Wealth Management

Vault Guide to Wealth Management Jobs
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Wealth Management
Overview
Banks, such as Barclays, provide wealth management services to help clients with financial planning and investment portfolios.
Source: Shutterstock. pcruciatti.
Wealthy people come from all walks of life and make their money all sorts of ways. Some are doctors
or lawyers, and others are small business owners operating roofing businesses or a chain of dry
cleaners. Some inherited their wealth, and others are corporate middle-level executives who've
saved and invested, making millions in the process until they became rich. Others are young multi-
millionaires who’ve become wealthy by founding and selling the latest hot tech startup. And yet
others are high school dropouts who started their own companies, eventually selling them for
handsome sums.
Regardless of their backgrounds, though, the wealthy have various asset management issues that are
different than the average Joe's with a 401(k) and a few hundred stock options in his company. To
address these more complex asset management issues, the financial services industry has created
private wealth management departments that offer a host of products and services for the very
wealthy.
Private wealth management, also called private banking, is a specialized branch of the investment
community that provides one-stop shopping for a whole host of products and services needed by
wealthy folks—typically defined as those who have liquid assets of more than $1 million (not
including the value of one’s primary residence). But the most prestigious private banks and wealth
management firms, such as those attached to major investment companies like Citigroup or Goldman
Sachs, have much higher minimums, more than $5 million in some cases, and cater to the richest of the
rich.
Private wealth managers, sometimes known as personal bankers, are the key players in this industry,
but the wealth management industry also need legal, compliance, marketing (including social media),
computer security, and office and tech support workers.
A bachelor’s degree is the minimum requirement to work in most wealth management positions.
Wealth managers have bachelor’s degrees (and sometimes advanced degrees) in finance,
mathematics, financial planning, economics, business, financial engineering, or quantitative finance.
Other wealth management professionals have degrees in computer science and programming (tech
support workers, database administrators, etc.), marketing (marketing professionals), or business
administration (office managers).
Wealth managers with one to three years of experience receive salaries that range from $50,000 to
$70,000 or more, plus bonuses. Those with three to five years of experience earn $62,000 to
$85,000. Experienced wealth managers who generate strong profits for their employers can earn
$500,000 to $2 million or more (including bonuses).
Wealth management firms are located throughout the United States. Most are headquartered in major
cities. There are also opportunities throughout the world. Total assets under management (AUM)
reached a record $74 trillion worldwide in 2014, according to The Boston Consulting Group, a
professional services and consultancy firm. The top 10 global operators (led by UBS, Morgan
Stanley, Bank of America Merrill Lynch, and Credit Suisse) in terms of assets under management
collectively manage 47.1 percent of the entire wealth management market, according to the Global
Private Banking Benchmark 2015 report from Scorpio Partnership. Assets under management for the
200+ industry players that are annually assessed for the report grew by 3.4 percent from 2013 to
2014.
Background
During the first 100 years or so after gaining its independence, the U.S. had a very small private
banking system that provided most of the legal tender (money) in circulation at the time. Then a
country of small-scale farming, the U.S. had many assets tied up in the value of its land, and there was
a general prejudice against mortgages and debt of any sort, which represented a threat of land loss if
not paid. Bankers who could repossess land were seen as suspicious characters. Attempts to foster a
federally chartered bank became a campaign issue under President Andrew Jackson in 1829, who led
a populist movement claiming that federal banking was illegal under the U.S. Constitution. The
financial system fostered under such hostility was then made up of small, state-chartered banks that
issued bank notes. Since these lacked liquidity, they were subject to various panics and bank failures,
making banking a more risky proposition than it is today. Consequently, most investment was made in
land, and this made sense, since the country’s economy was largely agrarian, and land was unsettled
and cheap.
It wasn’t until the start of the Civil War in 1861 that the U.S. began to develop the rudiments of a
modern banking system. Maintaining large modern armies required unprecedented amounts of money.
The Union increasingly turned to modern methods of financing, including massive printing of paper
money and issuing long-term debt with the help of financier Jay Cooke. Cooke sold more than $1.3
billion in federal bonds to help finance the war, and his agents penetrated even the smallest towns
across the country, selling not just an investment return from the bonds, but banking as a patriotic
institution. Together with the National Banking Act of 1863, the bonds provided the basis for a
national banking system and established a national currency.
The Gilded Age

The new banking system helped foster rapid industrial transformation in the U.S. during the latter half
of the 19th century. With increased industrialization and liquidity came increased concentrations of
paper money in individual hands, often known as wealth. Unlike land, handling paper wealth requires
private wealth managers. With increasing confidence in the banking system, more and more wealthy
people turned to professionals, who worked either for banks or for brokerage firms, helping clients
invest and protect their capital.
Ironically, a further boost to confidence in financial markets came in 1871 via the Great Chicago Fire.
Though a number of insurance companies failed to pay clients in full, the largest and most notable
firms from Hartford, Connecticut (the Hartford, Phoenix Mutual, and Aetna) promptly paid all claims,
allowing the city to rebuild with a better modern design than it had prior to the fire.
Additionally, in the latter half of the 19th century, laws governing the creation of corporations were
liberalized, making it easier to set these up and maintain them. As a result, wealth became more
liquid and prevalent. The late 19th century and early 20th century saw unprecedented growth in the
number of millionaires. Money, or paper wealth, became admirable as well as respectable. This was
the time of Horatio Alger and the "strive-and-succeed" stories that bred the hero-worship of industry
captains like Cornelius Vanderbilt, John D. Rockefeller, and Henry Huttleston Rogers. These men are
now regarded as robber barons, because of their perceived rapacious business tactics and lack of
ethical conduct.
The Great Depression and Reform

The central banking system of that time stayed in place with minor modifications (such as the Federal
Reserve Act of 1913, which created the Federal Reserve) until the stock market crash in 1929. Many
attributed the crash to speculative excesses by banks and brokerage firms that let clients borrow
money to buy stock without the proper means to leverage their investments and beyond their capacity
to repay their debt. Others blamed easy credit terms that allowed consumers to fall deeper and deeper
into debt.
The federal government enacted legislation address these and various other investment concerns. In
1932, the first of the Glass-Steagall Acts was passed, allowing the Federal Reserve to better control
the money supply. A year later, the second half passed, separating the activities of brokerage firms
and banks. The 1933 act also prohibited banks from owning brokerage firms, and required that
specific financial data be disclosed to investors when registering a new issue of securities. Later, the
Securities Act of 1934 was passed, regulating financial markets, such as stock and bond markets, and
creating the Securities and Exchange Commission.
The end result, with respect to the wealth management industry, was that private banking or private
wealth management remained fragmented. Banks, for instance, offered the types of services, like
trusts and managed accounts, important to wealthy clients that brokerage firms didn’t. Brokerage
firms offered insurance products and management of individual stock purchases that banks couldn’t. A
lack of competition among banks and brokerages for various types of business diminished their
incentive to innovate, or provide imaginative solutions to clients’ problems. This led to private
wealth management, for many years, becoming a stodgy, stifling business.
The Roaring Nineties

From 1990 through 1999, the Dow Jones Industrial Average rose from nearly 2,500 to more than
11,000 points. With the markets growing significantly each year, even stodgy, naturally risk-adverse
bankers began to calculate the profits they were missing out on by not participating in one of history’s
great bull runs. Accordingly, banks devised a number of strategies to circumvent Glass-Steagall to
offer a full range of investment services. Lease agreements with specialized broker/dealers that only
serviced banks became common, allowing the banks to lease brokerage employees. Instead of owning
a brokerage they offered services through these leased employees. Brokerage firm investors realized
that if banks could buy brokerage firms, the firms’ share prices would rise because prices go up when
there are more buyers. Brokerage firms would also benefit by gaining access to investors that
previously only dealt in bank-issued and insured certificates of deposit.
Modifications were slowly made to the Act until 1999, when the Gramm-Leach-Bliley Financial
Services Modernization Act repealed Glass-Steagall altogether, resulting in the modern financial
services industry, which combines retail and commercial banking, insurance services, and brokerage
into one unit, with private wealth management departments serving the richest and often choicest
private clients.
The Great Recession and Recovery

The banking and wealth management industries enjoyed strong growth until 2007, when the United
States began to suffer through a financial crisis that many economists believe was the worst since the
Great Depression. During the crisis, which lasted from December 2007 to June 2009 and has become
known as the Great Recession, the S&P 500 plummeted in value (especially in 2008), the U.S.
housing market crashed, many people who had taken out subprime mortgages lost their homes, and
interbank credit markets dried up, causing the failure of many banks and businesses. The end result:
investors became very cautious with their money, and the wealth management sector and the overall
financial services industry faced tough times.
In response to the crisis, the federal government stepped in to ensure the continued operation of some
financial institutions (such as mortgage giants Fannie Mae and Freddie Mac) that were deemed “too
big to fail.” Congress approved a $700 billion rescue package for the financial sector, and the U.S.
Department of the Treasury required even healthy banks to accept Troubled Asset Relief Program
(TARP) funds to help encourage confidence in the banking sector. In 2010, Congress passed the
Dodd-Frank Wall Street Reform and Consumer Protection Act, which increased regulation of the
financial industry and offered improved protections to consumers.
Today, the wealth management sector has rebounded strongly. Total assets under management (AUM)
reached a record $74 trillion worldwide in 2014, according to The Boston Consulting Group, a
professional services and consultancy firm. Between 2007 and 2014, total AUM grew by about 26
percent—and industry profits reached a historic peak of $102 billion, matching their 2007 high before
the financial crisis.
Structure
With many of the old boundaries between banking, brokerage, and insurance crumbling, today’s
financial services companies, whatever form they take, all must provide component products from
each of the major industry areas. Banks offer insurance products, such as annuities and life insurance,
while brokerage firms offer bank products, like checking accounts and mortgages, for example. This
is especially true in private wealth management, where a variety of services from banking, brokerage,
and insurance can be marketed to the same client.
Banks
In the financial services industry, size still does matter. Consider this: the top three Wall Street
investment firms’ (Goldman Sachs, Morgan Stanley, and JPMorgan Chase & Co.) combined market
capitalization is less than the market capitalization of Citigroup’s alone. With muscle like that, banks
like Citigroup have been able to buy up brokerage firms since 2000. Regional banks offering
investment services through their own broker/dealer probably also have some type of private wealth
management services, if only through their banks’ trust departments. The quality of services and depth
of knowledge may vary, however, amongst the smaller banks. Even savings and loans firms provide
some trust and estate services, which are key components of private wealth management.
Banks sell a multitude of products, often providing captive or proprietary services for their clients, as
well as general services. These are special product offerings packaged by the bank, and are only
made available to clients of that bank. Such services might include a portfolio manager, who only
manages money for clients of the bank. This has been a great advantage for banks in that clients will
be less likely to move to another firm, especially if they value the services of a portfolio manager
doing a good job.
In general, of the various industry roles, banks pay the lowest commission rates to their private
wealth managers, because many of their private wealth management clients may already be clients of
the bank, doing business in other areas such as commercial banking or mortgages, and not because
banks are stingy by nature. Clients may also do business with the bank because it has a good
reputation and well-known name. A client might, for example, be persuaded that Bank of America
Merrill Lynch is the place to do business because of the 692 commercials they see about it every day.
The banks’ ability to attract clients will greatly aid a private wealth manager. Though they might be
paid lower commission rates, it doesn’t mean they will make less money. The best private wealth
managers tend to make about the same amount of money no matter which company they work for.
Wirehouse
“Wirehouse” is an industry term for a large national broker/dealer. Goldman Sachs, Bank of America
Merrill Lynch, Edward Jones, Wells Fargo Advisors, UBS Wealth Management, and Morgan Stanley
Wealth Management, are all examples of wirehouses that also provide private wealth management
services. (The lines have blurred between banks, wirehouses, and other wealth management
providers, so a company such as Bank of America Merrill Lynch could fall into both categories
because it consists of a large bank (Bank of America) and a wirehouse (Merrill Lynch). Wirehouses
usually provide as many services as large money center banks when it comes to private wealth
management. Like the banks, they also provide a number of proprietary or captive services, such as
private portfolio managers and specialized private equity, which can boost client retention. Be
warned, however, that proprietary services also have the drawback of not letting a private wealth
manager move easily from one firm to another (with their clients, at least), hence the name captive
services. Wirehouses, just like money center banks, also attract more clients because of the perceived
prestige of their names and reputations. This won’t make finding clients easy, but it can help. A funny
thing about money is that when clients turn a lot of it over to a manager, they want to know that the
firm will still be there the next day. With a wirehouse, clients often get the comfort they seek from a
known name.
The emphasis on investment is what differentiates wirehouses from banks, as they typically offer a
broader array of investment options. Although this focus is disappearing as banks continue to buy
brokerage firms, banks still tend to rely more on captive, in-house products than a broader set of
investment products found in a wirehouse.
Regional and Boutiques

