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Become A Wealth Management Advisor

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Working As A Wealth Management Advisor

  • Getting Information
  • Evaluating Information to Determine Compliance with Standards
  • Interacting With Computers
  • Making Decisions and Solving Problems
  • Establishing and Maintaining Interpersonal Relationships
  • Mostly Sitting

  • $83,000

    Average Salary

What Does A Wealth Management Advisor Do

Personal financial advisors provide advice on investments, insurance, mortgages, college savings, estate planning, taxes, and retirement to help individuals manage their finances.  

Duties

Personal financial advisors typically do the following:

  • Meet with clients in person to discuss their financial goals
  • Explain the types of financial services they provide to potential clients
  • Educate clients and answer questions about investment options and potential risks
  • Recommend investments to clients or select investments on their behalf
  • Help clients plan for specific circumstances, such as education expenses or retirement
  • Monitor clients’ accounts and determine if changes are needed to improve the performance or to accommodate life changes, such as getting married or having children
  • Research investment opportunities

Personal financial advisors assess the financial needs of individuals and help them with decisions on investments (such as stocks and bonds), tax laws, and insurance. Advisors help clients plan for short- and long-term goals, such as meeting education expenses and saving for retirement through investments. They invest clients’ money based on the clients’ decisions. Many advisors also provide tax advice or sell insurance.

Although most planners offer advice on a wide range of topics, some specialize in areas such as retirement or risk management (evaluating how willing the investor is to take chances and adjusting investments accordingly).

Many personal financial advisors spend a lot of time marketing their services, and they meet potential clients by giving seminars or through business and social networking. Networking is the process of meeting and exchanging information with people, or groups of people, who have similar interests.

After financial advisors have invested funds for a client, they and the client receive regular investment reports. Advisors monitor the client’s investments and usually meet with each client at least once a year to update the client on potential investments and to adjust the financial plan based on the client’s circumstances or because investment options may have changed.

Many personal financial advisors are licensed to directly buy and sell financial products, such as stocks, bonds, annuities, and insurance. Depending on the agreement they have with their clients, personal financial advisors may have the client’s permission to make decisions about buying and selling stocks and bonds.

Private bankers or wealth managers are personal financial advisors who work for people who have a lot of money to invest. These clients are similar to institutional investors (commonly, companies or organizations), and they approach investing differently than the general public does. Private bankers manage a collection of investments, called a portfolio, for these clients by using the resources of the bank, including teams of financial analysts, accountants, and other professionals.

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How To Become A Wealth Management Advisor

Personal financial advisors typically need a bachelor’s degree. A master’s degree and certification can improve one’s chances for advancement in the occupation.

Education

Personal financial advisors typically need a bachelor’s degree. Although employers usually do not require personal financial advisors to have completed a specific course of study, a degree in finance, economics, accounting, business, mathematics, or law is good preparation for this occupation. Courses in investments, taxes, estate planning, and risk management are also helpful. Programs in financial planning are becoming more available in colleges and universities.

Training

Once they are hired, personal financial advisors often enter an on-the-job training period. During this time, new advisors work under the supervision of senior advisors and learn how to perform their duties, including building a client network and developing investment portfolios. This training usually lasts for more than a year.

Licenses, Certifications, and Registrations

Personal financial advisors who directly buy or sell stocks, bonds, or insurance policies, or who provide specific investment advice, need a combination of licenses that varies with the products they sell. In addition to being required to have those licenses, advisors in smaller firms that manage clients’ investments must be registered with state regulators and those in larger firms must be registered with the Securities and Exchange Commission. Personal financial advisors who choose to sell insurance need licenses issued by state boards. Information on state licensing board requirements for registered investment advisors is available from the North American Securities Administrators Association.

Certifications can enhance a personal financial advisor’s reputation and can help bring in new clients. The Certified Financial Planner Board of Standards offers the Certified Financial Planner (CFP) certification. For this certification, advisors must have a bachelor’s degree, complete at least 3 years of relevant work experience, pass an exam, and agree to adhere to a code of ethics. The exam covers the financial planning process, insurance and risk management, employee benefits planning, taxes and retirement planning, investment and real estate planning, debt management, planning liability, emergency fund reserves, and statistical modeling.

Advancement

A master’s degree in an area such as finance or business administration can improve a personal financial advisor’s chances of moving into a management position and attracting new clients.

Important Qualities

Analytical skills. In determining an investment portfolio for a client, personal financial advisors must be able to take into account a range of information, including economic trends, regulatory changes, and the client’s comfort with risky decisions.

