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Thinking of Being a Wealth Manager? Here are Some Things Clients Want

In financial services, one of the sectors that seems to be consistently hiring is the wealth management and private banking sector. But before you make the leap from investment banking or are considering a career in wealth management, here are 10 things you need to be able to show prospective clients in order to grow a successful book of business, according to George Mentz, a financial services consultant and attorney with Mentzhausen Management Consulting of Metairie, Louisiana.

1. Experience 

  • Make sure you can show prospective clients a track record of success. Nobody wants to hand their hard-earned money over to a novice.

2. Accredited Education (Level 2) Preferred

  • Make sure you received an education from a program that is accredited. Also, if you have a degree or diploma from a Level 2 institution that has both regional accreditation and business accreditation, that is the best. It also helps to have a business degree from an ACBSP or AACSB accredited program. This is the highest form of business school educational requirements.  This accredited coursework is generally preferred for CPA licensure, Bar Exams and certifications from organizations such as the AAFM (American Academy of Financial Management). Level 2 means that both the college or university is accredited and the business school is also separately accredited by a Council of Higher Education government recognized body. The ACBSP, AACSB or EQUIS are examples of Level 2 accreditation while education from an ABA (American Bar Association) education would also be Level 2. Generally, credits from Level 2 business schools are easily transferred from one top institution to another.

3. Licenses

  • Are you licensed with the SEC or FINRA and do you have a record of good standing?

4. Government Professional License

  • Are you a lawyer or CPA? If so, clients can check with the state bar association or AICPA to make sure you have a solid record.

5. Regulatory and Product Knowledge

  • Make sure you have the ability to recommend a broad array of solutions for your wealth preservation and growth.

6. Qualifications

  • Being a member of the CWM ® Chartered Wealth Manager Institute, a board-certified Accredited Financial Analyst ® or Chartered Wealth Manger ® also helps.

7. Value and Compensation

  • How you are compensated makes a difference to clients. Clients don't mind that you get paid for their work, but they want to get value for what they pay for and don't want any double dipping. Some advisors charge a fee for advice and then invest clients in products that also have fees.

8. Wealth Team

  • Are you part of a wealth management team? Many clients prefer to have a group or team to help them in the areas of investing, financial planning, wealth preservation, risk and insurance, trusts, legal, retirement and tax.

9. Customer Regulations

  • Know your clients' objectives and understand their suitability, risk tolerance and time horizon.

10. Policy Statement

  • Provide an Investment Policy Statement that outlines what you will do for them and the limitations involved.
AUTHORFred Yager Insider Comment
  • De
    Deborah Lagutaris
    20 May 2016

    This amazing list crystallized my thinking about instituting meetings between groups of experts who could serve as a Wealth Management Team.

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