It’s where Wall Street meets main street. It’s a job where you can pursue the excitement of the financial markets while providing real value to real people. Families and individuals benefit greatly from your work. You will be their advocate and advisor in every financial decision. They will trust you enough to share their dreams and fears. Whether you are helping them build a retirement nest egg, or planning their children’s college fund, you get to help shape peoples financial futures. This is where an investing career doesn’t have to be a zero sum game.
You are a young, and energetic with an interest in financial markets. That means you should accept an investment banking analyst job, right?
Before taking that leap, consider the bigger picture. A career in wealth management will allow you to pursue your interest in financial markets, make a great living, and have a life outside of the office. You shouldn’t have to work 100 hour weeks and sell your soul for a career in finance. With wealth management, you don’t have to.
The skills you learn as a financial advisor will be helpful throughout your professional career and life. This includes both savvy financial skills on the best ways to plan for retirement, portfolio diversification, or soft skills like how to build trust, and a client base. It’s an apprenticeship career and with the right mentor early on, these are vital skills you can use regardless of the trajectory of your career and life.
You don’t have bosses in this job. You have clients. This is a job for self starters with an independent streak.
Moreover as become more experienced, Financial Advisors can set up their very own branch. These branches are often under the flag of financial behemoths like Morgan Stanley and Merrill Lynch, but they operate like their own separate businesses and the large investment banks treat them as such. This gives the financial advisor significant autonomy to run their business, manage clients and make investment decisions.
Compensation usually includes a base salary and incentive compensation for exceeding certain benchmarks. As you build a bigger roster of trusted clients, you effectively grow revenue by increasing assets under management, issuing new loans, and by selling investment products, and as you grow revenue — your bonuses grow too. Firms compete aggressively for talented wealth managers who have a proven ability to build trusted relationships, and seasoned financial advisors can easily make in the seven figures.
Successful financial advisors go on to manage the wealth of the World’s most influential people. For example, in 2004, Goldman Sachs Group private-client adviser Divesh Makan was able to secure many of Facebook’s first employees as clients including Mark Zuckerberg, and Sean Parker. When Mr. Makan and his team left Goldman Sachs and moved to Morgan Stanley in 2008, he reportedly received a signing bonus of roughly $20 million. Mr. Makan his and colleagues then founded their own firm, Iconiq Capital and created an even larger advisory practice with an impressive client list. Successful people need and value the skills of a good financial manager, and if you have the ability to build trust — then you too can one day be an advisor to the stars.
Passionate about the financial markets and want a career without moving to NYC? You don’t have to. Wealth managers tend to be close to their clients. And their clients are everywhere. So build a great career from right where you are!
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