Careers in Wealth Management

Article byWallstreetmojo Team
Edited byAshish Kumar Srivastav
Reviewed byDheeraj Vaidya, CFA, FRM

List of Top 5 Careers in Wealth Management

Below are some of the wealth management jobs that a person can opt for.

Career in Wealth Management

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Overview of Wealth Management Career

Wealth management career involves rendering Financial Advisory Services, Accounting Services, Estate Planning, Insurance Policies, Investments in Equity & Debt Markets, Retirement Planning, etc. The wealth management job is an Advisory Desk of the Company where a Single Person being a Professional in the Field is allotted to the HNI Clients to understand their requirements and satisfy them with the best Financial Solution to Grow their Asset base.

The Wealth Management Professional is the person who is the Single Point of Contact between the HNI Client and the Company. He will use both Internal & external means to arrive at a Conclusion to provide the best possible mix to the Client. The wealth Management Department is more aggressive when the Economy is Growing, and Equity MarketsEquity MarketsAn equity market is a platform that enables the companies to issue their securities to the investors; it also facilitates the further exchange of these stocks between the buyers and sellers. It comprises various stock exchanges like New York Stock Exchange (NYSE).read more are at its peak & there are more Investments—coming in the Markets from and HNI Investors.

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Let us now discuss the top 5 careers in wealth management in detail –

Career #1 – Personal Financial Advisor

Who is the Personal Financial Advisor?

He is the one who personally meets the Clients in recommending them the best possible option for their Financial Planning, Accounting, Estate Planning, and Insurance.

Personal Financial Advisor – Job Description
ResponsibilitiesResponsible for sourcing new clients for the company from the market by cross-selling various financial products to them.
DesignationFinancial Advisor
Actual RoleMeet new people on a daily basis and try to convince them by recommending various financial products like mutual funds, stocks, insurance, etc to achieve their financial goals and investments.
Top CompaniesBoston Consultancy Group, Travelers, Cisco, Goldman Sachs, Deloitte, Morgan Stanley, J.P Morgan
SalaryThe median annual salary for a personal financial advisor as of 2016 was $ 88,890.
Demand & SupplyKeeping pace with the current technological advances, the demand for this profile has gone down significantly because there are multiple online modes available for people to make their informed decision and invest in their favored product without and personal help.
Education RequirementCPA/MBA from tier -1 universities with at least 5-10 yrs of experience.
Recommended CoursesCPA/MBA
PositivesClient facing role as you have to convince the client to buy your product which increases your marketing & business skills.
NegativesMany people prefer to do direct investments rather than going through a personal financial advisor since it comes with a cost.

Career #2 – Relationship Manager

Who is a Relationship Manager?

He is the one who is Single Point of Contact for the HNI Client and the Wealth Management Firm.

Relationship Manager – Job Description
ResponsibilitiesResponsible for sourcing business for the company by understanding the risk profile of the client and maintaining a long-lasting relationship with them for gaining repetitive business.
DesignationRelationship Manager
Actual RoleSource new business and coordinate with the internal departments to get it executed.
Job StatisticsAs per the bureau of labour statistics of the US, the number of jobs in this category was 3,85,500 as of 2016 and are expected to grow by 7% from 2016 to 2026.
Top CompaniesFidelity, Wells Fargo, Goldman Sachs, Morgan Stanley, J.P Morgan, and Vanguard Group
SalaryThe median annual salary for a relationship manager as of 2016 was $ 1,24,220.
Demand & SupplyThe demand and supply ratio will totally depend upon the growth or contraction of the sector in which the company operates along with the government policies that will favor the financial services industry.
Education RequirementCFA/CFP/CPA/MBA from Tier -1 universities with at least 5-10 yrs of experience.
Recommended CoursesCPA/MBA/CFA/CFP/FRM
PositivesAnalytical skills become sharp and a chance to work along with all the asset classes.
NegativesSales Targets can be a burden on the employee.

Career #3 – Director of Business Development

Who is the Director of Business Development?

He is the one who leads the Business Development Team in the Company.