Legg Mason, Janney Montgomery Scott, Ameriprise Financial, and Raymond James are all examples
of regional firms that offer private wealth management services. Though not as well known outside
the industry, these firms provide an array of products and services with a small firm focus on
personal service. They also offer some proprietary or captive products, but generally allow their reps
the freedom to sell products off their wholesale list without incentives to move proprietary products.
Regional firms offer a slightly higher payout (approximately 10 to 15 percent higher) to wealth
managers in most instances than banks or wirehouses, but working to land clients will be a little
harder at a regional firm than at a better-known bank or brokerage firm.
Boutique firms are much smaller in size than the regionals and will usually have less than 100 reps.
Not all boutiques offer private wealth management services, and whether or not they do depends
primarily on what types of products they emphasize. A small firm that specializes in smaller stocks
will probably not have a very accomplished wealth management department.
Family Offices
Family offices are firms that manage investments, assets, and trusts for a single high-wealth family
with assets that typically exceed $25 million; multi-family offices provide services to two or more
high-wealth families. Family offices typically oversee a high-wealth family’s entire universe—from
investment management and tax and estate planning, to philanthropy, to basic bill-paying.
Independents/Insurance
A growing number of private wealth managers are choosing to open private practices with
independent contractor and insurance company broker/dealers providing regulatory, product, and
compliance support. They also offer much higher payouts than the other types of firms—often twice as
high. But these firms do not offer brick and mortar locations and other things like telephone systems,
computers, etc. These necessities must be paid for out of the rep’s own pocket. They also don’t offer
in-depth and in-house expertise in trusts, estates, tax, and asset management like the regional firms,
wirehouses, and banks. However, private wealth managers working with an independent
broker/dealer are free to hire their own experts and develop their own practice in a manner that best
suits them and their clients. One caution: this is an option that should be reserved for only the most
entrepreneurial of people. Especially at the beginning of your career, when the learning curve looks
like the crux of a hockey stick, it’s important to have the support of those who have experience in the
business.
Robo Advisory Firms

Robo advisory firms market algorithm-driven financial portfolio management software to investors
that allow them to invest with minimal human interaction. Most robo advisors are limited to portfolio
management functions, and don’t provide services such as estate, retirement, and tax planning. Major
robo advisor firms include Wealthfront, Betterment, Assetbuilder, and Covester. Some traditional
wealth management firms, such as Charles Schwab, have launched their own robo advisors, and
others (such as Fidelity) are using software developed by robo advisory firms in their own
operations.
Industry Outlook
Despite concerns about increasing government regulation, industry competition, stock market
volatility, and cyber security threats, the wealth management industry is growing, and many wealth
managers believe that the industry is on the upswing. The following statistics back up the predictions
of a healthy future for the industry:
95 percent of wealth management professionals surveyed by Private Asset Management (PAM)

in late 2014 planned to expand their operations through increased hiring of staff, opening new
offices, or both.
The number of U.S. households with a net worth of $1 million reached a record high of 10.1
million by late 2014, according to Spectrem Group’s Market Insights Report 2015. This was an
increase of nearly 500,000 households from 2013.
The number of households earning between $5 million and $25 million (not including primary
residence) grew by 60,000 from 2013 to 2014, to 1,168,000 households, according to Spectrem
Group. And the number of households with more than $25 million increased by 10,000 to
142,000 total households during this same time span.
The number of billionaires in the world reached 2,325 in 2014, according to the Wealth X-UBS
Billionaire Census, an increase of 7 percent from 2013. The Census predicts that the global
billionaire population will surpass 3,800 by 2020.
Job opportunities for financial planners (including those who work as wealth managers) are expected
to increase by nearly 27 percent from 2012 to 2022, according to the U.S. Department of Labor
(DOL), or much faster than the average for all careers. Investment products are becoming more
complex and constantly increasing in number and variety, which will require the expertise of skilled
wealth managers. The DOL reports that the employment outlook should be “relatively favorable
compared with other financial sector occupations. Those who obtain certification will likely see the
best prospects.”
Employment for financial analysts is projected to grow by 16 percent from 2012 to 2022, according
to the DOL. Job opportunities for analysts who work with funds, trusts, and other financial vehicles
will increase by nearly 26 percent.
A growing emphasis on cybersecurity and competition among wealth management firms for clients
has prompted growth in other related careers. Private Asset Management reports that demand is
growing for chief operating officers at smaller firms to tackle tasks that chief executive officers and
other top management officials are either too busy or unwilling to handle. More firms are hiring
branding and marketing experts to help them stand out from their competitors. PAM reports that the
position of chief information security officer (CISO) is becoming more common at large wealth
management firms and multifamily offices. “We’re definitely seeing the larger firms introducing new
leadership functions,” explained Debra Brown, a senior member of the Asset and Wealth Management
Practice at executive search firm Russell Reynolds Associates, in an article about the trend in PAM.
“The growing use of technology across nearly all markets has not skipped wealth management, [and
with this] has also come a greater need for tightened cybersecurity. This has resulted in companies
bringing in CISOs to stay one step ahead of the ever-present cyber threat.” Opportunities should also
be strong for information security analysts. The DOL predicts that employment in this career field
will grow by nearly 26 percent from 2012 to 2022.
Increasing government regulation of the financial services sector is prompting many wealth
management firms to beef up their risk, compliance, and internal audit departments. “Firms facing
highly specialized regulatory pressures, such as those in financial services, health care, and energy,
commonly seek job candidates with industry-specific experience,” advises the staffing firm Robert
Half Finance and Accounting in its 2015 Salary Guide: Accounting and Finance.
Although increasing government regulation will prompt job growth in the aforementioned
departments, many wealth management firms view regulatory compliance as a challenge to their
business and profit models. According to PAM, 45 percent of respondents to its 2014 benchmarking
survey cited increasingly costly and time-consuming regulatory requirements as one of the biggest
challenges faced by the industry. Some smaller wealth management firms may be forced to go out of
business because their profits are not sufficient to offset the cost of complying with regulations.
Wealth management firms will continue to be needed to meet the needs of high-net-worth individuals
(HNWIs), many of whom do not have a clear strategy for preserving and growing their wealth. In fact,
69 percent of HNWIs in North America do not have a formal financial plan in place to achieve their
long-term goals, according to Shifting to the Center: Financial Planning is the Hub of Wealth
Management from CEB Tower Group, a data analytics and technology firm.
One major trend that will fuel employment growth for financial advisors is the aging of the planner
workforce. The average age of a typical advisor is 50.9, according to the CFA Institute. Forty-three
percent of financial advisors are over age 55, and one-third are between ages 55 and 64. As these
financial planners retire or scale back their workloads, demand is expected to increase for
experienced, highly skilled advisors.
For More Information
Visit the ABA Web site for job listings and information on the banking industry, continuing
education, and its Wealth Management & Trust Conference.
American Bankers Association (ABA)
1120 Connecticut Avenue, NW
Washington, DC 20036-3902
Tel: (800) 226-5377
http://www.aba.com
For information on certification, membership, and job listings, contact

Association for Financial Counseling and Planning Education
1940 Duke Street, Suite 200
Alexandria, VA 22314-3452
Tel: (703) 684-4484
http://www.afcpe.org
For information on careers, continuing education, and certification, contact

Association for Financial Professionals
4520 East-West Highway, Suite 750
Bethesda, MD 20814-3574
Tel: (301) 907-2862
http://www.afponline.org
For information on membership, contact

Association of Asian American Investment Managers
50 California Street, Suite 2320
San Francisco, CA 94111-4705
E-mail: info@aaaim.org
http://www.aaaim.org
For information on certification and careers, contact

Certified Financial Planner Board of Standards
1425 K Street, NW, #800
Tel: (800) 487-1497
E-mail: mail@cfpboard.org
http://www.cfp.net
Visit the institute’s Web site for information on certification for financial analysts.
CFA Institute
915 East High Street
Charlottesville, VA 22902-4868
Tel: (800) 247-8132
E-mail: info@cfainstitute.org
http://www.cfainstitute.org
For information on certification, contact

Chartered Alternate Investment Analyst Association
Tel: (413) 253-7373
E-mail: info@caia.org
https://www.caia.org
The FIA is a major trade organization for the futures, options, and cleared swaps markets industry
worldwide.
FIA
2001 Pennsylvania Avenue, NW, Suite 600
Tel: (202) 466-5460
E-mail: info@fia.org
https://fia.org
This organization represents the professional interests of senior-level financial executives.

Financial Executives International
1250 Headquarters Plaza, West Tower, 7th Floor
Morristown, NJ 07960
Tel: (973) 765-1000
http://www.financialexecutives.org
For information about regulation in the financial securities industry, contact

Financial Industry Regulatory Authority
1735 K Street
Tel: (301) 590-6500
http://www.finra.org
For information on membership and networking, contact

Global Association of Risk Professionals
111 Town Square Place, 14th Floor
Jersey City, NJ 07310-1755
Tel: (201) 719-7210
http://www.garp.org

Institute for Private Investors
17 State Street
New York, NY 10004-1501
Tel: (212) 693-1300
http://www.memberlink.net

Institute of Business and Finance
4141 Jutland Drive, Suite 330
San Diego, CA 92117-3649
Tel: (800) 848-2029
E-mail: info@icfs.com
http://www.icfs.com
For information on education and careers in financial engineering, contact

International Association for Quantitative Finance
http://www.iaqf.org
Trade organization promoting professional education of financial advisors and planners.

International Association of Registered Financial Consultants
The Financial Planning Building, PO Box 42506
Middletown, OH 45042-0506
Tel: (800) 532-9060
http://www.iarfc.org
For information on mutual funds, contact

International Investment Funds Association
11 King Street West, Suite 400
Toronto, ON M5H 4C7 Canada
Tel: (416) 309-2314
E-mail: info@iifa.ca
http://www.iifa.ca
For information on mutual funds and to read the Investment Company Fact Book, contact
Investment Company Institute
1401 H Street, NW, Suite 1200
Tel: (202) 326-5800
http://www.ici.org
For information on membership, continuing education, and certification, contact

Investment Management Consultants Association
5619 DTC Parkway, Suite 500
Greenwood Village, CO 80111-3044
Tel: (303) 770-3377
E-mail: imca@imca.org
http://www.imca.org
The ILPA has 300 member organizations from all categories of small and large institutions—
including public pensions, corporate pensions, endowments, foundations, family offices, and
insurance companies—representing more than $1 trillion of private assets globally.
Institutional Limited Partners Association (ILPA)
1200 – 55 York Street
Toronto, ON M5J 1R7 Canada
Tel: (416) 941-9393
E-mail: info@ilpa.org
http://ilpa.org
For information on certification, continuing education, and networking, contact

Market Technicians Association
61 Broadway, Suite 514
New York, NY 10006-2733
Tel: (646) 652-3300
http://www.mta.org
To learn more about real estate investment trusts, contact

National Association of Real Estate Investment Trusts
1875 I Street, NW, Suite 600
Tel: (800) 3-NAREIT
https://www.reit.com
For information on membership, training, and registration, contact
National Futures Association
300 South Riverside Plaza, #1800
Chicago, IL 60606-6615
Tel: (312) 781-1300
https://www.nfa.futures.org
Visit the NYSSA Web site for information on membership for college students, a list of top
employers of financial analysts, and scholarships for graduate students.
New York Society of Security Analysts
New York, NY 10036-2714
Tel: (212) 541-4530
http://www.nyssa.org
For information on membership, certification, and continuing education, contact

RIMS—The Risk Management Society
5 Bryant Park, 13th Floor
New York, NY 10018
Tel: (212) 286-9292
https://www.rims.org
For information on membership and continuing education, contact

RMA—The Risk Management Association
1801 Market Street, Suite 300
Philadelphia, PA 19103-1628
Tel: (800) 677-7621
http://www.rmahq.org
For information on education and careers, contact

Securities Industry and Financial Markets Association
120 Broadway, 35th Floor
New York, NY 10271-3599
Tel: (212) 313-1200
http://www.sifma.org
For information on membership, contact

Women’s Association of Venture and Equity Inc.
10 Winton Farm Road
Newtown, CT 06470
Tel: (855) 928-3606
E-mail: wavecoordinator@gmail.com
https://women-wave.org
Women in Insurance and Financial Services
136 Everett Road
Albany, NY 12205-1418
Tel: (866) 264-9437
E-mail: office@wifsnational.org
http://www.wifsnational.org
Did You Know?: Types of Wealth Management Clients

Private wealth management clients come from varied backgrounds and walks of life. Generally, they
can be divided into four separate groups: trusts, retirees, small business owners or professionals, and
corporate executives. Each group has specific investment objectives and requirements.
Trusts, Trust Fund Babies, and “Trustafarians”

In the case of trusts, the actual client is the trust, not the person who derives income or other
distributions from it, known as the beneficiary. The types of investments that a private wealth manager
can make on behalf of a trust are generally defined in writing within the trust documents, and the
manager is governed by these limitations, not by the wishes of the beneficiary. The documents also
govern the distribution of income and principal from the trust.
Trust fund babies don’t have to be young. They only have to be under-employed and living off of an
income that is substantially derived from a trust. Clients who have these and are gainfully employed
to the extent that they do not have to live off of the income from the trust are not considered trust fund
babies. This distinction is important because private wealth managers (PWMs) will manage money
differently for those trust beneficiaries who are not relying on their trusts for income. For these types
of clients, growth of capital is the most important investment objective, rather than protecting their
money.
For trust fund baby clients, however, PWMs must: 1) protect the clients’ wealth and 2) create income.
Only after meeting these two primary objectives can a wealth manager try to create additional wealth
for the client. Rather than growing money, trust managers generally prioritize protecting it, because it
is less likely that someone living off of a trust fund will find opportunities to create additional riches.
Trust fund babies don’t have jobs in the traditional sense, or pursue wealth like corporate executives
or small business owners, so the money they have today is likely the only money they will ever have.
If the trust loses funds today, managers will have to make it back tomorrow at a higher rate of return
to break even.
Retirees
PWMs take into account the level of experience and the objectives of wealthy retired people when
making investment recommendations. Often this will take the form of a written questionnaire or
summary stating the client’s objectives and ability to take on risk. Very wealthy retired people share a
number of the same problems with trust fund babies. They are concerned with preserving wealth and
are less likely than other types of investors to take risks in the market. Retirees also rely on their
wealth to create income to live off of. But wealthy retirees have an additional challenge that a private
wealth manager can help with: how to structure their estate so as to leave it to their heirs. Managers
can help accomplish these goals using insurance products, trusts, and other estate planning tools.
Small Business Owner or Professionals

