How to Get a Job in Wealth Management / How much can you make in Wealth Management?

JP Media
17 Apr 201912:51

Summary

TLDRIn this insightful video, James Phan shares his wealth management experience, emphasizing the importance of sales skills for breaking into the industry. He discusses the shift towards a fee-based model, the challenges of building a client base, and the lucrative potential once established. James advises aspiring wealth managers to consider certifications like CIM, CFP, CFA, and MBA, while highlighting the high-risk, high-reward nature of the career. He also touches on the future of wealth management, noting the increased competition due to accessible information and the need for a strategic approach to succeed.

Takeaways

  • 😀 James Fen, the speaker, has an MBA from the Schulich School of Business and has been working in wealth management for over three or four years in Toronto, Canada.
  • 🏦 James initially broke into wealth management through an internship during his MBA, where he cold-called high-net-worth investors to convince them to invest with his firm.
  • 📈 To succeed in wealth management, especially as an investment advisor, portfolio manager, or wealth manager, strong sales skills are crucial for convincing investors to invest their money.
  • 💼 Sales skills are more important than financial knowledge for breaking into wealth management, although education in finance is necessary for getting an interview.
  • 📚 For those interested in a more technical role in wealth management, such as a technical analyst or portfolio manager, obtaining certifications like CIM, CFP, CFA, or an MBA can be beneficial.
  • 💰 The wealth management industry is shifting towards a fee-based model, where advisors charge a percentage of the portfolio's value, which can lead to significant income for successful advisors.
  • 🔍 Building a large book of business is essential for wealth managers, as it allows them to earn a consistent income from managing assets without constantly needing to find new clients.
  • 💼 Joining a team can be a good strategy for new advisors, as it provides experience and a salary, but it may involve waiting for years for the opportunity to take over a retiring advisor's book of business.
  • 🚀 The wealth management industry is becoming more competitive, with increased requirements for advisors to bring in more assets each year, making it a high-risk, high-reward career.
  • 🌐 Information is more accessible today, which makes it harder for advisors to stand out, as many young investors are already knowledgeable about investing and use tools like robo-advisors and index funds.
  • 🏆 Despite the challenges, wealth management can be a lucrative career if one can build a substantial book of business and continue to manage it effectively.

Q & A

  • What is the main topic of the video?

    -The main topic of the video is the speaker's experience in wealth management, advice on breaking into the field, and thoughts on the future of wealth management.

  • What is the speaker's name and where does he work?

    -The speaker's name is James Fen, and he works in the financial industry in downtown Toronto, Canada.

  • What educational background does James Fen have?

    -James Fen has an MBA from the Schulich School of Business.

  • How did James Fen initially get into wealth management?

    -James Fen got into wealth management through an internship during his MBA years, where he worked as an investment advisor and cold-called high-net-worth investors.

  • What does James Fen emphasize as the most important skill for wealth management roles?

    -James Fen emphasizes sales skills as the most important for wealth management roles, as they are crucial for convincing high-net-worth investors to invest their money.

  • What are some certifications that can be beneficial for wealth management roles according to James Fen?

    -Some beneficial certifications for wealth management roles mentioned by James Fen include the CIM (Chartered Investment Manager), CFP (Certified Financial Planner), CFA, and an MBA.

  • What is the current trend in the wealth management industry regarding payment models?

    -The wealth management industry is moving towards a fee-based model, where advisors or portfolio managers charge a percentage of the entire portfolio as their fee.

  • What challenges does a new advisor face in the wealth management industry?

    -A new advisor faces challenges such as convincing high-net-worth investors to trust a young advisor with their investments and the pressure to bring in a significant amount of assets to meet bank or dealer requirements.

  • What strategy did James Fen use to overcome the challenges of finding clients in wealth management?

    -James Fen used a cold-calling marketing strategy, calling 300 to 400 households or business owners every day to secure meetings and convince them to invest with him.

  • What is the potential downside of joining a team as a new advisor in wealth management?

    -The potential downside of joining a team is that new advisors typically earn a salary rather than commissions, and they may have to wait for many years for the opportunity to buy a book of business from a retiring advisor.

  • Why does James Fen consider wealth management one of the best industries to get into?

    -James Fen considers wealth management one of the best industries because, once a substantial book of business is established, advisors can live comfortably off the recurring fees and have the opportunity to sell their book for a significant amount upon retirement.

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Ähnliche Tags
Wealth ManagementSales SkillsCareer AdviceFinancial IndustryInvestment AdvicePortfolio ManagementMBA InsightsCold CallingHigh-Net-WorthIndustry Trends
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