Like any career in finance, starting out in wealth management provides a significant opportunity to not only reap financial rewards for employees within the sector but also to enjoy a fulfilling and rewarding career as you help others realise their financial dreams.
The wealth management sector in Australia consists of a range of services including financial advice, portfolio & fund management, insurance and superannuation.
The role of an advisor, trader, analyst or just about any position within the wealth management industry is to put their own interests aside and have a customer-centric view of how they run their trade, their products and service.
What the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry determined, was the too many people in the wealth management segment were not doing this at all, rather looking after their own trailing commissions and interests in the products and services they were recommending to clients.
Whether you’re a recent graduate from school, university or currently working in a different industry or role and you are looking for a rewarding career iteration, the best way to start out in wealth management is by getting runs on the board.
Most jobs these days in every sector require experience, but the irony is that you need a job to get experience – this is where internships come in.
Applying for an internship within the wealth management industry is the best way to get an understanding of the roles available, the different types of services and you get experience, which could lead to instant employment or other opportunities.
In addition, it is paramount that you don’t simply rest on your laurels as a professional – or soon to be professional – in the wealth management space. It is important that you continue to learn, evolve and self-develop through additional courses, webinars, seminars, online training platforms.
The final element for wealth managers is emotional intelligence. This is one of the most important elements that is was clearly lacking in the industry as outlined in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The commission found professionals in the space didn’t always act for the client’s best interests, instead of acting in the interest of their company and their shareholder's profits.
In these examples financial advice was given, products were sold and in many cases, fraud occurred as the professionals lacked the emotional intelligence, empathy, accountability and responsibility to be a meaningful professional in the wealth management segment.
With great power comes great responsibility, and as a professional in the wealth management segment, individuals and companies alike are coming to wealth managers for advice, a solution and are often putting often their life savings in your hands.
It is the duty of the wealth manager to be accountable, transparent and responsible with their money. After all, if their fund, superannuation, SMSF, insurance or any financial product or service that you recommend performs – then so do you.
Rewarding, empowering and fulfilling, the wealth management industry is a fantastic way to make money and make a different the key is to research, speak to people and get on your way.
We welcome you to give our team a call to discuss your investment goals and objectives.
You can call Walker Capital Australia on +61 2 8076 2210, and we’ll see how we can help you achieve your investment goals.
Want to read more great information on Wealth Management Check out our Wealth Management article: What is Wealth Management and how did the Royal Commission change the sector?