Small business owners of private companies or professionals, such as doctors or lawyers, with
private practices comprise one of the most important client subsets for PWMs. For many of these,
much of their wealth is tied up in the value of their business. In addition to managing the client’s
liquid investments (stocks, bonds, etc.), a private wealth manager might also guide a small business
owner or private practitioner in selling their business. Private wealth management firms deal with
companies, often specialized CPA firms, which evaluate the value of such businesses and facilitate
the sale. In addition, PWMs might help with succession planning, a buyout of a company over a
period of time by owners who will actively manage the business. These owners are often related
either by birth or marriage to the previous owners, for example, an older lawyer, for example, who
has brought on a son or daughter as an associate to take over the firm.
Corporate Executives
Rich corporate executives often become wealthy through stock and stock options in their company.
This type of wealth presents a number of challenges. Often, these stock or option agreements limit the
amount of stock that can be sold or options that can be exercised at any given time. Imagine what
would happen to a company if one of its top executives suddenly sold all of his or her stock. These
clients are wealthy, but only on paper. They cannot readily turn their wealth into cash. But through the
use of derivatives, such as synthetic options and other risk management strategies, PWMs can help
protect the value of the executives’ portfolio. In addition, some securities may be borrowed against
under the proper circumstances so that the clients can derive some cash from these paper assets.
The Super-Rich
There are a handful of private wealth management clients for whom labels like “executive” or
“professional” seem moot. These are the super-rich, the ultra-high-net-worth clients, the ones who
private wealth management firms court fiercely. They are athletes, CEOs, movie stars, music moguls,
oil barons—even royalty. And their needs are as diverse and unique as they are.
How does one manage the tax implications of a $10 million stock performance bonus? A seven-year,
$85 million contract extension? An endorsement deal worth $50 million and sneakers for life?
Maintenance for eight mansions and a fleet of classic cars? To generalize would be an exercise in
futility.
However, there's one thing in common when it comes to these clients: private bankers are far more
than just high-powered investment advisors. In some cases, they become de facto business managers,
concierges, and budgeters. For some clients, they not only invest money, but make sure that everyone
in the family gets their allowance each month. Others make sure properties are well maintained and
domestic staff is paid. Some even consult on contracts or deals and become involved in the client’s
professional and personal life.
Did You Know?: How Do Private Wealth Managers Work Within

Their Firms?
By now, you might have guessed that private wealth management business is fairly complex. Take
heart. Though private wealth managers need to understand all of the wealth management tools
available to them, it’s not as daunting as it may seem. Managers are not expected to master each
area’s details. Rather, they should be able to work with various specialists at their firm to find
solutions most appropriate for their clients.
The field is constantly changing. New tax regulations or rules governing trusts and insurance or new
products are continually updated. One of the great challenges for managers is staying abreast of new
products and services offered by their firms. They must then learn how they can practically apply
them in real-life situations. Although your firm will provide you with plenty of opportunity to learn,
the key will be how receptive you are to continue to practice and learn the trade. As the point person
in your firm’s relationship with clients, your ability to listen to your clients and work with the various
experts in your firm to find solutions to their financial problems is the most important asset the firm
has in maintaining a strong client relationship.
Did You Know?: Drumming Up Business

As an associate starting out at a private wealth management firm, you may be given a handful of
clients to manage, but these will not be the types of clients that will earn you major commissions.
These are the castoffs from private bankers who left the firm, assumed greater responsibilities, or just
don't have time for these low-turnover accounts. Expect to see relatively modest accounts with money
put into safe, income-generating, fixed-income portfolios—in other words, accounts that will go
nowhere fast.
It will be up to you, then, to get new clients, and you'll hustle like you never have before. Everyone
who's ever entered your life becomes a potential client—your doctor, your family attorney, your
parents' friends, old mentors, even the bold-face names in your alumni magazine could be worth a
call. You'll attend dinners and networking events, and even make yourself at home at a few pubs in the
financial district now and then. Have extra copies of your business card ready— you'll need them.
Even after you've established yourself, you'll constantly be looking for new accounts. You'll regularly
ask (but not pester) your clients for leads among their friends and colleagues. As you yourself earn
more money, you'll seek to attend more charity events and even involve yourself in philanthropy in
order to meet the kind of people who would make good clients.
As your accounts grow, there will be less cold-calling and shilling, replaced by more word-of-mouth,
client recommendations, and social networking. But you can never be content to simply sit on a fat list
of clients. Your firm will continue to expect more from you, and your continued rise in both
responsibility and income depend on bringing more and more clients to the firm.
Online Resources: Journals and Magazines

Barron’s
http://online.barrons.com
Founded in 1921, this key resource provides an investor-oriented take on the news. In addition to
providing information on U.S. and world financial markets, the magazine publishes lists of best
financial advisors.
Forbes
http://www.forbes.com
This business publication offers coverage of business news and stocks and other investment tips. It’s
best known for its annual list of the richest Americans (known as the Forbes 400) and its list of
billionaires.
Fortune
http://fortune.com
This business magazine provides articles on business news, trends, investing, and business
technology, but is best known for its regular publishing of researched and ranked lists, including the
Best Companies to Work For and the top 500 U.S. closely held and public corporations as ranked by
their gross revenue, known as the Fortune 500.
InvestmentNews
http://www.investmentnews.com
This is a useful resource for financial advisors seeking business and financial news, as well as job
listings and information on industry conferences and networking opportunities.
Journal of Financial Planning

http://www.onefpa.org/journal
Published by the Financial Planning Association, this journal is written to keep members of the
financial planning profession informed on investment strategies and news relating to government
regulation of the industry.
Money
http://time.com/money
This general interest financial magazine provides business news and coverage of the financial
markets as well as articles on a wide range of personal-finance topics, from investing, saving,
retirement, and taxes to family finance issues such as credit, career and home improvement, and
paying for college. Money is also well known for its annual list of America’s Best Places to Live and
Best Colleges.
Pensions and Investments

http://www.pionline.com
Written for pension, portfolio, and investment management executives, this resource provides
coverage of business and financial news, global investments, technology, government legislation that
affects the financial industry, and much more.
Private Asset Management

http://www.pammagazine.com
This publication covers the wealth management and family office industry. Its readership includes
family offices, private bankers, money managers, high-net-worth units, hedge fund managers,
consultants, concierge firms, lawyers, and accountants.
The Wall Street Journal

http://www.wsj.com
Since 1889, this has been the world’s leading business publication, covering U.S. and international
business and financial news and issues and focusing more on what the news means than on what
happened yesterday. Very simply, if you are interested in any type of business- or finance-related
career, you should be reading the Journal every day.
Fast Facts: Ultra-High Net Worth Individuals

In 2014, the United States had the highest number (69,560) of ultra-high net worth individuals
(those with at least $30 million, not including primary residence) in the world. This group had a
combined net worth of more than $9.6 trillion.
In the U.S., California boasts the highest number of ultra-high net worth (UHNW) individuals.
New York state ranked second, although New York City boasts the largest UHNW population of
any city in the United States. From 2013 to 2014, North Dakota saw the largest increase (14.3
percent) in the number of UHNW individuals, followed by South Dakota (13.3 percent).
Eighteen percent of UHNW individuals donate at least $100,000 in charitable contributions each
year. Seventy-four percent of those who were surveyed say that they donate based on the causes
they care most about. The most popular destinations for donated funds were religious
organizations (25 percent of funds were donated to this group), followed by schools and
colleges (22 percent), social service organizations (13 percent), hospitals/health care
organizations (11 percent), arts and humanities groups (8 percent), and disaster relief or
environmental organizations (5 percent).
Sources: Wealth X, American Ultra Wealth Ranking, 2014–15; UBS World Ultra Wealth Report
2014; $25 Million Plus Investor report
Movers and Shakers: Mary Callahan Erdoes, "The Most Powerful
Woman in Finance"
Mary Callahan Erdoes is the CEO of J.P. Morgan’s Asset Management division. American Banker
has described her as “the most powerful woman in finance,” and she is frequently named to “most
influential” and “most powerful” people lists, including Private Asset Management’s “50 Most
Influential Women in Private Wealth” list and Forbes’s “World’s 100 Most Powerful Women” list. In
2013, Bloomberg Markets magazine named Erdoes the “World’s Most Influential Money Manager.”
Erdoes is a board member of the U.S.-China Business Council and the U.S. Fund for UNICEF, and
she serves on the Federal Reserve Bank of New York’s investor advisory committee on financial
markets.
Erdoes earned a B.S. in mathematics from Georgetown University (where she was the only female
math major in her class) and an M.B.A. from Harvard University. Before joining J.P. Morgan in 1996,
she worked at Meredith, Martin & Kaye, a fixed-income specialty advisory firm, and at Bankers
Trust, in corporate finance, merchant banking, and high-yield debt underwriting.
As of July 2015, Erdoes managed $2.4 trillion in client assets at J.P. Morgan, and she had increased
her division’s revenue to $12 billion (up from $9 billion in 2010). She also helped create programs
to encourage more women to enter the field of finance, often recruiting women who once worked in
finance but left the industry to raise children or to care for ill or elderly family members.
Erdoes is known for her strong work ethic, which included long hours (including weekends) during
her rise to the heights of the wealth management industry. “There is no substitute for hard work,”
Erdoes told Forbes in a 2011 profile. “There is a little luck along the way, but there is no substitute
for really superhard work, first in, last out.”
Online Resources: Advice for Interviewing in Wealth Management

Visit these Web sites for information and tips about successful interviewing.
Bank of America: Recruitment Tips

http://careers.bankofamerica.com/us/working-here/recruitment-tips.aspx
CFP Board: Preparing for an Interview

http://www.cfp.net/career-center/resources-for-job-seekers/preparing-for-an-interview
Citigroup: Tips and Advice

https://www.citibank.com/icg/sa/recruiting/hints.jsp?region=nam
HSBC: Application Hints and Tips
http://www.hsbc.com/careers/application-hints-and-tips
JPMorgan Advice Center: Advice Center

http://careers.jpmorgan.com/student/jpmorgan/careers/us/advice
Raymond James: Career Advice Center

http://www.raymondjames.com/career/student_career_advice_center.htm
Standard Life Investments

http://www.standardlifeinvestments.com/careers/recruitment_process/index.html
UBS: Interview Preparation

http://www.ubs.com/global/en/about_ubs/careers/graduate-and-intern/interview-preparation.html
Learn More About It: Understanding Wealth Management

Baker, H. Kent, and Greg Filbeck. Alternative Investments: Instruments, Performance, Benchmarks,
and Strategies. Hoboken, N.J.: John Wiley & Sons, 2013.
Beyer, Charlotte B. Wealth Management Unwrapped. New York: RosettaBooks, LLC, 2014.
Bogle, John C. John Bogle on Investing: The First 50 Years. Hoboken, N.J.: John Wiley & Sons,
2015.
Brunel, Jean L. P. Goals-Based Wealth Management: An Integrated and Practical Approach to

Changing the Structure of Wealth Advisory. Hoboken, N.J.: John Wiley & Sons, 2015.
Butler, Jason. The Financial Times Guide to Wealth Management: How to Plan, Invest, and Protect
Your Financial Assets, 2nd ed. Upper Saddle River, N.J.: FT Press, 2015.
Daniell, Mark Haynes, and Tom McCullough. Family Wealth Management: Seven Imperatives for
Successful Investing in the New World Order. Hoboken, N.J.: John Wiley & Sons, 2013.
Demaria, Cyril. Introduction to Private Equity: Venture, Growth, LBO, and Turn-Around Capital,
2nd ed. Hoboken, N.J.: John Wiley & Sons, 2013.
Ferguson, Niall. The Ascent of Money: A Financial History of the World. New York: Penguin Books,
2009.
Greenwald, Bruce C. N., Judd Kahn, Paul D. Sonkin, and Michael van Biema. Value Investing: From
Graham to Buffett and Beyond, 2nd ed. Hoboken, N.J.: John Wiley & Sons, 2016.
Hallman, G. Victor, and Jerry Rosenbloom. Private Wealth Management: The Complete Reference
for the Personal Financial Planner, 9th ed. New York: McGraw-Hill Education, 2015.
Hubbard, Glenn P., and Anthony P. O'Brien. Money, Banking, and the Financial System, 2nd ed.
Upper Saddle River, N.J.: Prentice Hall, 2013.
Piketty, Thomas. Capital in the Twenty-First Century. Cambridge, Mass.: Belknap Press, 2014.
Rice, Bob. The Alternative Answer: The Nontraditional Investments That Drive the World's Best-
Performing Portfolios. New York: HarperBusiness, 2013.
Rosplock, Kirby. The Complete Family Office Handbook: A Guide for Affluent Families and the
Advisors Who Serve Them. New York: Bloomberg Press, 2014.
Shiller, Robert J. Irrational Exuberance, 3rd ed. Princeton, N.J.: Princeton University Press, 2015.
Smith Jr., Winthrop H. Catching Lightning in a Bottle: How Merrill Lynch Revolutionized the
Financial World. Hoboken, N.J.: John Wiley & Sons, 2014.
Spangler, Timothy. One Step Ahead: Private Equity and Hedge Funds After the Global Financial
Crisis. London, U.K.: Oneworld Publications, 2013.
Stowell, David. Investment Banks, Hedge Funds, and Private Equity, 2nd ed. Waltham, MA:
Academic Press, 2012.
Vento, John J. Financial Independence: An Advisor's Guide to Comprehensive Wealth Management.

