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Wealth Management

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Industry Overview

What is wealth management?

As the term rather aptly suggests, wealth management is all about helping wealthy people and organisations to manage their money. There are some very rich people in the world, and they often call on the services of professionals to give them advice on how they can appropriately invest their money to make as much as possible and achieve their personal aims. We’re talking managing accounts sometimes worth millions, even billions of pounds!

Someone who works in wealth management will be very likely to spend a lot of time building strong professional relationships with their clients, who are often high net worth individuals (a financial term for very wealthy people). Trust is indispensable; the client looks to their wealth management experts to have the hottest knowledge on potential markets and investment opportunities and the economy. In some instances, the client will place responsibility for their account management with experts in the faith that they will look after their money, invest it in the right places and grow it. No pressure!

This field involves plenty of one-on-one meetings with the clients and potentially also their representatives and other advisers such as solicitors. In these meetings there will generally be a review of the client’s account, life plans and wider economic developments. The aim is to work out exactly what the client wants to achieve and to develop a strategy for what they can do with their money to really make the most out of it and achieve their goals.

People are also needed in this industry to analyse investment opportunities according to the specific requirements and strategies set out from discussions with each client. Some may have interests in one particular area of investment alone; others will be keen to invest in promising new ventures and markets. The key is to make the right decisions at the right time, and not to lose any money at all costs! (No pun intended.)

Great relationship building skills and exceptional market knowledge, as well as a sharp eye for a lucrative investment, are vital qualities for wealth management professionals. If you can listen carefully to client needs and act quickly to grow their assets and keep them happy, you could earn a very good salary yourself in this industry!

Why is wealth management important?

People and organisations with substantial amounts of money will always need advice on how to make the very best of it, and make more of it. The advantage of having a team of people to research opportunities for them and advise accordingly is that they are free to get on with their own professional and personal affairs with peace of mind that their aims are being taken care of.

The advantage for the professionals who work in this industry is that it offers a lot of opportunity to research into a number of different markets and utilise a number of different skills. They sometimes help wealthy individuals and organisations to support very good causes with their investments.

Areas of wealth management…

Private Banking High net worth individuals require either discretionary or advisory services from analysts, advisors, statisticians and administrators in this field to manage their money.

Fiduciary ServicesIndividuals who work in this area support individuals who are legally entrusted with managing assets on behalf of someone else, for example a child or elderly person who is unable, for whatever reason, to do it themselves.

Research & Strategy Each account needs experts to delve into relevant markets and conduct research on the economy and investment opportunities t. This helps professionals in this field to know where to put the pounds in the right place! It allows for the development of wealth management strategies.

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Being the middle man between your client and the options available!

Fiduciary Services

Helping high net worth individuals tackle how to grow and pass over assets and inheritance

Private Banking

Dealing with high profile individuals and companies who need extra support to manage their money.

Research & Strategy

Working out what is best to advise your high net worth clients!

Wealth Management Stereotype Breaker
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