Interpersonal skills. A major part of a personal financial advisor’s job is making clients feel comfortable. Advisors must establish trust with clients and respond well to their questions and concerns.

Math skills. Personal financial advisors should be good at mathematics because they constantly work with numbers. They determine the amount invested, how that amount has grown or decreased over time, and how a portfolio is distributed among different investments.

Sales skills. To expand their base of clients, personal financial advisors must be convincing and persistent in selling their services.

Speaking skills. Personal financial advisors interact with clients every day. They must explain complex financial concepts in understandable language.

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Wealth Management Advisor Career Paths

Wealth Management Advisor
Project Manager General Manager
Regional Vice President
11 Yearsyrs
Project Manager Owner Vice President
Group Vice President
9 Yearsyrs
Project Manager Assistant Vice President
Commercial Lending Vice President
11 Yearsyrs
Consultant General Manager Director Of Sales
Regional Sales Vice President
11 Yearsyrs
Consultant Account Manager Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Consultant Manager Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Senior Advisor Operations Manager Branch Manager
Business Development Officer
7 Yearsyrs
Senior Advisor Program Manager Portfolio Manager
Senior Portfolio Manager
10 Yearsyrs
Senior Advisor Operations Manager Regional Sales Manager
Vice President & Sales Manager
9 Yearsyrs
Branch Manager Office Manager Controller
Finance Services Director
10 Yearsyrs
Branch Manager Account Manager Relationship Manager
Business Relationship Manager
9 Yearsyrs
Relationship Manager Portfolio Manager
Investments Manager
6 Yearsyrs
Team Leader Assistant Store Manager Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Team Leader Operation Supervisor Assistant Branch Manager
Bank Manager
5 Yearsyrs
Team Leader Account Manager Client Services Manager
Client Relationship Manager
7 Yearsyrs
Manager Store Manager Market Manager
Market Sales Manager
6 Yearsyrs
Business Developer Senior Sales Representative Senior Specialist
Property Management Specialist
7 Yearsyrs
Manager Office Manager Accountant And Office Manager
Finance Account Manager
5 Yearsyrs
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Do you work as a Wealth Management Advisor?

Wealth Management Advisor Demographics

Gender

Male

60.7%

Female

28.7%

Unknown

10.6%
Ethnicity

White

59.0%

Hispanic or Latino

15.7%

Black or African American

11.5%

Asian

9.5%

Unknown

4.3%
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Foreign Languages Spoken

Spanish

43.6%

French

17.9%

Chinese

5.1%

Mandarin

5.1%

Portuguese

3.8%

German

3.8%

Cantonese

3.8%

Arabic

3.8%

Dutch

2.6%

Hungarian

2.6%

Czech

1.3%

Romanian

1.3%

Russian

1.3%

Serbian

1.3%

Korean

1.3%

Italian

1.3%
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Wealth Management Advisor Education

Schools

University of Phoenix

13.0%

Fordham University

7.1%

University of Houston

6.7%

New York University

5.4%

DePaul University

5.4%

American College

5.4%

Florida International University

5.4%

University of Florida

5.0%

University of Maryland - College Park

5.0%

Arizona State University

5.0%

University of Pennsylvania

4.6%

Villanova University

3.8%

Webster University

3.8%

Georgetown University

3.8%

Pennsylvania State University

3.8%

University of Connecticut

3.8%

University of Iowa

3.3%

Boston College

3.3%

University of Washington

3.3%

Northwestern University

2.9%
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Majors

Business

31.9%

Finance

25.6%

Accounting

5.7%

Economics

4.8%

Management

4.2%

Marketing

4.1%

Political Science

2.7%

Law

2.6%

Computer Science

2.0%

Communication

2.0%

Psychology

2.0%

Nursing

1.9%

Education

1.8%

Criminal Justice

1.5%

Human Resources Management

1.4%

English

1.3%

History

1.2%

Information Technology

1.2%

Liberal Arts

1.0%

Real Estate

0.9%
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Degrees

Bachelors

46.7%

Masters

28.1%

Other

14.3%

Doctorate

3.4%

Associate

3.3%

Certificate

3.1%

Diploma

0.9%

License

0.1%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$83,000
View Detailed Salary Report
$42,000
Min 10%
$83,000
Median 50%
$83,000
Median 50%
$83,000
Median 50%
$83,000
Median 50%
$83,000
Median 50%
$83,000
Median 50%
$83,000
Median 50%
$160,000
Max 90%
Best Paying Company
Ping Identity
Highest Paying City
San Rafael, CA
Highest Paying State
Oregon
Avg Experience Level
2.8 years
How much does a Wealth Management Advisor make at top companies?
The national average salary for a Wealth Management Advisor in the United States is $83,186 per year or $40 per hour. Those in the bottom 10 percent make under $42,000 a year, and the top 10 percent make over $161,000.

