Wealth Management Stereotype Breaker
What pops into your head when you think of wealth management? Smooth talkers working for characters like the Mr Burns, Gareth Bales, and Simon Cowells of this world? Fast-paced living, snappy suits and high salaries?
Wealth management has the air of being a bit of a man’s game in the City. But is this really the case? And is wealth management just about dealing in cash?
Money, money, money…
The aim of the wealth management game certainly is to help the world’s wealthiest get wealthier. This means you could indeed provide either discretionary (when you make investments on behalf of the client) or non-discretionary (provide advise but ultimately the client with make the investment themselves) services to venture capitalists, huge corporations, people with large inheritance packages and celebrities.
The pace of work is often very fast, as you are essentially working on financial markets by relaying information to sales and trading departments (if not conducting these transactions yourself) based on your clients’ needs. This will be interspersed with times where you have to network, conduct research and liaise with client representatives or the client themselves even at associate level (cue that smooth talker stereotype…).
Wealth doesn’t just refer to cash: professionals in wealth management could find themselves handling assets from many different classes such as foreign currencies (the Forex Market) or alternative investments. It’s much more diverse than people may think, and it also calls for a great ability to build relationships and sell things such as the bank’s funds offerings (well, hello again, smooth talkers…).
Wealth management doesn’t have to mean the City…
It’s true that the City of London, as one of the world’s most important financial centres, is a hub for the wealth management industry in the UK. But this doesn’t mean that it’s the only location for wealth management roles. Cities such as Liverpool, Manchester and Edinburgh also have buzzing activity in wealth management – it’s not all about the Big Smoke! Some portfolios may require international travel to liaise with clients too!
Though this industry has also been traditionally male-dominated, the industry is working to foster female talent and career progression. Employers such as investment banks now implement active diversity policies, and anyone with a top academic record is eligible to apply for graduate roles in this field.
It’s likely you won’t ever find yourself quite as well off as the clients you help to make wealthier (the majority of clients in this industry are millionaires). However, this industry does offer the opportunity to earn some extremely high salaries and bonuses!