Hoboken, N.J.: John Wiley & Sons, 2013.
Weatherall, James Owen. The Physics of Wall Street: A Brief History of Predicting the
Unpredictable. Boston: Mariner Books, 2013.
Online Resources: Wealth Management Insight and News

Asset Management Update
http://www.grantthornton.com/~/media/content-page-files/financial-services/pdfs/2014/AM/140212-
FIS-Asset-Management-Report-140227FIN.ashx
Barron’s
http://online.barrons.com
Bloomberg Business
http://www.bloomberg.com/businessweek
Career Success: Navigating the New Work Environment

http://www.cfapubs.org/toc/car/2015/2015/1
Charles Schwab OnInvesting
http://insights.schwab.com/category/on-investing/%20
CFO
http://ww2.cfo.com
The Deal
http://www.thedeal.com
efinancialcareeers
http://news.efinancialcareers.com
Financial Analysts Journal

http://www.cfapubs.org
Financial Executive
http://www.financialexecutives.org
Financial Management
http://www.fma.org
Forbes
http://www.forbes.com
Fortune
http://www.fortune.com
Futures in Finance
http://www.afponline.org/pub/store/pubs/fif.html
The gateway: business and careers newspaper for students

http://thegatewayonline.com
Global Finance
http://www.gfmag.com
Institutional Investor’s Alpha

http://www.institutionalinvestorsalpha.com
Investment News
http://www.investmentnews.com
Journal of Alternative Investments

http://www.iijournals.com/toc/jai/current
Journal of Applied Finance

http://www.fma.org
Journal of Financial Counseling and Planning
http://www.afcpe.org/publications
Journal of Portfolio Management

http://www.iijournals.com
Mergers & Inquisitions

http://www.mergersandinquisitions.com
Pensions and Investment

http://www.pionline.com

The Register
Reserve
https://reservemagazine.usbank.com
Resume Advice (The National Financial Mathematics Career Fair)

https://www.finmathjobfair.org/resume-preparation.htm
Sayra magazine
http://www.lebenthal.com/lebenthal_wealth_advisors/sayra
The Standard
http://www.afcpe.org/publications
Street of Walls
http://www.streetofwalls.com
SumZero
https://sumzero.com
Vault.com: The Best Banking Companies

http://www.vault.com/company-rankings/banking
The Wall Street Journal

http://www.wsj.com
Women in Fund Management: The Report

http://regender.org/reports-publications/women-fund-management-report
Worth
http://worth.com
Did You Know?: Case Study: Socially Responsible Investing
Socially responsible investing—which is also known as sustainable, "green," socially conscious, or
ethical investing—has been around for decades, but the sector has grown significantly in the past
several years. According to U.S. SIF: The Forum for Sustainable and Responsible Investment, “the
total U.S.-domiciled assets under management using sustainable, responsible, and impact investing
strategies expanded from $3.74 trillion at the start of 2012 to $6.57 trillion at the start of 2014, an
increase of 76 percent. These assets now account for more than one out every six dollars under
professional management in the United States.” A longer view shows even more impressive growth:
from 1995 to 2014, the SRI universe grew tenfold, or 929 percent, a compound annual growth rate of
13.1 percent.
Growth is occurring for several reasons:
Investors are becoming more aware of environmental (global warming, climate change,
pollution, etc.) and social issues (gun control, etc.) and seeking to match their personal beliefs
regarding these issues with their investment strategies. This trend is also being fueled by the
increasing number of high-net-worth Millennials, many of whom have strong beliefs that their
wealth should be invested in socially responsible companies.
More companies are focusing on sustainability amidst concerns from investors and the general
public about their business practices.
Weak stock market returns during the Great Recession prompted many high-net-worth investors
to reassess their investment strategies and look more closely at socially responsible investments.
Socially responsible investors seek to invest in companies that have business practices and offer
products and services that match their personal beliefs. For example, a socially responsible investor
might seek to invest in companies that favor clean technology and energy efficiency, organic
agriculture, microfinance, and alternative energy, or they may seek to purchase green bonds offered by
the government to fund cleanup of brownfields and other environmentally degraded areas. Depending
on their beliefs, they might avoid the stock of companies heavily involved in producing nuclear
weapons, firearms, tobacco, alcohol, nuclear power, landmines, and cluster bombs. Others may avoid
companies that have poor reputations regarding worker rights or that have been involved in major
consumer product controversies.
According to the 2014 Report on Sustainable and Responsible Investing Trends in the United
States, “money managers increasingly are incorporating environmental, social, and governance
(ESG) factors into their investment analysis and portfolio construction, driven by the demand for ESG
investing products from institutional and individual investors and by the mission and values of their
management firms.” There are many employment opportunities for wealth managers with expertise in
socially responsible investing. The U.S. SIF Foundation has identified 308 money managers and 880
community investing institutions that incorporate ESG issues into their investment decision-making.
Major companies such as Capital Group, Wellington Asset Management, and Morgan Stanley (The
Lily Group) are applying ESG principles to wider areas of their portfolios. Although many large
companies are becoming more active, the majority of companies that specialize in SRI are medium to
small in size. Pay and benefits may not be as generous at these firms, but many have a reputation for a
strong collegial and intellectually stimulating work environment. Of course, many wealth managers in
this specialty cite the opportunity to help make the world a better place as the most attractive
inducement to work in the field.
Wealth managers who focus on socially responsible investing typically have degrees in business,
finance, or economics, with concentrations or minors in human rights studies, environmental
advocacy or science, or related fields. Some wealth managers enter the field after working for
environmental or human rights and other social advocacy organizations. Additionally, the U.S. SIF:
The Forum for Sustainable and Responsible Investment offers a certificate program, Fundamentals of
Sustainable and Responsible Investment, which will be useful for those who are interested in entering
the field.
The U.S. SIF: The Forum for Sustainable and Responsible Investment provides detailed information
about the field and job listings at its Web site, http://www.ussif.org. The SRI Conference on
Sustainable, Responsible, Impact Investing (http://www.sriconference.com) offers educational,
networking, and career development opportunities.
The following firms focus on socially responsible investing or offer departments that do:
Boston Common Asset Management: http://www.bostoncommonasset.com

Breckinridge Capital Advisors: http://www.breckinridge.com
Calvert Investments: http://www.calvert.com
Capital Group: http://www.thecapitalgroup.com
Community Capital Management: http://www.ccmfixedincome.com
Everence Capital Management: http://www.everence.com
Green Alpha Advisors: http://greenalphaadvisors.com
Green Century Funds: http://greencentury.com
ImpactAssets: http://impactassets.org
Jantz Management LLC: http://jantzmgmt.com
The Lily Group at Morgan Stanley: http://www.morganstanleyfa.com/thelilygroup
Nia Global Solutions: https://niaglobalsolutions.com
RBC Global Asset Management: http://www.rbcgam.com/landing.html
Schroders: http://www.schroders.com
Sentinel Investments: http://www.sentinelinvestments.com
SKBA Capital Management LLC: http://skba.com
Trillium Asset Management: http://www.trilliuminvest.com
Walden Asset Management: http://www.waldenassetmgmt.com
Wellington Management: https://www.wellington.com
Entries
Wealth Management Accountants
Quick Facts
Alternate
Corporate Accountants, Management Accountants
Title(s)
Duties Compile, analyze, verify, and prepare financial records
Salary Range $40,500 to $75,000 to $118,000+
Work
Primarily Indoors
Environment
Best
Opportunities are best in areas where a large number of high-net-worth individuals
Geographic
reside
Locations
Minimum
Education Bachelor's Degree
Level
Business
School
Computer Science
Subjects
Mathematics
Completion of an internship or co-op at a bank, wealth management firm, public

Experience accounting firm, or corporation; three to five years of experience for management
positions
Hands On
Personality
Organized
Traits
Realistic
Financial
Skills Information Management
Math
Certification
Recommended
or Licensing
Special None
Requirements
Employment
Good
Prospects
Advancement
Good
Prospects
Outlook Much Faster than the Average
↑Partner
↑Chief Financial Officer
Career
↑Controller
Ladder
↑Chief Accountant/Auditor
↑Accountant/Auditor
Overview
Wealth management firms oversee the financial affairs of high-net-worth individuals—typically
defined as those who have liquid assets of more than $1 million (not including the value of one’s
primary residence). The most prestigious private banks and wealth management firms, such as those
attached to major investment companies like Citigroup or Goldman Sachs, have much higher
minimums, more than $5 million in some cases. Accountants oversee and manage the financial
records and operations of their employers. Those in the wealth management (WM) sector are
employed directly by WM firms, by accounting firms that provide contracted services to WM firms,
and also high-net-worth individuals.
History
Accountants and auditors have assisted wealth managers ever since the first wealth management firm
was founded in the 1860s. Demand has grown rapidly for accounting and auditing professionals as a
result of recent financial crises and legislation passed by Congress. In 2002, Congress passed the
Sarbanes-Oxley Act, which requires higher levels of financial accounting and disclosure from all
publicly held companies. In 2010, Congress passed the Dodd-Frank Wall Street Reform and
Consumer Protection Act, which requires wealth management firms with more than $150 million in
assets under management to register with the Securities & Exchange Commission and provide higher
levels of financial reporting. In addition, investors are placing more pressure on wealth management
firms to tighten their accounting standards and provide more transparency, which has also created
demand for accounting professionals.
The Job
Accountants at wealth management firms are sometimes forgotten amidst the high-stakes work of
portfolio managers. But WM firms would be in big trouble if they lacked skilled professionals to
ensure the integrity of their financial infrastructure, prepare financial statements, analyze data for tax
filings, and perform a variety of other tasks. Job responsibilities for accountants vary by the size of
the employer, their job titles, and other factors, but most perform the following duties:
providing monthly or quarterly accounting of investor contributions and withdrawals and

computing profit and losses for the accounting period
monitoring cash account balances on a daily and weekly basis
maintaining monthly end market value reconciliations
communicating with the trading desk, portfolio managers, and custodian banks to resolve
accounting-related transaction and reporting issues
preparing and submitting quarterly or annual tax filings, and being responsible for other tax-
related issues
working with the compliance department to respond to inquiries from regulators such as the
Securities & Exchange Commission
working with auditors during the year-end audit process
helping the chief financial officer with the preparation of financial forecasts and reports and on
ad-hoc projects
providing advice to partners regarding tax, compliance, financial risk, and other issues
calculating net asset value and management fees, and preparing statements that detail this
information
preparing and reviewing quarterly and annual financial statements in accordance with generally
accepted accounting principles
Auditors are specially trained accountants who ensure that financial records are accurate, complete,
and in compliance with local, state, and federal laws. Those who work as salaried employees of a
company or other organization are known as internal auditors. Those who work for public
accounting firms that provide auditing services to wealth management companies are known as
external auditors.
Earnings
Salaries for accountants vary based on their job title, level of experience, and geographic region; size
and type of employer; and other factors. The staffing firm Robert Half Finance & Accounting reports
the following salary ranges for general accountants at large corporations in 2015 by level of
experience:
manager: $84,500 to $118,000

senior level: $68,750 to $87,750
one to three years: $53,750 to $69,500
up to one year: $42,250 to $55,250
At small companies, the salary ranges were:
manager: $67,000 to $88,750

senior level: $57,500 to $70,000
one to three years: $45,500 to $59,000
up to one year: $40,500 to $47,250
Accountants and auditors receive a variety of benefits. At some employers, especially large banks,
benefits can be excellent. For example, Northern Trust (which ranks among the top 20 banks
worldwide in assets under management), provides paid vacation and sick days; health insurance,
child care, adoption leave, alternative/flexible work options, savings and pension plans, professional
development opportunities, lifestyle coaching, and fitness/wellness discounted memberships.
Work Environment
Most accountants and auditors in the wealth management industry enjoy a good work/life balance
(i.e., a 9 to 5 schedule, little work on weekends, flexible hours, and telecommuting options). The
majority of accountants find their careers rewarding. Nearly seven out of 10 accountants surveyed by
the staffing firm Accountemps in 2015 said that they would remain in accounting if given the
opportunity to go back and choose a different career.
Exploring
Talk with wealth management accountants, or those working in other industries, about their careers.
Ask your accounting teacher to help arrange some information interviews. Join business and finance
clubs in high school and college. Offer to manage the finances of a school club to get experience
working with budgets, paying bills, and managing financial records. Check out the career Web sites of
major wealth management banks such as UBS, Morgan Stanley, J.P. Morgan, and Bank of America
Merrill Lynch to learn about potential career paths, key skills for work success, and typical work
environments. Finally, check out the following resources to learn more about WM and accounting.
Accounting Today-Wealth Management: http://www.accountingtoday.com/wealth-management

Start Here, Go Places: http://www.startheregoplaces.com
Accounting For Dummies (For Dummies, 2013)
Accounting Glossary: http://www.startheregoplaces.com/students/games-tools/glossary
Education and Training Requirements

High School
Accountants and auditors are numbers crunchers, so you should be sure to take accounting, statistics,
and mathematics classes. But they are also increasingly being asked to use their critical-thinking and
analytical skills to provide strategic advice to WM partners. Courses that will help you to develop
these skills include government, social studies, philosophy, and science. Joining the debate team will
also be useful. English and speech classes will help you to build your oral and written communication
skills. Computer science courses (especially database management) will help you to learn how to
manage and utilize data.
Postsecondary Education
You’ll need a minimum of a bachelor’s degree in accounting, economics, finance, or business
administration to work as an accountant or auditor at a wealth management firm. Some employers
prefer candidates who have a master’s degree in accounting, business administration, economics, or
finance.
U.S. News & World Report provides a list of the best undergraduate accounting programs in the
United States at http://colleges.usnews.rankingsandreviews.com/best-colleges/rankings/business-
accounting.
Make sure that the college you attend is accredited by a national or international accrediting agency.
“Earning a degree from an accredited school helps when applying for jobs,” according to the
American Institute of Certified Public Accountants. “Employers will often look at what schools you
attended and if they are accredited.”
AACSB International and the Association of Collegiate Business Schools and Programs accredit
colleges and universities that offer degrees in accounting and business. Visit
www.startheregoplaces.com/students/games-tools/college-search for a list of accredited programs.
The Institute of Internal Auditors has created a formal endorsement program for colleges and
universities that offer an internal auditing curriculum within a degree program (undergraduate or
postgraduate). Visit https://na.theiia.org/about-us/about-ia/pages/participating-iaep-program-
schools.aspx for a list of schools that offer this curriculum.
Other Education or Training

