Private wealth management is one of the untapped market sectors in India. If we look at figures, it can be seen that only one fifth of the existing potential clients (high net worth individuals) are being currently serviced by wealth management companies. The amount that is going to witness inter generational transfer in the next decade is estimated to be more than $128 billion. There are many banks as well as specialized institutions offering wealth management services in the country.
A career in wealth management exposes one to the very fine dynamics of the financial market. The initial few months (max. 6 months) is the training period after which one is almost on his own. The company provides basic infrastructure in the form of office space and other facilities but one need to find his own clients. This is what one is trained in during the training period. Keeping track of potential clients involve having the latest knowledge about the latest entries in the list of entrepreneurs in India, companies with potential of wealth generation in India, private equity firms, hedging strategies, etc. one needs to rope in high net worth individuals and convince them to entail your services for wealth management. The best (and also worst according to many) is the fact that one doesn’t report to anyone. There is no set guidelines as to who one has to work with or whose help is supposed to be taken. The decision is totally yours. One can work alone or be a part of a team.
In simple terms, the job requires gathering assets, managing the finances of the client by formulating plans, executing the plans and keep adapting according to market conditions.
For such a challenging task the career is a highly rewarding one for those who survive the initial 2-3 years.