What does a Wealth Manager do?

Wealth Managers help clients manage their money, preserve wealth and plan for the future. They may work for wealth management companies, financial institutions or investment firms. By excelling at the duties outlined in the job description of a Wealth Manager, they deliver the best possible service to their clients, contributing to customer retention and satisfaction rates.

They can also help their employers attract new clients through word-of-mouth referrals from satisfied customers and directly generate revenue for employers through the sale of products and services.

Wealth Manager skills and qualifications

Successful Wealth Managers usually have a strong set of relevant skills. Some qualifications commonly found in a wealth management job description include:

• Expertise in finance, investing, insurance, estate planning, trusts, banking and taxes
• Analytical, critical thinking and problem-solving skills to interpret complex financial information and develop financial strategies
• Research skills to uncover investment opportunities
• Organizational and multitasking skills to maintain accurate records and complete tasks for multiple clients
• Strong communication and interpersonal skills to demonstrate knowledge and foster client trust
• Computer skills to use customer relationship management, spreadsheet, financial analysis, presentation, word processing and other software programs
• Up-to-date knowledge of laws and regulations related to banking, investments, insurance, taxation and estate planning

Wealth Manager experience requirements

While there are not specific experience requirements for Wealth Managers, you can tailor your job description to fit the needs of your open position. If your team already includes experienced Wealth Managers who can assist your new hire, a candidate may succeed with relevant education, training and relevant work history. On the other hand, Wealth Managers who work more independently and will have a large client base immediately may benefit from previous work experience.

Wealth Manager education and training requirements

Generally, a bachelor’s degree is the minimum education required for working as a Wealth Manager. The job description of a Wealth Manager may specify a major for the degree, such as finance or business, or an employer may consider candidates’ degrees in any field, provided they completed relevant coursework.

Wealth Managers who sell certain types of investments may need a state license. You may also wish to identify voluntary certifications as required or desirable qualifications in your wealth management job description as well. Some relevant credentials include the CFA Institute’s Chartered Financial Analyst (CFA) credential and the CFP Board’s Certified Financial Planner (CPF) designation.

Job description samples for similar positions

If the job description of a Wealth Manager doesn’t fully describe your open position, check out these closely related job titles:

• Financial Advisor
• Financial Consultant
• Financial Planner
• Portfolio Manager

Wealth Manager job description FAQs

What’s the difference between a Wealth Manager and a Financial Advisor?

Financial Advisors provide investment, tax, insurance and financial advice to clients from a broad range of backgrounds. Wealth Managers offer similar services but typically work exclusively with high-net-worth individuals. As a result, they must generally be more knowledgeable about estate planning, trusts and philanthropic giving than Financial Advisors.

What’s the difference between a Wealth Manager and a Portfolio Manager?

A Portfolio Manager oversees clients’ assets, providing advice about how to best allocate their funds to achieve their financial goals. A Wealth Manager may perform similar services but offer advice and assistance related to estate planning, taxes, charitable giving and other financial topics.

What’s the difference between a Wealth Manager and a Financial Planner?

A Financial Planner helps people of all income levels plan for their financial futures. They may provide advice about topics like saving for retirement, funding college educations for children or paying off debt. Wealth Managers offer similar services for the high-net-worth clients they serve but advise them on other topics, such as tax, estate and charitable contribution planning