Brokers in wealth management act as the middle man on behalf of their clients who are looking to invest in all sorts of securities and asset groups. They are the ones who will simply do the buying and selling for them. They could work on investments in anything; from the ‘plain vanilla’ more traditional securities like stocks and bonds to alternative assets.
What’s brokerage in wealth management about?
Unlike financial planning, brokers within wealth management only work with the most experienced investors who really know their stuff and will carry out their clients’ wishes when it comes to transactions. It’s not an advisory service they provide, as financial planners, financial advisers and wealth managers would. The investors need to have an excellent grasp of the types of risks they may face when they put their money on the table.
What does it take to work in brokerage?
Brokerage is a sales-orientated environment, so you’ll need to be cool and confident on the phone to make sure you get the best deals for your client. And brokers can make rather a rather hefty commission on the sales they make! Make the deals for your clients, and you could be looking at a salary of £40,000 to £70,000 a year or even more once you’ve gained enough experience. Your salary can rise incredibly quickly once you’re in the door.