Many associations provide professional development classes, seminars, workshops, and webinars.
Completion of continuing education credits is often required to become certified and renew one’s
certification. For example, the American Institute of Certified Public Accountants offers more than
350 self-study courses, web events, and more than 60 annual conferences and workshops. Recent
offerings included Securities & Exchange Commission Reporting, Financial Forecasting and Decision
Making, Budgeting Process, and Advanced Excel: Practical Applications for the Accounting
Professional. The Institute of Internal Auditors provides on-site seminars and webinars such as Data
Analysis for Internal Auditors, Audit Report Writing, Communication Skills for Auditors, Leadership
Skills for Auditors, and Project Management Techniques. The American Bankers Association,
Chartered Institute of Management Accountants, and the Institute of Management Accountants and
Institute of Internal Auditors also provide professional development opportunities. Contact these
organizations for more information.
Additionally, many wealth management firms offer online and classroom-based learning for new and
experienced employees.
Certification
The Chartered Institute of Management Accountants offers a certificate in business accounting that can
serve as an entry-level credential for new accountants or as a refresher course for experienced
professionals. Other certificate programs are provided by the Association of Chartered Certified
Accountants (international auditing and international financial reporting) and the American Institute of
Certified Public Accountants (International Financial Reporting Standards).
Certification, Licensing, and Special Requirements

Certification or Licensing
Many certification programs are available for accountants and auditors. Those who are certified
typically earn higher salaries and receive more opportunities for promotion than those who are not
certified. According to Robert Half Accounting & Finance’s 2016 Salary Guide, in-demand
professional credentials include:
Certified information systems auditor (ISACA)

Certified internal auditor (Institute of Internal Auditors)
Certified management accountant (Institute of Management Accountants)
Certified public accountant (American Institute of Certified Public Accountants, AICPA)
Chartered global management accountant (a joint venture of the AICPA and the Chartered
Institute of Management Accountants)
Project management professional (Project Management Institute)
Additionally, some accountants and auditors earn the following certifications:
Accredited business accountant/advisor, accredited tax preparer, accredited tax advisor

(Accreditation Council for Accountancy and Taxation)
Certification in control self-assessment, certified financial services auditor, certification in risk
management assurance (Institute of Internal Auditors)
Certified financial manager (Institute of Management Accountants)
Certified treasury professional, certified corporate financial planning and analysis professional
(Association of Financial Professionals)
Many accountants are certified public accountants (CPAs). To earn this designation, you must pass a
qualifying examination and hold a certificate issued by the state in which you wish to practice. The
Uniform CPA Examination, which is administered by the AICPA, is used by all states. Nearly all
states require at least two years of public accounting experience or the equivalent before a CPA
certificate can be earned.
Experience, Skills, and Personality Traits

Entry-level accountants and auditors should have completed at least one internship or co-operative
educational experience at a wealth management firm or a major public accounting firm during
college. “In the absence of experience [for entry-level hires], employers focus more on a candidate’s
work ethic and fit with the corporate culture,” according to Robert Half Accounting & Finance’s 2016
Salary Guide. For management-level positions, you’ll need at least three to five years of accounting
or auditing experience at a WM firm, a bank, Big Four public accounting firm, or a Fortune 500
corporation.
Successful accountants and auditors have strong communication, project management, organizational,
time-management, and problem-solving skills; mathematical and analytical acumen; honesty and
strong ethics; and the ability to work both independently and as a member of a team. They also must
have knowledge of Generally Accepted Accounting Principles, financial reporting and financial
products (e.g., equities, futures, etc.). and the use of accounting software and databases and office
software (e.g., PowerPoint, Excel, and Word).
Accountants and auditors must also keep abreast of constantly changing technology. According to
Robert Half Accounting & Finance, “businesses are struggling to keep pace with technology and
understand the associated risks and opportunities. In response, they seek individuals proficient in
enterprise resource planning systems, integrated financial reporting systems, cloud-computing
platforms, and information security and data-mining tools, as well as professionals to help with
systems conversion projects.”
Employment Prospects
Employers
Accountants and auditors work for wealth management firms, banks, robo-advisory firms, and
independent wealth managers. They also are employed by public accounting firms (such as Deloitte,
Ernst & Young, PricewaterhouseCoopers, and KPMG) that provide accounting services to WM
companies. Outside the WM industry, many accountants and auditors work for businesses of all sizes,
at nonprofits, and for government agencies such as the U.S. Government Accountability Office and the
U.S. Department of Commerce.
Starting Out
A good way to break into the field is to participate in an internship at a wealth management firm or a
bank that has a WM department. Participating in internships allows you to try out different jobs, build
your network, and have the opportunity to impress the internship director and your managers with
your work-ethic and enthusiasm for a career in wealth management. Your college’s career services
office has information on internships. Additionally, the American Institute of Certified Public
Accountants provides advice on landing an internship at https://www.thiswaytocpa.com/career-
tools/jobs-internships. The Career Tools section of its Web site
(https://www.thiswaytocpa.com/career-tools/articles) provides details on job-search strategies,
writing effective resumes and cover letters, and preparing for job interviews.
Visit the Web sites of wealth management employers to learn about job opportunities. At many sites,
you can apply for jobs. Some new accounting graduates hire recruiters to assist them in the job
search.
Advancement Prospects
Skilled accountants and auditors with several years of experience can advance to the position of chief
accountant or auditor, or become controllers, who prepare financial reports and oversee the
accounting and audit departments of their organizations. Experienced accounting and auditing
professionals can become chief financial officers, who are responsible for the accuracy of their
employer’s financial reporting and focus on issues such as compliance, budgeting, and financial
strategy. Some become CEOs or chief operating officers at corporations, or partners.
Outlook
Job opportunities for accountants and auditors who work with funds, trusts, and other financial
vehicles will grow by more than 18 percent through 2024, according to the U.S. Department of Labor.
It reports that “globalization, a growing overall economy, and an increasingly complex tax and
regulatory environment are expected to lead to strong demand for accountants and auditors.”
More opportunities will emerge for accountants and auditors because the number of wealthy people
who need wealth management services continues to grow. The number of U.S. households with a net
worth of $1 million reached a record high of 10.1 million by late 2014, according to Spectrem
Group’s Market Insights Report 2015. This was an increase of nearly 500,000 households from
2013.
Unions and Associations

Wealth management accountants do not belong to unions. Some join professional associations, which
offer many resources that are useful to job seekers and experienced accountants and auditors. For
example, the Institute of Management Accountants (IMA) has its own proprietary online social
network called LinkUp IMA (http://linkup.imanet.org), which is available to IMA members. LinkUp
IMA can be used to locate jobs, find local networking events, and communicate with other members
about the certification process or the job search. Another member resource is Career Driver, which
allows users to assess their technical and leadership competencies and match their skills with up to
40 management accounting roles. The IMA also provides the certified management accountant
credential, offers job listings at its Web site, and publishes Strategic Finance and Management
Accounting. Other noteworthy organizations include the American Bankers Association, American
Institute of Certified Public Accountants, Chartered Institute of Management Accountants, and Institute
of Internal Auditors.
Tips for Entry

Read Start Here Magazine (http://www.startheregoplaces.com/students/games-tools/start-here-
magazine) for tips on becoming an accountant.
Visit the following Web sites for job listings and career advice:
http://www.pionline.com/section/careers
http://www.accountingjobstoday.com
http://www.efinancialcareers.com
http://www.accountingcrossing.com
Check out The Edge (http://www.aicpa.org/InterestAreas/YoungCPANetwork/TheEdge), an online

newsletter that provides advice to young professionals about job hunting and networking.
Use LinkedIn to network and search for jobs. Consider joining groups such as Accounting and
Finance Professionals, Accounting & Audit, and Asset/Wealth Management Careers.
Visit the ABA’s Web site for job listings and information on continuing education, its Wealth
Management & Trust Conference, and the banking industry.
Tel: (800) 226-5377
http://www.aba.com
For information on scholarships, membership, careers, and certification, contact

American Institute of Certified Public Accountants
1211 Avenue of the Americas
New York, NY 10036-8775
Tel: (212) 596-6200
E-mail: service@aicpa.org
http://www.aicpa.org
For information on careers and certification, contact

Chartered Institute of Management Accountants
E-mail: vision@cimaglobal.com
http://www.cimaglobal.com
For information on careers, certification, and continuing education, contact

Institute of Management Accountants
10 Paragon Drive, Suite 1
Montvale, NJ 07645-1760
Tel: (800) 638-4427
E-mail: ima@imanet.org
http://www.imanet.org
For information on certification, careers, continuing education, and its online professional
network, contact
Institute of Internal Auditors
247 Maitland Avenue
Altamonte Springs, FL 32701-4201
Tel: (407) 937-1111
https://na.theiia.org
Fast Facts: All About Accounting

Forty-five percent of accountants surveyed by the staffing firm Accountemps in 2015 said that
the “nature of the work and job duties” were the top reason why they chose accounting as a
career. Twenty-one percent cited the “employment outlook,” and 20 percent said “the variety of
career paths within the field.”
The careers of accountant and auditor frequently rank at the top of “best career” lists. In 2015,
for example, U.S. News & World Report selected the career of accountant as the 3rd-best
business job in the United States.
The careers of accountant and auditor rank third among the top 20 occupations adding the most
new jobs for those with a bachelor’s degree from 2014-24. Approximately 142,400 new jobs
will be added during this time span.
Accountants and auditors earned mean annual salaries of $73,670 as of May 2014, according to
the U.S. Department of Labor. This is much higher than the mean salary ($47,230) for all
workers. Mean annual wages for accountants and auditors were highest in the District of
Columbia, New York, New Jersey, Maryland, and Massachusetts.
In 2014, 63 percent of accountants and auditors in the financial services industry in the United
States were women, according to Catalyst, but females comprised only 29.3 percent of
executive/senior level officials and managers.
Wealth Management Analysts
Quick Facts
Alternate Title(s) None

Conduct research, perform basic financial modeling, and provide
Duties
administrative support to wealth managers
Work
Primarily Indoors
Environment
Best Geographic Opportunities are best in areas where a large number of high-net-worth
Locations individuals reside
Minimum
Bachelor's Degree
Education Level
Business
School Subjects Economics
Mathematics
An internship or a summer analyst program at a wealth management firm,

Experience
investment bank, or other financial employer
Enterprising
Personality Traits Hands On
Organized
Financial
Skills Math
Research
Certification or
Recommended
Licensing
Special
None
Requirements
Employment Good
Prospects
Advancement
Good
Prospects
Outlook Faster than the Average
↑Managing Director
↑Partner
Career Ladder ↑Chief Investment Officer/Lead Portfolio Manager
↑Associate
↑Analyst
Overview
Wealth management analysts are entry-level professionals who assist associates and partners by
conducting financial research, performing basic financial modeling, and handling a variety of
administrative and support duties (i.e., creating PowerPoint presentations, organizing presentation
materials, fetching lunch, making photocopies, etc.).
History
During the latter half of the 19th century in the United States, increasing industrialization and liquidity
prompted growing concentrations of paper money in individual hands. This increasing amount of
paper wealth (as opposed to the traditional wealth of land and property) precipitated demand for
private wealth managers. With growing confidence in the banking system, more and more wealthy
people turned to wealth management professionals, who worked either for banks or for brokerage
firms, to help them invest and protect their capital.
Analysts have helped private wealth managers to effectively manage and invest the money of high-
wealth-individuals ever since these early days. Financial analysts are in demand by a variety of
industries. In 2015, U.S. News & World Report selected the career of financial analyst as the 13th-
best business job in the United States.
The Job
“Wealth management is the consultative process of meeting the needs and wants of affluent clients by
providing the appropriate financial products and services,” according to Forbes.
Wealth management analysts are entry-level professionals who typically receive a “tryout” of two to
three years at a wealth management (WM) firm or in the WM department of a major investment bank
before being promoted to the position of associate or leaving the firm to earn their MBAs or pursue
other employment opportunities. Typical duties for analysts include:
preparing routine financial statements
processing and analyzing financial data for client portfolios
creating asset allocation reviews and financial plans
conducting research on a variety of client issues for partners (e.g., assessing a client’s tax status,
analyzing the merits of a hedge fund investment with a specific strategy, etc.)
developing analytic/quantitative financial models
researching a wide variety of financial products (and occasionally being asked to provide their
opinions to associates and partners)
contacting clients (or most likely their assistants) to confirm appointments with the associates
assisting in pre-client meeting tasks such as preparation of meeting agendas, client paperwork,
investment policy statements, financial and tax preparations, and other data
assisting/participating during client meetings (i.e., getting coffee, running PowerPoint
presentations, presenting their own research to a client on behalf of an associate)
maintaining client records by using document management software such as Redtail CRM and
NetDocuments
creating strategy reports and other types of documents for associates to use with clients and
prospective clients
identifying new business opportunities, including prospecting clients through cold calling and
via financial seminars
Earnings
New college graduates with a bachelor’s degree in finance and financial management services earned
average starting salaries of $54,086 in spring 2015, according to the National Association of
Colleges and Employers.
The U.S. Department of Labor reports that financial analysts earned median annual salaries of
$78,620 in May 2014. Salaries ranged from less than $48,170 to $154,680 or more in May 2014.
Employers offer a variety of fringe benefits, which can include the following: paid holidays,
vacations, and sick days; personal days; medical, dental, and life insurance; profit-sharing plans;
401(k) plans; retirement and pension plans; and educational reimbursement (continuing education,
training, conference attendance, etc.). Some analysts receive performance bonuses that range from
$15,000 to $30,000.
Work Environment
Wealth management analysts work long hours—8 a.m. to 8 p.m. can be typical. They may travel with
partners to meet investors or to attend conferences. At investment banks, analysts will have use of the
latest office equipment and financial software to do their work. Many top firms place a strong
emphasis on creating a positive work environment that encourages diversity. For example, Morgan
Stanley has more than 25 networking groups that help keep its employees engaged and that promote a
culture of inclusion, including the Wealth Management Multicultural Employee Networking Group,
Wealth Management Women’s Employee Networking Group, and Pride (LGBT) and Ally Employee
Networking Group. You can learn about a company’s work environment by visiting their Web sites or
by checking out Web sites such as GlassDoor.com, which provide employee reviews of major
companies.
Exploring
One way to learn more about the basics of wealth management is to read books, Web sites, and
magazines about WM, business, and finance. Here are a few suggestions:
Wealth Management Unwrapped (RosettaBooks, LLC, 2014)

Charles Schwab OnInvesting: http://insights.schwab.com/category/on-investing/%20
The Wall Street Journal: http://www.wsj.com
Learn as much as you can about investing. Follow the stock market and create a real or mock
investment portfolio. Many investment and brokerage Web sites will allow you to set up a mock
portfolio. In high school and college, participate in business and finance clubs, which often provide
the chance to participate in investment competitions and job shadowing opportunities.

