gradsingapore 'Finance' Career Guide 2023

Page 71

Financial Services Area of Work

Wealth Management

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Trusted advisers who manage a range of financial responsibilities for high-networth clients.

Required skills

A

side from providing professional services in investment advice, wealth management also comprises of services in financial advice, banking, accounting and tax services, retirement planning and legal or estate planning for high-net-worth clients. Because this area of work involves a holistic approach to all parts of an individual’s financial life, high-net-worth persons don’t require more than a single wealth manager to coordinate all financial services vital to managing their assets and meeting current and future financial needs.

General overview Not all wealth managers work in banks – positions can be commonly found in SMEs, and some may even be self-employed. However, in banks, professionals typically only recommend financial products provided by the bank they work for, instead of products available on the whole market. Graduates generally start off with a role in the back office as an administrator or paraplanner, either supporting the company’s business or conducting research on the best products on the market to recommend to clients. Gradually, hires will rise up the ranks and progress into a wealth management role. Alternatively, hopefuls may enrol into a graduate scheme. While it’s possible for individuals to switch from professions in accountancy, law and other financial services to wealth management, it’s also worth noting that recognised professional qualifications – much like the CFA designation – may be needed to boost progression and move into a chosen area of specialty, such as client relationship management or investment. Studies will have to be balanced alongside work.

Although recruiters accept applications from all disciplines, numerate degrees in economics, accounting and finance will put candidates at an advantage. Business and law degrees, as well as courses in risk management, investment and taxation will also catch recruiters’ eyes. Solid mathematical abilities are also a must. Excellent interpersonal and communication skills are key as wealth managers need to be able to explain complicated matters in a simple and clear manner to clients. Analytical skills are also essential in order to give clients suitable advice in response to problems and situations.

Pros and cons Although wealth managers relish helping clients make sound decisions to ensure success in their financial well-being, they can sometimes experience considerably high levels of stress, especially at the start of their careers, due to a number of factors. For example, the financial services industry is highly dependent on domestic and global markets – which can be volatile at times – and clients can have emotional reactions to market changes. Finance Career Guide 2023


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Management Accounting

2min
page 91

Risk Assessment

2min
page 92

Internal Audit

2min
page 90

Forensic Accounting

2min
page 89

Financial Accounting

2min
page 88

Corporate Recovery

1min
page 86

Corporate Treasury

2min
page 87

Corporate Finance

2min
page 85

A Graduate’s Guide to Accountancy Jargon

10min
pages 80-82

Assurance

3min
page 83

Commercial Finance

2min
page 84

Why is it So Important to Qualify as a Professional Accountant?

1min
page 79

Getting a Graduate Job in Accounting

2min
page 78

Wealth Management

2min
pages 71-73

and Financial Management

2min
pages 76-77

Statistics

2min
page 70

Retail Banking

2min
page 69

Insurance

4min
pages 66-67

Insurance Underwriting

1min
page 68

Actuarial Science

3min
page 65

The Financial Service Alphabet

8min
pages 62-64

Finance Industry

5min
pages 60-61

Financial Services

2min
pages 58-59

At a Glance: Financial Services

2min
pages 56-57

Structured Finance

3min
pages 54-55

Stockbroking

1min
page 53

Specialist Markets

2min
page 52

Private Wealth Management

2min
page 50

Risk Management and Control

2min
page 51

Operations

1min
page 49

Investment Management

2min
page 48

Investment Banking

2min
page 47

Investment Analyst

2min
page 46

Inter-Dealer Broking

2min
page 45

Financial Markets

2min
page 44

Employees

7min
pages 36-37

Economist

2min
page 42

Job-Speak

8min
pages 38-40

Corporate Banking

2min
page 41

Finance IT

2min
page 43

Investment

2min
pages 34-35

Crafting Your Resume

3min
pages 22-23

Is a Career in Finance for Me?

2min
pages 12-13

Pros and Cons of Pursuing a Career in the Finance Industry

1min
pages 20-21

Preparing Your Cover Letter

3min
pages 24-25

Tackling Assessment Centres

3min
pages 28-29

At a Glance: Banking and Investment

3min
pages 32-33

Industries in the Financial Sector

2min
pages 10-11

Acing Your Interview

4min
pages 26-27
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