Real Wealth Management Advisor Salaries

Job Title Company Location Start Date Salary
Wealth Advisor JP Morgan Chase & Co New York, NY Feb 02, 2016 $235,000
Wealth Advisor Jpmorgan Chase & Co. New York, NY Feb 01, 2015 $235,000
Learning Management Systems Advisor Brunel Energy, Inc. Houston, TX Mar 15, 2011 $234,000
VP, Private Wealth Management Client Advisor Jpmorgan Chase & Co. New York, NY Oct 16, 2012 $200,000
Management of Change Advisor Chevron Corporation Bakersfield, CA Apr 26, 2012 $177,396
International Trust and Wealth Planning Advisor CISA Latam, LLC Miami, FL Oct 01, 2015 $170,000
International Trust and Wealth Planning Advisor CISA Latam LLC Miami, FL Oct 01, 2012 $150,000
Carbon Management Advisor Chevron Corporation San Ramon, CA Aug 27, 2012 $146,000
Wealth Planning Advisor EFG Capital International Corporation Miami, FL Aug 03, 2016 $145,000
Wealth Planning Advisor EFG Capital International Corporation Miami, FL Jul 06, 2015 $145,000
Senior Wealth Management Advisor BTG Pactual Us Asset Management Corp. New York, NY Sep 29, 2011 $142,002 -
$180,000
Wealth Management Advisor BTG Pactual Us Asset Management Corp. New York, NY Jul 01, 2011 $136,989 -
$140,000
Management Advisor Amerit Consulting, Inc. Lafayette, CA May 25, 2011 $111,655
Advisor, Project Management CVS Pharmacy, Inc. Woonsocket, RI Oct 01, 2015 $107,889
Application Management Advisor Dell Marketing LP Round Rock, TX Jun 22, 2016 $94,765
Application Management Advisor Dell USA LP Round Rock, TX Apr 10, 2016 $94,765
Release Management Advisor Wellpoint, Inc. VA Aug 22, 2014 $94,598 -
$110,500
Release Management Advisor Wellpoint, Inc. Richmond, VA May 26, 2014 $94,598 -
$110,500
Delivery Management Advisor Dell Marketing, LP CA Jun 08, 2012 $92,773
Application Management Advisor Dell USA LP Round Rock, TX Jul 30, 2015 $92,628
Advisor: Project Management Computer Sciences Corporation Irving, TX Jun 17, 2014 $92,560
Release Management Advisor Wellpoint, Inc. Walnut Creek, CA Aug 04, 2014 $92,500 -
$110,500
Release Management Advisor Wellpoint, Inc. Richmond, VA Sep 30, 2013 $85,800 -
$95,800
Release Management Advisor Wellpoint, Inc. Richmond, VA Nov 18, 2013 $85,800 -
$95,800
Management Adviser Kuramo Capital Management, LLC New York, NY Jan 09, 2016 $85,567
Application Management Advisor Dell USA, LP Round Rock, TX Apr 22, 2013 $85,238
Application Management Advisor Dell USA, LP Round Rock, TX Aug 15, 2013 $85,238
Release Management Advisor Senior Wellpoint, Inc. Indianapolis, IN Sep 24, 2012 $85,051 -
$115,500
Associate Wealth Management Advisor John R. Mara Boston, MA Sep 13, 2016 $85,000
Application Management Advisor Dell Marketing L.P. Nashville, TN Jan 19, 2015 $85,000

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Top Skills for A Wealth Management Advisor

  1. Comprehensive Financial Plans
  2. Asset Allocation
  3. Portfolio
You can check out examples of real life uses of top skills on resumes here:
  • Prepared comprehensive financial plans with an emphasis on tax and estate planning strategies.
  • Provided professional asset allocation advice to clients according to their investment preference and risk avoidance level.
  • Establish and acquire organic and existing individual relationships to evaluate and strengthen financial portfolio in non-variable products.
  • Provided a high level of individualized, comprehensive brokerage financial services and investment strategies to clients.
  • Organize events in order to attract new clients and prospects - Seminars, Dinners, and Entertainment.

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