A Wealth Management Advisor is a consultant of a sorts, mainly hired by financial institutions to cater to affluent clients, though sometimes they may be entrepreneurs or be hired as freelancers by the clients themselves. As the name suggests, the position entails advising said clients on investment in various markets, but more so, they must communicate with the customer about taxes and other financial matters. In that sense, this position requires expertise in many diverse areas. An Advisor might have to work with others, such as lawyers and accountants, to craft the best investment and financial plan possible.
Depending on the employer, a Bachelor's in Finance, Business, or Economics, or a related field of study might be enough, but some might ask for a Master's in similar subjects.
There is more than meets the eye when it comes to being a wealth management advisor. For example, did you know that they make an average of $31.47 an hour? That's $65,461 a year!
Between 2018 and 2028, the career is expected to grow 7% and produce 19,100 job opportunities across the U.S.
There are certain skills that many wealth management advisors have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed analytical skills, interpersonal skills and math skills.
When it comes to the most important skills required to be a wealth management advisor, we found that a lot of resumes listed 11.0% of wealth management advisors included customer service, while 8.6% of resumes included life insurance, and 8.2% of resumes included portfolio. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the wealth management advisor job title. But what industry to start with? Most wealth management advisors actually find jobs in the finance and insurance industries.
If you're interested in becoming a wealth management advisor, one of the first things to consider is how much education you need. We've determined that 67.2% of wealth management advisors have a bachelor's degree. In terms of higher education levels, we found that 15.8% of wealth management advisors have master's degrees. Even though most wealth management advisors have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a wealth management advisor. When we researched the most common majors for a wealth management advisor, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on wealth management advisor resumes include associate degree degrees or diploma degrees.
You may find that experience in other jobs will help you become a wealth management advisor. In fact, many wealth management advisor jobs require experience in a role such as finance advisor. Meanwhile, many wealth management advisors also have previous career experience in roles such as vice president or internship.