High School
In high school, take classes in business, economics, computer science, mathematics, English, and
speech to prepare for a career as a wealth management analyst. Courses such as sociology,
psychology, and science that help you to develop your research and critical-thinking skills will also
be useful.
A minimum of a bachelor’s degree in finance, mathematics, economics, business, financial

engineering, or quantitative finance is required to work as a wealth management analyst. Some
analysts have master’s degrees, typically in business.
Many banks and large wealth management firms have internship programs. For example, J.P. Morgan
offers several summer analyst internship programs for college students who will enter their senior
years the following fall. Participants receive hands-on experience and get the opportunity to learn
more about J.P. Morgan and network with fellow interns and experienced colleagues.

Many professional associations provide educational opportunities to analysts to help them build their
skills and, if they’re certified, to qualify for re-certification. For example, the American Bankers
Association (ABA) offers online and in-person classes on topics such as investment products, asset
allocation and portfolio management, minimizing fiduciary risk and litigation, and ethics. Those who
have earned the association’s certified trust and financial advisor credential must complete 45
continuing education credits every three years. This requirement can be met by completing CE classes
provided by the ABA or by other providers. Other continuing education classes, webinars, and
workshops are provided by the American Institute of Certified Public Accountants, Association for
Financial Counseling and Planning Education, Association for Financial Professionals, CFA Institute,
Chartered Alternate Investment Analyst Association, Institute for Private Investors, International
Association for Quantitative Finance, International Association of Registered Financial Consultants,
Market Technicians Association, New York Society of Security Analysts, New York Society of
Security Analysts, Securities Industry and Financial Markets Association, and Women in Insurance
and Financial Services.
Many wealth management firms offer in-house educational opportunities that cover topics such as
new tax legislation, ethics, emerging investment vehicles and opportunities, and career development.
Certification
The Chartered Institute of Management Accountants offers a certificate in business accounting. The
program has five components: fundamentals of management accounting, fundamentals of financial
accounting, fundamentals of business mathematics, fundamentals of business economics, and
fundamentals of ethics, corporate governance, and business law. Other certificate programs are
provided by the Association of Chartered Certified Accountants (international auditing and
international financial reporting) and the American Institute of Certified Public Accountants
(International Financial Reporting Standards).
Many colleges and universities offer certificates in financial planning, accounting, finance, and
related fields. Contact schools in your area for more information.

Becoming certified is a good way to expand your financial knowledge and impress potential
employers. It’s important to note that some certification programs are only open to those with several
years of on-the-job experience, but you can earn some credentials starting during your last year of
college, right after you graduate, or with just a year or two of work experience. One such program is
the three-level chartered financial analyst (CFA) credential, which is administered by the CFA
Institute. Those with either a bachelor’s degree or those who are in the last year of undergraduate
study can apply for the program. Here are a few additional programs to consider:
Accredited investment fiduciary, accredited investment fiduciary analyst, professional plan

consultant (fi360)
Certified international wealth manager diploma (Association of International Wealth
Management)
Chartered alternate investment analyst (Chartered Alternate Investment Analyst Association)
Chartered market technician (Market Technicians Association)
Wealth management professionals with at least three years of experience providing direct client
contact in investment management, administrative, tax, legal, and marketing services can apply for the
certified trust and financial advisor credential, which is offered by the American Bankers Association
Institute of Certified Bankers.
Some analysts are licensed as certified public accountants (CPAs). The Uniform CPA Examination,
which is administered by the American Institute of Certified Public Accountants, is used by all states.

Aspiring wealth management analysts should complete an internship or a summer analyst program at a
wealth management firm, investment bank, or other financial employer.
Analysts need excellent communication skills because they frequently write reports that summarize
their findings, prepare and explain PowerPoint presentations, participate in meetings with colleagues,
and convey financial information to investors in user-friendly language. They also need the ability to
analyze and interpret financial data and an understanding of financial statements. Other important
traits include strong organizational and time-management skills, curiosity, the ability to work both
independently and as a member of a team, confidence, the ability to work well under pressure, and
strong ethics. Proficiency in the use of PowerPoint, Microsoft Excel, and Word, as well as financial
modeling software, is also required.
Employers
There are more than 3,190 wealth management businesses in the United States alone. These range
from major banks such as Morgan Stanley with large wealth-management divisions, to
broker/dealers, to mom-and-pop firms with fewer than 10 employees, to independent wealth
managers. Many of the largest U.S. companies also have offices in foreign countries.
Starting Out
The best way to break into the wealth management industry is by participating in a summer analyst
internship program at an investment bank—such as Morgan Stanley, J.P. Morgan, and Wells Fargo—
that offers WM services. Many companies use these programs to identify promising candidates for
full-time employment. Visit the Web sites of banks and large wealth management firms to learn more.
Independent advisors and smaller firms may not have formal programs, but they may be willing to
create an internship for an especially enthusiastic student.
Additionally, you can learn more about analyst jobs by using job-search sites, checking out
employment listings at the Web sites of professional associations, attending career fairs and other
networking events, and networking online at social media sites such as LinkedIn.
Analysts who perform well during their two- to three-year tryouts are asked to become associates,
the cornerstones of private wealth management. Associates manage client assets and build their own
client bases. After many years on the job, an associate can advance to the position of chief investment
officer for the firm, which typically also involves being made a partner at the firm.
Those who ultimately do not receive an offer to become an associate are typically encouraged by
partners to pursue an MBA, consider other roles at the company (since there’s always a new crop of
recent graduates competing for analyst positions), or to seek opportunities at other firms.
Outlook
Employment for financial analysts is expected to grow by 12 percent from 2014 to 2024, according to
the U.S. Department of Labor (DOL). It reports that demand is growing because “investment
portfolios are becoming more complex, and there are more financial products available for trade. A
growing range of financial products and the need for in-depth knowledge of geographic regions are
expected to lead to strong employment growth.”

Wealth management analysts do not belong to unions. Many join associations, which provide
certification, professional development opportunities, career resources, networking events,
publications, and other benefits. For example, the Association of International Wealth Management is
a membership organization for wealth managers, portfolio managers, investment advisors, asset
managers, and trust and estate practitioners. It offers the certified international wealth manager
diploma, seminars on financial and wealth management issues, and networking opportunities. The
New York Society of Security Analysts provides membership, career resources, and Alternative
Investments, Career Development, Global Investing, Private Wealth Management, and Student Interest
Groups. The CFA Institute provides certification and continuing education opportunities. Other
noteworthy organizations include the American Bankers Association, American Institute of Certified
Public Accountants, Association for Financial Counseling and Planning Education, Association for
Financial Professionals, Certified Financial Planner Board of Standards, Chartered Alternate
Investment Analyst Association, Institute for Private Investors, International Association for
Quantitative Finance, International Association of Registered Financial Consultants, Market
Technicians Association, New York Society of Security Analysts, Securities Industry and Financial
Markets Association, and Women in Insurance and Financial Services.
Tips for Entry

Visit the following Web sites for career advice:
Bank of America: Recruitment Tips: http://careers.bankofamerica.com/us/working-

here/recruitment-tips.aspx
HSBC: Application Hints and Tips: http://www.hsbc.com/careers/application-hints-and-tips
UBS: Interview Preparation: https://www.ubs.com/global/en/about_ubs/careers/graduate-and-
intern/interview-preparation.html
Use “best company” lists to identify potential employers. For example, Pensions &
Investments publishes an annual list of the best places to work in money management at
http://www.pionline.com/article/20151210/ONLINE/151219977/best-places-to-work-in-money-
management.
Attend the American Bankers Association’s Wealth Management and Trust Conference
(http://www.aba.com/Training/Conferences/Pages/WMT.aspx) to network and participate in
continuing education opportunities.
The ABA represents the “nation’s $15 trillion banking industry, which is composed of small,
regional and large banks that together employ more than 2 million people, safeguard $11 trillion
in deposits and extend more than $8 trillion in loans.” Visit its Web site for job listings and
information on continuing education, its Wealth Management & Trust Conference, and the banking
industry.
Tel: (800) 226-5377
http://www.aba.com

Tel: (703) 684-4484
For information on earnings, careers, and certification, contact

Tel: (301) 907-2862
For information on membership and certification, contact

Association of International Wealth Management
E-mail: info@aiwm.org
http://www.aiwm.org
CFA Institute
Tel: (800) 247-8132
For information on certification and professional development opportunities, contact

Tel: (413) 253-7373

Institute of Business and Finance
4141 Jutland Drive, Suite 330
San Diego, CA 92117-3649
Tel: (800) 848-2029
E-mail: info@icfs.com
http://www.icfs.com
Visit the society’s Web site for information on membership for college students, a list of top
New York Society of Security Analysts
New York, NY 10036-4083
Tel: (212) 541-4530

New York, NY 10271-3599
Tel: (212) 313-1200

136 Everett Road
Albany, NY 12205-1418
Tel: (866) 264-9437
Learn More About It: Analyzing Wealth Management

Beyer, Charlotte B. Wealth Management Unwrapped. New York: RosettaBooks, LLC, 2014.
Brunel, Jean L. P. Goals-Based Wealth Management: An Integrated and Practical Approach to

Changing the Structure of Wealth Advisory. Hoboken, N.J.: John Wiley & Sons, 2015.
Butler, Jason. The Financial Times Guide to Wealth Management: How to Plan, Invest, and Protect
Your Financial Assets, 2nd ed. Upper Saddle River, N.J.: FT Press, 2015.
Carlson, Ben. A Wealth of Common Sense: Why Simplicity Trumps Complexity in Any Investment
Plan. New York: Bloomberg Press, 2015.
Chhabra, Ashvin B. The Aspirational Investor: Taming the Markets to Achieve Your Life’s Goals.
New York: HarperBusiness, 2015.
Curtis, Gregory. Family Capital: Working With Wealthy Families to Manage Their Money Across
Generations. Hoboken, N.J.: John Wiley & Sons, 2016.
Daniell, Mark Haynes, and Tom McCullough. Family Wealth Management: Seven Imperatives for
Successful Investing in the New World Order. Hoboken, N.J.: John Wiley & Sons, 2013.
Gray, Wesley R., and Jack R. Vogel. DIY Financial Advisor: A Simple Solution to Build and Protect
Your Wealth. Hoboken, N.J.: John Wiley & Sons, 2015.
Greenwald, Bruce C. N., Judd Kahn, Paul D. Sonkin, and Michael van Biema. Value Investing: From
Graham to Buffett and Beyond, 2nd ed. Hoboken, N.J.: John Wiley & Sons, 2016.
Hallman, G. Victor, and Jerry Rosenbloom. Private Wealth Management: The Complete Reference
for the Personal Financial Planner, 9th ed. New York: McGraw-Hill Education, 2015.
Kingsbury, Kathleen Burns. How to Give Financial Advice to Couples: Essential Skills for
Balancing High-Net-Worth Clients’ Needs. New York: McGraw-Hill Education, 2013.
Rice, Bob. The Alternative Answer: The Nontraditional Investments That Drive the World's Best-
Performing Portfolios. New York: HarperBusiness, 2013.
Rosplock, Kirby. The Complete Family Office Handbook: A Guide for Affluent Families and the
Advisors Who Serve Them. New York: Bloomberg Press, 2014.
Tyson, Eric. Investing For Dummies. Hoboken, N.J.: For Dummies, 2014.
Vento, John J. Financial Independence: An Advisor’s Guide to Comprehensive Wealth Management.
Widger, Charles, and Daniel Crosby. Personal Benchmark: Integrating Behavioral Finance and
Investment Management. Hoboken, N.J.: John Wiley & Sons, 2014.
Wealth Management Associates
Quick Facts
Alternate
Personal Financial Advisors, Private Bankers, Wealth Managers
Title(s)
Manage the investment portfolios of clients and work to attract new clients; monitor
Duties
client portfolios; analyzing financial data and projections
Work
Primarily Indoors
Environment
Best
Geographic
reside
Locations
Minimum
Bachelor's Degree
Education
Master's Degree
Level
Business
School
Economics
Subjects
Mathematics
Two to three years of experience as an analyst at a wealth management, hedge fund,

