Wealth Management

@financeforidiots

8.3K followers · usually 3.8K views a post

Views

15.4K

Likes

749

Comments

Why it worked

The video breaks down a complex career path into digestible information, covering key aspects like skills, salary, and future prospects. The creator's personal rating and positive outlook on the career's future-proofing and accessibility likely resonate with viewers interested in finance.

Summary

This video explains wealth management as a career, detailing the responsibilities, required skills, salary expectations, and future prospects. The creator highlights the importance of soft skills and the human element in this role, rating it a 9.6 out of 10.

Structure

1Introduction to wealth management and its career ranking
2Explanation of wealth manager responsibilities
3Discussion of necessary hard and soft skills
4Overview of salary ranges and earning potential
5Analysis of AI-proofing and career difficulty
6Conclusion and overall career rating

Product placement

The video discusses the career of wealth management, which is a financial service, but does not promote any specific product or company.

Call to action

Comment down below, and I'll talk to you guys tomorrow.

On-screen text

Wealth Management Hey man can you speak on wealth management? WHAT IS WEALTH AND WHY IS TOP THREE FINANCE CAN PURSUE? MY NAME IS FINANCE FOR IDIOTS. AND THIS IS DAY NUMBER TWENTY FOUR OF TALKING ABOUT CAREER EVERY SINGLE DAY. WHAT WEALTH MANAGERS DO IS THEY MANAGE WEALTHY CLIENTS PORTFOLIOS INVESTING, GROWING, SETTING UP RETIREMENT, ESTATE PLANNING, TAXES, NO MATTER WHAT THAT MAY BE. AND. Build Relationships and Sell AND THEY BUILD LONG TERM RELATIONSHIPS WHILE ALSO USING SALES TO GET NEW CLIENTS. NOW LET'S TALK ABOUT SKILL NECESSARY THIS ROLE. SO OBVIOUSLY HARD SKILLS, FINANCE AND ACCOUNTING KNOW THE FRONT BACK END AS WELL AS EXCEL, UH, IN FINANCIAL MODELLING. UH, BUT HONESTLY MORE OF THAT IS THE SOFT SKILLS, COMMUNICATION. BE TRUSTWORTHY AND HAVE A GOOD REPUTATION. THAT'S EXTREMELY VITAL. NEED TO BE TO ANYONE ABOUT A LOT OF DIFFERENT THINGS AND YOU NEED TO TACKLE THOSE THINGS WITH THEM, AND ALSO GOING THEM ON HOW TO IMPROVE THEIR PORTFOLIO. SALARY. GETTING INTO Salary: Starting: 60-85K Senior: 📈 WEALTH MANAGEMENT, MAKING ANYWHERE FROM SIXTY TO NINETY THOUSAND DOLLARS. HOWEVER, IF YOU'RE AT A TOP FIRM OR IF YOU OWN YOUR OWN PRACTICE AND MANAGE A LOT OF HIGH LEVEL CLIENTS. IT'S REALLY LIKE YOU'RE AN ENTREPRENEUR, THE LIMIT ON YOU CAN MAKE. AND IT'S A GREAT CAREER FINANCIALLY. ALSO, THE THING I REALLY LIKE IT'S A I. A I. PROOF. STUDIES THAT A I. BUT HONESTLY, THE RELATIONSHIPS AND THE TRUST BUILDING, YOU'RE KIND OF LIKE A FINANCE COACH. AND I THINK HUMAN ELEMENT IS STRONGER THAN A FINANCE AND ACCOUNTING ROLES. SO I THINK IT'S PRETTY FUTURE PROOF. ALSO, IT'S ONLY MEDIUM DIFFICULTY TO BREAK INTO. OF. I MEAN, LOT OF HARD BREAK INTO, UBS. BUT IF YOU JUST FIND A FINANCIAL ADVISING FIRM OR A WEALTH MANAGEMENT FIRM, A LOT OF THOSE, THAT CAN BE TO BREAK INTO AND GAIN EXPERIENCE WITH INTERNSHIPS. POPULAR CERTIFICATIONS WILL CHARTER FINANCIAL ANALYST, CERTIFIED FINANCIAL PLANNER. AND YEAH, SO IF YOU WANT A SALES RELATIONSHIP, FINANCE, ALL OF THE ABOVE DRIVEN FIELD, I THINK WEALTH MANAGEMENT IS AN ELITE CAREER FOR YOU. Score 9.6 NINE POINT SIX OUT OF TEN. PERSONALLY, MY FAVOURITE CAREERS. I THINK IT'S FUTURE PROOF. I THINK IT'S GREAT WITH A I. NOT SUPER HARD TO BREAK INTO. GREAT. IT REALLY ALL AROUND. KNOW WHAT YOU COMMENT DOWN BELOW, TO YOU GUYS TOMORROW.

Original caption

Wealth Management Explained Day 24/28 of talking about a different Finance Career #wealthmanagement #financecareers #financemajor #financestudent #wealthplanning

More from @financeforidiots

Their other posts in the index, biggest breakout first.

Transcript

What is wealth management and why is it in my top three finance careers that you can pursue? My name is Will, this is finance for idiots and this is day number 24, talking about a different finance career every single day. And now what what wealth managers do is they manage wealthy clients, portfolios, investing, growing, setting up retirement, estate planning, taxes, the amount of what that may be. And and they build long-term relationships also using sales to get new clients. Now, let's talk about skills necessary to break into this role. So obviously, hard skills, finance and accounting, you need to know the front end and the back end as well as Excel, uh if you're breaking in financial modeling, um but honestly more important than any of that is the soft skills. Communication, you need to be trustworthy and have a good reputation that's extremely vital and you also need to be able to talk to anyone about a lot of different topics because if you're advising people about their money, they will bring up a lot of different things. and you need to be able to tackle those things with them, listening and also going through steps with them and how to improve their portfolio. Now, let's talk salary. getting into wealth management, you can be making anywhere from $60 to $90,000. However, if you're at a top firm or if you own your own practice and manage a lot of high-level clients, it's really like you're an entrepreneur. The sky is the limit on how much money you can make. And it's a great career, financially. Also, the thing I I really like about it is it's AI. It's pretty much AI proof. I did see studies that AI could affect it, but honestly, I think with the relationships and the trust building are kind of like a finance coach. And I think that the personal human element is stronger than a lot of other finance and accounting roles. So I think it's pretty future proof. Also, it's only medium difficulty to break into. There's a lot of, I mean, obviously, there's a lot of hard firms that you could break into like Morgan Stanley, UBS, those are hard, but if you just find a financial advising firm or a wealth management firm, which there are a lot of those, That can be a great way to break into the field and gain experience, with internships, popular certifications, will be the CFA, charter of financial analyst, CFP or a financial planner. And yeah, so overall, if you want a sales, relationship, finance, all of the above-driven field, I think wealth management is an elite career for you. I would score this at 9.6 out of 10. Personally, it's one of my favorite careers. I think it's future proof. I think it's going to be great with AI. I think it's not super hard break into. The salaries are great. It really just does good all around. So let me know what you guys think. Comment down below, and I'll talk to you guys tomorrow.