Private wealth management is the highly lucrative business of managing the finances of high net-worth clients. In plain English this means helping wealthy clients decide how to invest, how to protect their finances and ultimately how to grow their wealth to create a stronger portfolio. Private wealth management can seem like an untouchable world that is hard to break into as a management student. However with a little bit of hard work and guidance, it is possible to start a successful career.
It is an extremely competitive field with few jobs and high demands both on your time and of your skills. Graduates need to ensure they are well versed in the financial markets, have excellent communication and customer service skills as well as being discreet and trustworthy. In addition, graduates must be steadfast and responsible as they may be solely accountable for hundreds of thousands of pounds of investments. This is not a job for the feint hearted!
So how do you prepare for a future career in wealth management? What steps can you take to get closer to your goal?
Firstly make sure that it is definitely what you want to do as it is not an easy ride and you have to be committed if you are to be successful. Be prepared to put in long hours in stressful situations and be flexible to the needs of your clients and employer. To find out more about the world of private wealth management and help decide if it is for you, conduct some basic internet research to find out more about it and read about other's careers and studying experiences.
Make sure that you do your research and find out as much as possible about companies that you might be interested in working for. Companies such as Sanlam Private Investments have information on their website about what they are looking for in their recruitment process . It is also possible to apply for internships and work experience through other companies that might give you the on the job knowledge you need for a successful application.
Also, remember this is an international field so speaking more than one language is definitely a bonus and will put you ahead of the game. If you don't speak another language, perhaps consider taking up something widely spoken as an evening course to add another string to your bow. You could even arrange to study abroad for some of your programme or travel and work abroad during the summer breaks, anything that adds an international flavour to your CV.
Lastly, read up on how people are independently managing their portfolios. Quite often, high net-worth clients will start by managing their own portfolios until they grow too big to manage or until they feel that they need guidance and advice on how best to move forward. Understanding independent portfolio management can give you a great insight into your potential client base and ensure that you are aware of their needs.
Now it's over to you; get studying, get researching and get working!