Experience
private equity, or venture capital firm, or in financial sales and trading positions
Enterprising
Personality
Hands On
Traits
Outgoing
Financial
Skills Interpersonal
Research
Certification
Required
or Licensing
Special None
Requirements
Employment
Good
Prospects
Advancement
Good
Prospects
↑Partner
Career
↑Chief Investment Officer/Vice President
Ladder
↑Associate
↑Analyst
Overview
Wealth management associates manage the investment portfolios of high-net-worth clients and use
their entrepreneurial and sales skills to attract new clients. Associates may also be known as private
bankers, personal financial advisors, and wealth managers.
History
Private wealth management is a specialized branch of the investment community that provides one-
stop shopping for a whole host of products and services needed by the wealthy—typically defined as
those who have liquid assets of more than $1 million (not including the value of one’s primary
residence). Many prestigious private banks and wealth management firms have much higher
minimums, more than $5 million in some cases, and provide services only to the richest of the rich.
The National Banking Act of 1863 provided the basis of a national banking system in the United
States and the establishment of a national currency, which prompted growing confidence in our
nation’s financial systems. As the U.S. became more industrialized, a growing number of wealthy
industrialists, bankers, and other high-wealth individuals began to seek out the services of wealth
managers to manage and grow their capital.
In subsequent decades, demand for wealth management professionals grew rapidly, but declined
during financial crises—such as the Great Depression (1929–39) and the Great Recession (December
2007 to June 2009)—and various banking and financial scandals.
In recent years, the wealth management industry has resumed its strong growth as the number of
millionaires and billionaires increases. In 2014, total assets under management (AUM) reached a
record $74 trillion worldwide, according to The Boston Consulting Group, a professional services
and consultancy firm. Between 2007 and 2014, total AUM grew by about 26 percent—and industry
profits reached a historic peak of $102 billion, matching their 2007 high before the financial crisis.
The Job
Have you heard the famous proverb, “the art is not in making money, but in keeping it.” Smart high-
net-worth individuals realize there’s a big difference between making money and properly managing
it, and therefore hire highly skilled and dedicated wealth management associates to protect and grow
their wealth and leave as much as possible for their children and grandchildren. Duties for associates
vary by firm, but typically include:
working closely with clients to create an overall financial strategy that encompasses not only
investment, but income management, taxes, small business partnerships, a budget, real estate
holdings, and estate planning aspects
taking and placing client orders in advisory and brokerage accounts
assisting with trading and rebalancing of client investment accounts
regularly monitoring clients’ portfolios and providing them with regular updates about their
status—and being available via telephone, e-mail, and in-person meetings to discuss any issues
that arise
preparing and analyzing balance sheets, financial projections, and other data
analyzing current economic trends and applying this information to the management of their
clients’ portfolios
following up with clients’ other advisors (certified public accountants, lawyers, etc.) as needed
generating new business through recommendations by current clients, via good old-fashioned
networking at financial conferences and charitable events, by participating in clubs and
organizations that have a large membership of high-net-worth individuals, and by cold calling
potential clients
Earnings
Entry-level wealth management associates earned median salaries of $65,689 in February 2016,
according to Salary.com. Earnings ranged from $47,030 to $84,862. Experienced associates received
median salaries of $112,594. Ten percent earned less than $81,876, and 10 percent earned $144,220
or more.
Many associates receive bonuses, which can vary depending on how the firm structures
compensation. Some private bankers receive bonuses solely on selling the client new services and the
company’s investment products, receiving a percentage of the business the private bank brings in from
that client. Others have more complex metrics, measuring performance against the client’s stated
goals.
At a top employer, associates can expect to earn $500,000 per year or more, most of it coming from
bonuses or commissions rather than salary. In 10 to 15 years, that can reach at least $1 million per
year.
Wealth management firms offer a variety of fringe benefits, such as paid holidays, vacations, and sick
days; personal days; medical, dental, and life insurance; profit-sharing plans; 401(k) plans; retirement
and pension plans; educational reimbursement; and licensing reimbursement (to complete Series 7,
63, and/or 66 licensing from the Financial Industry Regulatory Authority).
Work Environment
The U.S. Department of Labor reports that 30 percent of personal financial advisors worked more
than 40 hours per week in 2014. Associates often work on nights and weekends to meet with current
and potential clients in their homes, at financial conferences, and at social events. This career can be
stressful because associates—especially those who are new to the job—are under considerable
pressure to bring new clients to their firms. Despite the constant pressure to build a client pipeline,
many associates find this job very fulfilling. They value the relationships they build with investors
and the chance to help preserve and grow their capital.
Exploring
Learn as much as you can about investing strategies and the stock market. The following books
provide a good introduction to these topics: Investing For Dummies (For Dummies, 2014) and Stock
Market Investing for Beginners: Essentials to Start Investing Successfully (Tycho Press, 2013).
You can also develop your money management and stock-picking skills by managing the finances of a
school club or by participating in investment competitions during high school and college. The
Wharton School at the University of Pennsylvania offers the Knowledge@Wharton High School
Investment Competition (http://kwhs.wharton.upenn.edu/competitions), a free, global, online
investment simulation for students, ages 14–18, and teachers.

High School
If a career as a wealth management associate sounds interesting, take as many business, economics,
accounting, and mathematics classes as possible. Because your daily work will involve frequent oral
and written communication with your colleagues and clients, it’s a good idea to take English and
speech classes. Sign-up for computer science, database management, and other technology-related
courses because associates use customer relationship management databases, financial modeling
software, and a variety of in-house and online databases to do their work. Psychology classes will
help you to understand human behavior, and foreign language courses will come in handy if you work
with clients who do not speak English fluently.
Wealth management associates have bachelor’s degrees (and sometimes advanced degrees) in
finance, mathematics, accounting, economics, business, entrepreneurism, financial engineering, or
quantitative finance. Some may have degrees, double majors, or minors in sales or marketing. Others
have law degrees. A degree from an Ivy League or other top-tier college is required if you want to
work at a large investment bank or other top employer.

Most professional associations provide continuing education (CE) classes, webinars, workshops, and
seminars. These are great ways to keep your skills up to date. For example, the Institute for Private
Investors offers five-day wealth management programs in collaboration with The Wharton School at
the University of Pennsylvania. The Investment Management Consultants Association, American
Bankers Association, American Institute of Certified Public Accountants, Association for Financial
Counseling and Planning Education, Association for Financial Professionals, Association of
International Wealth Management, Certified Financial Planner Board of Standards, CFA Institute, and
other organizations provide CE opportunities. Contact these organizations for more information.
Many investment banks provide ongoing training for associates to help them learn about
developments in the wealth management industry, keep their financial skills up to date, and hone their
soft skills.
Certification
The Investment Management Consultants Association offers the online Essentials of Investment
Consulting Certificate Program, which covers core topics in the investment consulting process such
as the various types of investments and the mathematics of managing money and building portfolios. It
also provides the Applied Behavioral Finance Certificate Program and the Fundamentals of
Alternative Investments Online Certificate Program.

Many employers require applicants to have (or currently be pursuing) the certified financial planner
(CFP) or chartered financial consultant (ChFC) credentials. To receive the CFP mark of certification,
which is offered by the CFP Board, candidates must meet education and experience requirements,
pass an examination, and agree to follow the CFP Board’s Code of Ethics and Professional
Responsibility, Rules of Conduct, and Financial Planning Practice Standards. The American College
of Financial Services offers the ChFC designation. To receive this credential, candidates must
complete certain course work stipulated by The American College, meet experience requirements,
and agree to uphold The American College’s Code of Ethics and Procedures.
Several other organizations offer certification to financial planning professionals, including:
Association for Financial Counseling and Planning Education (accredited financial counselor)
fi360 (accredited investment fiduciary, accredited investment fiduciary analyst, professional
plan consultant)
Institute of Business and Finance (certified fund specialist, certified annuity specialist, certified
estate and trust specialist, certified income specialist, certified tax specialist)
Investment Adviser Association (chartered investment counselor)
Investment Management Consultants Association (certified investment management analyst,
chartered private wealth advisor).
Associates are usually required to obtain their Series 7 and Series 63 or 66 credentials from the
Financial Industry Regulatory Authority, the self-regulatory arm of the investment industry. The Series
7, or General Securities Representative certification, allows you to buy or sell, or solicit the
purchase or sale, of all securities products, including corporate securities, municipal securities,
municipal fund securities, options, direct participation programs, investment company products, and
variable contracts. It’s the most basic form of certification for anybody involved with the markets.
The majority of firms will also require a Series 63 registration, which requires knowledge of state
securities laws and allows you to be a securities agent. Other firms may require the Series 66, which
covers the same ground as a Series 63, but also certifies you to act as a registered investment adviser.

To become an associate, you’ll need two to three years of experience as an analyst at a wealth
management, hedge fund, private equity, or venture capital firm, or experience in sales and trading
positions with a financial employer.
According to research conducted by global wealth market research and strategy consultancy firm
Scorpio Partnership, both young and older investors agree that the most important qualities for a
financial advisor are integrity, professionalism, and intelligence. But one interesting difference
emerges based on the age group of the investors. Investors who were under the age of 40 placed more
emphasis on the importance of soft skills as compared with investors who were over age 60. “Under
40” investors rated the following soft skills as important: creativity, patience, empathy, and
sociability. Advisors who provide services to younger clients should take note of these evolving skill
sets, especially given the fact that Generation X investors surveyed by professional services firm EY
cited “advisor relationship” as the second-most important factor (after portfolio performance) as to
why they remain with a particular advisor.
Other important traits for associates include excellent communication, persuasive, problem-solving,
interpersonal, and organizational skills; a passion for the field of investing; impeccable ethics and a
willingness to puts the needs of the client before those of their firm; strong attention to detail; and the
ability to understand and explain sophisticated financial concepts and issues to investors. They should
also be proficient in financial modeling, customer relationship management, and basic office (e.g.,
Microsoft Excel, PowerPoint, and Word) software.
Employers
Approximately 47,206 people were employed in private banking services in 2015, according to
IBISWorld. They work at major banks, regional and boutique firms, broker/dealers, robo advisory
firms, and independent wealth management firms. The four largest employers (UBS, Morgan Stanley,
Bank of America Merrill Lynch, and Credit Suisse) hold about 47 percent of industry assets under
management. Many firms have fewer than 10 employees.
Starting Out
There are two main entry pathways for aspiring associates. Some enter the field after graduating with
an MBA. They complete on-the-job training that lasts anywhere from two to six months, and then they
can begin working with clients. Others are promoted to the position of associate after working as an
analyst for two to three years.
There are many ways to learn more about job opportunities in the wealth management industry. Many
large investment banks recruit on campus, and some offer summer analyst or associate training
programs (basically internships) that teach participants about the industry, job responsibilities, and
client interaction. Check the Web sites of these companies for recruiting schedules, descriptions of
potential career paths, tips on preparing resumes and interviewing, and information on summer
programs. College career services offices often maintain lists of employers that are hiring or that are
coming to campus for career fairs. Other ways to discover jobs include employment sites, networking
online on LinkedIn and other social networking sites, and using the networking and career-assistance
resources of professional associations.
Advancement time frames and paths for associates vary by firm and how each firm measures success.
Some associates advance by being asked to join the firm’s market strategy team, become a supervisor,
or open a new branch office in another city. If you move into any of these positions, you’ll also likely
be promoted to vice president.
Some associates who are unsatisfied with their career progression leave their companies to work in
similar positions at other firms. Others pursue a variety of Wall Street jobs. For example, some
choose to work for a hedge fund, or become a more traditional broker/dealer, or even parlay their
entrepreneurial abilities into a career as an independent advisor. Associates who do not yet have their
MBAs can enroll in graduate school.
Outlook
Employment for personal financial advisors (a career category that includes wealth management
associates) is expected to grow by 30 percent from 2014 to 2024, according to the U.S. Department
of Labor, or much faster than the average for all careers. Those with certification and advanced
degrees will have the best job prospects.
Opportunities should continue to be good for wealth management associates because of the increasing
number of wealthy people in the U.S. who need WM services. The number of U.S. households with a
net worth of $1 million reached a record high of 10.1 million by late 2014, according to Spectrem
Group’s Market Insights Report 2015. This was an increase of nearly 500,000 households from
2013.

Wealth management associates do not belong to unions, but there are many professional associations
that provide continuing education (CE) classes and webinars, networking events, publications, and
career resources. For example, the American Bankers Association offers extensive CE programs and
a job bank, publishes the ABA Banking Journal, and hosts the Wealth Management & Trust
Conference. According to its Web site, Women in Insurance and Financial Services is “dedicated to
attracting capable women to the insurance and financial services sector, developing their talents, and
advancing them toward their fullest potential.” It offers a mentoring program, a national conference,
webinars, discussion groups on social media sites, and other resources. Members of the Association
for Financial Counseling and Planning Education receive discounted pricing for continuing education
opportunities, publications such as the Journal of Financial Counseling & Planning and the
Standard quarterly newsletter, access to networking opportunities, and other resources. Other
noteworthy organizations include the American Institute of Certified Public Accountants, Association
for Financial Professionals, Certified Financial Planner Board of Standards, CFA Institute, Chartered
Alternate Investment Analyst Association, Institute for Private Investors, International Association for
Quantitative Finance, International Association of Registered Financial Consultants, New York
Society of Security Analysts, New York Society of Security Analysts, and the Securities Industry and
Financial Markets Association.
Tips for Entry

Visit http://news.efinancialcareers.com/us-en/1913/seven-interview-questions-for-wealth-
management-associates to read “Seven Interview Questions for Wealth Management Associates.”
Visit the following Web sites for career advice:
CFP Board: Preparing for an Interview: http://www.cfp.net/career-center/resources-for-job-

seekers/preparing-for-an-interview
Citigroup: Tools and Tips: https://www.citi.com/oncampus/index/#/toolstips
Check out the following Web sites for job listings:
http://careers.afcpe.org
http://www.cfp.net/career-center

Visit the ABAs Web site for job listings and information on continuing education, its Wealth
Tel: (800) 226-5377
http://www.aba.com

Tel: (703) 684-4484

Tel: (301) 907-2862

http://www.aiwm.org

1425 K Street, NW, #800
Tel: (800) 487-1497
http://www.cfp.net

Tel: (413) 253-7373
For information on membership, continuing education, and certification, contact

