth management advisor duties and responsibilities

Handle sales of permanent and term insurance, fix annuities, brokerage accounts, mutual funds, and manage money accounts.
Manage FINRA, NASD compliance, quality control and documentation for all stock, bond and option trades place by team.
Manage and strengthen customer relationships through cross-selling and up-selling to maximize retention and income generation by contacting existing and prospective customers.
Contribute MorningStar research reports for mutual fund portfolios.

Prepare your wealth management advisor resume

When your background is strong enough, you can start writing your wealth management advisor resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a wealth management advisor resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose from 10+ customizable wealth management advisor resume templates

Build a professional wealth management advisor resume in minutes. Browse through our resume examples to identify the best way to word your resume. Then choose from 10+ resume templates to create your wealth management advisor resume.

Apply for wealth management advisor jobs

Now it's time to start searching for a wealth management advisor job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do wealth management advisors rate their job?

4/5

Out of 1 Wealth Management Advisor reviews, 100% were positive.

5 stars

4 stars

3 stars

2 stars

1 star

Based on 1 ratings

Pay / salary

4.0

Work/life balance

2.0

Overall rating

4.0

Career growth

3.0

Wealth management advisor reviews

4.0

A zippia user wrote a review on Feb 2024

Pros

Hi pay low pay never know how much you’re gonna get paid

Cons

Never knowing how much you’re gonna get paid

A zippia user wrote a review on Jul 2019