Director of Business Development – Job Description
ResponsibilitiesBuilding strong relationships with Ultra HNI clients and investors in the market.
DesignationDirector – Business Development
Actual RoleLead the team of relationship managers in the company and mentor them with the right kind of training and guidance required for the job.
Job StatisticsSince it is a management-level position, the statistics are not readily available on the web.
Top CompaniesFidelity, Wells Fargo, Goldman Sachs, Morgan Stanley, J.P Morgan, and Vanguard Group
SalaryThe median annual salary for a personal business development director will go anywhere between $2,00,000 – $5,00,000 depending upon the salary structure.
Demand & SupplyHighly demanded profile in the market since it requires extensive experience and sector expertise. It is the most demanding job in the industry where the supply is limited and demand is increasing day by day.
Education RequirementCFA/CFP/FRM/CPA/MBA from tier -1 universities with at least 15-20 yrs of experience.
Recommended CoursesCPA/MBA/CFA/CFP
PositivesLeading role in the company and sole responsibility for generating business for the organization.
NegativesRisky profile since the monthly targets need to be achieved.

Career #4 – AVP – Portfolio Management

Who is AVP?

He is the one who heads the PMS Department of the Wealth Management Firm.

AVP – Portfolio Management – Job Description
ResponsibilitiesResponsible for end-to-end operations of the PMS dept and monitor the portfolios of the HNI clients and service their needs.
DesignationAVP – PMS
Actual RoleOperational support to the fund manager by servicing the HNI clients on demand.
Job StatisticsIt varies from country to country.
Top CompaniesFidelity, Wells Fargo, Goldman Sachs, Morgan Stanley, J.P Morgan, and Vanguard Group.
SalaryThe median annual salary for an AVP PMS would be between $ 75,000 – $1,50,000.
Demand & SupplyVery high demand in the growing market since many accounts get opened when the stock market is at its peak, which requires a senior-level service.
Education RequirementCFA/CPA/MBA from tier -1 universities with at least 8-10 yrs of experience.
Recommended CoursesCPA/ MBA/CFA/CFP
PositivesDirect interaction with the portfolio manager of the company and good insights into the financial markets.
NegativesDesk job and client servicing can be boredom for a person who likes to market himself and generate business for the organization.

Career #5 – Investment Counselor

Investment Counselor – Job Description
ResponsibilitiesResponsible for providing the right solution to the customer as per his requirement.
DesignationInvestment Counselor
Actual RoleWorks closely with the product team in the company.
Job StatisticsIt varies from company to company.
Top CompaniesFidelity, Wells Fargo, Goldman Sachs, Morgan Stanley, J.P Morgan, and Vanguard Group.
SalaryThe median annual salary for an investment counselor would be between $ 100,000 – $2,00,000.
Demand & SupplyVery much demanded profile in the market since it comes along with a lot of experience in the field since a personal touch is required to handhold the client, understand his requirement and then offer him the best solution.
Education RequirementCFP/CFA/CPA/MBA from tier -1 universities with at least 8-10 yrs of experience.
Recommended CoursesMBA/CFA
PositivesMeet new people and develop good relations within the organization.
NegativesDesk job and client servicing can be boredom for a person who likes to market himself and generate business for the organization.


Wealth Management is one of the Exciting Careers which one can look at in the long term as they will be exposed to multiple Asset ClassesAsset ClassesAssets are classified into various classes based on their type, purpose, or the basis of return or markets. Fixed assets, equity (equity investments, equity-linked savings schemes), real estate, commodities (gold, silver, bronze), cash and cash equivalents, derivatives (equity, bonds, debt), and alternative investments such as hedge funds and bitcoins are more like Stocks, BondsBondsBonds refer to the debt instruments issued by governments or corporations to acquire investors’ funds for a certain more, Estate Planning, PMS, AIF, Mutual fundsMutual FundsA mutual fund is a professionally managed investment product in which a pool of money from a group of investors is invested across assets such as equities, bonds, etcread more, Retirement Plans, Government Securities, Treasury BillsTreasury BillsTreasury Bills (T-Bills) are investment vehicles that allow investors to lend money to the more, etc. However, the Candidate would require special expertise in one of these Asset Classes to make a specialization in this field in the long term. For example, A Statistical Analyst will be the best person for a Retirement Planning Role, and a Financial Analyst will be best suited to sell PMS/AIF/Mutual Funds/Stocks.

Recommended Articles

This has been a guide to Wealth Management Careers. Here we provide the top 5 wealth management careers list, including a Personal Financial Advisor, Relationship Manager, AVP Portfolio Management, etc. You may also have a look at these articles below –

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