What does a Wealth Management Associate do?
Wealth management specialists provide financial advice and guidance to clients seeking assistance in handling their assets and monetary resources. These specialists typically work with clients who have a high net worth. The wealth management specialist identifies the client’s major priorities or objectives and develops an investment plan or asset management strategy that supports those goals. They often recommend or promote specific products and services offered by their firm or financial institution. Their work commonly involves the use of wealth management tools and financial planning software programs.
Wealth management specialists typically have at least a bachelor’s degree in finance, accounting, or a related field. A professional designation such as CPA is an asset. They must have an in-depth understanding of wealth management strategies and principles, and be knowledgeable about all relevant regulations and standards. These roles generally require a variety of financial licenses and certifications.
- Develop new client relationships through networking, prospecting and referrals.
- Review client suitability and complete suitability checklist as appropriate.
- Serve as point of contact for account opening, reporting issues for designated clients.
- Consistently build relationships and leverage them into business opportunities.
- Work with specialists to keep up-to-date on services and solutions.
- Meet regularly with clients and provide input on long-term financial and estate planning matters.
- Ensure compliance with all banking laws, rules, regulations, and prescribed policies/practices/procedures necessary to reduce risk and uphold ethical standards related to and required by one's duties.
- Serve as a critical team member in support of senior advisors working with clients.
- Monitor the trading practices of advisors with respect to regulatory requirements and internal policy.
- Responsible for client relationship cultivation and retention, inspiring confidence through demonstrated expertise and meeting ongoing client needs.
- Conduct banking discussions with clients to understand client needs. clearly create, communicate, and execute solutions.
- Proactively source, acquire and expand high value customer relationship by maximizing sale and service opportunities.
- Bachelor's Degree in accounting or business.
- Advanced budget planning expertise.
- Demonstrated strong work ethic and professionalism.
- Experience with enterprise resource planning programs and tools.
- Comfortable leading and answering questions.
- Fluency in products offered.
- Can interface with clients in the pipeline and continue to grow business with outside clients and referrals.
- Will strive for continuous improvement.
Wealth Management Associate Career Path
Learn how to become a Wealth Management Associate, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Average Years of Experience
Wealth Management Associate Insights
“Management has required meetings a few times a week which at least for me don't provide any value.”
“It's commission based and you're supposed to find your own transport going to see clients”
“In terms of wage is good and role itself is good.”
“Most people are respectful and great to work with.”
“If you would like to start a career and like to grow this is the best place to prove yourself.”
“no sign of career progression opportunities; I felt like my brain was rotting cause I barely used it”
“Good pay and curriculum builder”
“Good pay and fun job”
Wealth Management Associate Interviews
Frequently asked questions about the role and responsibilities of a Wealth Management Associate
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