Wealth Management is a massive segment of the financial industry. And it is one that is all built around advisory. One of the interesting shifts we have seen in the past 10 years is the power of automation and machine learning in finance. Trading desks are becoming more and more obsolete as algorithmic trading has become a viable way of making returns. Analysts and traders used to have to look over mountains of data by hand but technology has taken away more parts of their jobs. And this is where the importance of advisory comes into play. Many believe that wealth management will be a long term successful industry because it is built around meeting and advising clients on where to up their money. Rather than being the person making the mutual fund or the complex financial packages they invest in a wealth advisor’s job is simply to understand the client and their needs and make sure they are taken care of.
Wealth Management is a considerably easier industry to break into than say investment banking because it is less competitive and rather than looking for the most analytically talented graduates wealth management desires to find people who can relate well and would be great in front of a client. One of the interesting things about the industry that is great for people who want to jump right in is that you are far more likely to be in front of clients right away. In industries like Corporate Finance, you have to go through years of doing the dirty work before you are able to talk to a client, let alone manage one.
Wealth Management is an exciting industry because it is also very entrepreneurial. You want to try to grow your client base constantly, while also performing well for the clients you have. It is not an industry known for the terrible 100 hour work weeks but it is still a job that requires a lot of effort. It just has a little bit more work-life balance.
If you are interested in getting in front of clients and the more relational side of the industry then I highly recommend you look into wealth management and the potential career steps you could be taking to set yourself up well.