Investment Management Consultants Association
5619 DTC Parkway, Suite 500
Greenwood Village, CO 80111-3044
Tel: (303) 770-3377
E-mail: imca@imca.org
http://www.imca.org
New York Society of Security Analysts (NYSSA)
New York, NY 10036-4083
Tel: (212) 541-4530

New York, NY 10271-3599
Tel: (212) 313-1200

136 Everett Road
Albany, NY 12205-1418
Tel: (866) 264-9437
Words to Know: Bear Market, Bull Market, and Alternative

Investment
alternative investments: Financial assets outside traditional investment classes—stocks, bonds, or
cash. They are typically owned by institutions or high-net worth individuals. The alternative investing
category encompasses investments such as private equity, hedge funds, and real estate.
bear market: A time in which the prices of stocks in the market are declining or are expected to
decline.
bull market: A time in which the prices of stocks in the market are rising or are expected to rise.
hedge fund: A private, unregistered investment pool encompassing all types of investment funds,
companies and private partnerships that can use a variety of investment techniques such as borrowing
money through leverage, selling short, derivatives for directional investing, and options.
mainstream investments: Refers mainly to mutual funds or other investments that everyone can
invest in (without needing a certain net worth to do so).
mutual fund: A professionally managed investment pool sold to the public through sale of shares
representing an ownership interest. These funds have a board of directors or trustees to make sure it
is managed for the benefit of investors.
net worth: The value of an individual’s or company’s assets minus liabilities.
private equity: Equity investment in companies not traded on a public stock exchange.
real estate funds: Investment funds that invest in business and residential properties.
venture capital: The process of investing in start-up or early-stage companies that have undeveloped
or developing products or revenue.
Wealth Management Compliance Professionals
Quick Facts
Alternate Chief Compliance Officers, Compliance Analysts, Compliance Directors,

Title(s) Compliance Officers, Senior Compliance Analysts
Create, implement, and oversee compliance monitoring programs at wealth
Duties management firms; manage annual regulatory filings; advising managers and
partners; keeping current with regulations
Work
Primarily Indoors
Environment
Best
Geographic
reside
Locations
Minimum
Level
Business
School
Economics
Subjects
Government
Five to 10 years experience for chief compliance officers; internship or co-op for
Experience
entry-level jobs
Enterprising
Personality
Hands On
Traits
Realistic
Financial
Skills Leadership
Organizational
Certification
Recommended
or Licensing
Special None
Requirements
Employment
Good
Prospects
Advancement
Fair
Prospects
Outlook About as Fast as the Average
↑Chief Compliance Officer
↑Compliance Director
Career
↑Compliance Officer
Ladder
↑Senior Compliance Analyst
↑Compliance Analyst
Overview
Compliance professionals make sure that their firms are in compliance with laws and regulations that
have been established by the federal government (such as the Investment Advisers Act of 1940 and
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010), state governments, and
voluntary investor-protection organizations such as the Financial Industry Regulatory Authority. They
also ensure that their firms comply with internal systems that have been established to ensure
compliance with government and voluntary regulators.
History
The federal government has regulated the U.S. banking and financial services industry ever since the
first banks were founded. After the stock market crash of 1929, Congress passed a series of laws
(including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment
Advisers Act of 1940) to more closely regulate the industry. The global financial crisis in the late
2000s prompted sweeping regulatory changes in the banking and financial services industry. “The
wave of change since the global financial crisis has constituted the most far-reaching revision of
regulatory requirements in decades, significantly increasing compliance requirements,” according to
Global Risk Management Survey, 9th edition, a report from Deloitte University Press.
Many wealth management (WM) firms—especially small and mid-size organizations—worry that
these regulations will have a negative effect on the performance of their businesses. According to a
survey conducted by insurance giant Aon and detailed in its 2015 Global Risk Management Survey,
banks see regulatory/legislative changes as the top issue that can impact their bottom line. As a result,
many banks and financial services firms are expanding their compliance departments to reduce
regulatory risk.
The Job
Job duties for compliance professionals vary by employer, job title, and other criteria, but most
perform the following duties:
overseeing the firm’s registrations and annual filings with the Financial Industry Regulatory
Authority and the Securities and Exchange Commission, as well as state notice filings
developing and implementing a compliance risk management program that identifies and
manages compliance risks
providing advisory support to wealth managers, partners, risk managers, and information
technology professionals on regulatory rules
assisting in regulatory reviews—including internal audits, exams, and inquiries—to ensure that
compliance procedures are followed
designing and overseeing compliance training programs for the firm’s employees
working with the legal department to identify and analyze emerging legal and regulatory issues
discussing current or emerging compliance issues with the firm’s management
maintaining databases of the firm’s compliance activities (such as complaints received, the
firm’s responses, and investigation outcomes)
reviewing communications such as securities sales advertising to make sure that there are no
violations of regulations
staying abreast of regulatory developments by reading industry publications and reports and
press releases from regulators
using reporting, compliance program management, portfolio monitoring, electronic
communication archiving and review, and other software to collect information for regulatory
filings and firm records
Earnings
The International Compliance Association reports that compliance managers earn salaries that ranged
from $53,000 to $105,000. Earnings for compliance officers range from $30,000 to $65,000.
Chief compliance officers at small companies earned salaries that ranged from $116,500 to $156,000,
according to Robert Half’s 2016 Salary Guide Accounting & Finance. At large firms, earnings
ranged from $169,500 to $240,750.
Wealth management employers offer a variety of benefit packages. For example, the financial services
firm Janney Montgomery Scott provides paid holiday, vacation, and sick days; medical, dental,
vision, and life insurance; tuition reimbursement; adoption assistance and leave benefits; flexible
spending accounts; and a profit-sharing and savings plan.
Work Environment
Compliance professionals work in typical office settings, with standard work hours (Monday-Friday,
9 to 5). This job can be occasionally stressful if the compliance professional fails to identify risk
areas that result in a negative outcome for his or her firm. On the other hand, many compliance
professionals enjoy their work immensely—valuing the great responsibility they have to steer their
firm clear of regulatory pitfalls and areas of risk.
Exploring
If the terms “asset allocation,” “index,” “mid caps,” and “blue chips” seem like a foreign language to
you, then a glossary is a good place to start as you explore the world of wealth management. The
investment bank UBS offers a useful glossary of WM terms at
https://www.ubs.com/global/en/asset_management/glossary. A short compliance glossary can be
found at https://www.idology.com/resources/compliance-glossary-terms. Visit your local library to
check out books such as Essential Strategies for Financial Services Compliance (John Wiley &
Sons, 2015), which provides a detailed overview of the types of issues compliance professionals
face every day. Another good resource is the ComplianceX blog, http://compliancex.com. Talk to
compliance professionals about their careers. Ask them the following questions:
What do you like most and least about your career?

What’s the best strategy for people to land jobs in the industry?
What’s the best way to network in this industry?
How is the wealth management industry changing? What can students do now to improve their
chances of landing a job?
Can you recommend anyone else that I can talk to about career paths and the job search?

High School
High school classes that will help to prepare you for a career in compliance include English, speech,
business, economics, accounting, computer science, database design and management, computer
security, social studies, history, and foreign language.
Entry-level compliance professionals typically have bachelor’s degrees in business, finance,
accounting, or pre-law. Some employers prefer to hire those with graduate degrees in these areas, or
those who have law degrees. A few colleges, such as Loyola University Chicago, offer master’s
degree concentrations in compliance studies. Law schools—such as the Seton Hall Law School—are
beginning to offer concentrations in compliance. The Regulatory Compliance Association’s College
of Regulatory Compliance provides a law and master’s concentration in asset management practice,
compliance, and regulation. The International Compliance Association offers postgraduate diplomas
in governance, risk, and compliance; financial crime compliance; and other areas.

Most wealth management firms provide ongoing training for their employees, which includes classes
that focus on specific career areas (e.g., compliance, risk management, portfolio management) and
personal and professional development (e.g., leadership, teamwork, and technology skills).
Professional associations also offer a wealth of continuing education (CE) workshops, webinars,
seminars, and classes. For example, the Society of Corporate Compliance and Ethics provides
webinars such as The ABC’s of Professional Development for Compliance Practitioners and Update
on Global Data Privacy Laws and Frameworks. It also offers the Basic Compliance and Ethics
Academy, a three-and-a-half-day intensive program that covers topics such as compliance standards,
policies, and procedures; ethics; communications, education, and training; and risk assessment. The
program is offered in cities around the world. Professional development opportunities are also
provided by the International Compliance Association, Regulatory Compliance Association,
American Bar Association, and the American Bankers Association. Contact these organizations for
more information.
Certification
A few colleges offer undergraduate and graduate certificates in compliance. Typical classes in these
programs focus on risk management, ethics, leadership, and accounting systems. Contact the following
colleges for more information about their programs:
University of South Florida: http://www.usf.edu/innovative-education/graduate-

certificates/programs/compliance-risk-anti-money-laundering.aspx
San Francisco State University: http://cob.sfsu.edu/graduate-programs/ethics-compliance-
certificate
The International Compliance Association (http://www.int-comp.org/qualifications/all-certificates-

and-diplomas) offers certificates that focus on compliance, anti-money laundering, financial crime
prevention, due diligence, risk management, and other areas.

Several associations and a college have developed certification programs for compliance
professionals. The Society of Corporate Compliance and Ethics’ Compliance Certification Board
awards the certified compliance and ethics professional, the certified compliance and ethics
professional fellow, and other credentials to those who pass a certification exam and meet
educational and experience requirements. The Regulatory Compliance Association offers the
chartered regulatory counsel and the certified compliance officer designations. The American
Bankers Association provides the certified regulatory compliance manager credential to applicants
who have at least three years of industry experience, earn 80 continuing education credits, and pass
an examination.
The Lubin School of Business at Pace University and the Association of International Bank Auditors
have partnered to offer the certified compliance and regulatory professional credential. The program
covers three main areas: Corporate Governance in Financial Institutions; Regulatory Affairs Within
International Financial Institutions; and Developing, Implementing and Leading a Compliance
Program.

For entry-level positions, you’ll need to complete a compliance-related internship or participate in a
co-operative educational experience during college. This can be at a wealth management firm, in the
compliance department of a corporation, or at a regulator such as the Securities and Exchange
Commission. To become a chief compliance officer (CCO), you will need five to 10 years of
compliance experience; at least half of this time should be in a managerial position. Some wealth
management firms prefer to hire CCOs who have law degrees.
A successful compliance professional has a good understanding of his or her firm’s business and its
financial products, expertise in federal and state securities laws, and the ability to assess risks that
may affect the firm’s ability to comply with these laws. Compliance workers must be excellent
communicators because they frequently interact with wealth managers, risk managers, government
regulators, and their fellow compliance professionals. Strong analytical and problem-solving skills
are necessary to identify and mitigate areas of risk. Other important traits include first-rate
organizational skills, personal integrity, curiosity, creativity, good presentation skills, excellent
judgment, a detail-oriented personality, and the ability to work both independently and as a member
of a team.
Employers
Compliance professionals are employed by major banks, broker/dealers, regional and boutique firms,
robo advisory firms, and independent wealth managers. They also work for law firms that provide
compliance services to WM firms. There are more than 3,190 wealth management businesses in the
United States.
Opportunities in compliance are available in many other industries, including in telecommunications,

health care, banking, higher education, oil and gas extraction, and pharmaceuticals. Compliance
workers are also employed by government agencies such as the Securities & Exchange Commission.
Starting Out
Participating in an internship is a good way to break into the field if you lack work experience. Many
large banks and investment firms have internship programs. If participating in an internship doesn’t
lead to a job, try to land a job in the operations department of a bank or in positions that deal with
anti-money laundering and due diligence controls. Employers like to hire people who have hands-on
experience and knowledge of issues that affect their operations. Wealth management firms also seek
out applicants who have experience with regulators such as the Financial Industry Regulatory
Authority, Securities and Exchange Commission, Federal Reserve, Office of the Comptroller of
Currency, as well as state regulatory agencies.
Other job-search strategies include applying to WM firms directly, using the resources of your
college’s career services office, working with a recruiter (such as the Compliance Search Group),
and networking online and at in-person events (many of which are sponsored by professional
associations).
After a few years of experience, a compliance analyst can advance to the position of senior
compliance analyst, and then gradually be promoted to higher-level positions such as compliance
officer, compliance director, and chief compliance officer. As they advance, compliance
professionals receive salary increases and performance bonuses. Top performers may be asked to
become partners in their firms.
Outlook
Employment for compliance professionals will be strong during the next decade as a result of
increasing government regulation of the financial services industry. “Professionals with risk and
compliance backgrounds are seeing steady demand for their expertise, especially in financial
services,” advises the staffing firm Robert Half Finance and Accounting in its 2015 Salary Guide:
Accounting and Finance. Those with a law degree or a master’s degree, certification, and extensive
experience will have the best job prospects.

Wealth management compliance professionals do not belong to unions. There are three main
professional organizations for those work in compliance: the Regulatory Compliance Association
(RCA), Society of Corporate Compliance and Ethics (SCCE), and the International Compliance
Association (ICA). The RCA provides the chartered regulatory counsel credential and continuing
education (CE) opportunities. The SCCE offers professional development opportunities, provides
membership for students and practicing compliance professionals, publishes Compliance & Ethics
Professional and Corporate Compliance Weekly News, and provides various compliance
certifications. The ICA offers membership and a variety of certificate and diploma programs.
Additionally, the Securities Industry and Financial Markets Association—which represents the
interests of securities firms, banks, and asset managers—has a Compliance and Legal Society for
individual members. The American Bankers Association’s Center for Regulatory Compliance offers
CE classes and webinars, and publishes Bank Compliance.
Tips for Entry

Visit the following Web sites for job listings:
http://www.corporatecompliance.org/CareerCenter/JobBoard.aspx
http://compliancejobs.com
Participate in a compliance-related internship to learn more about the field and build your network.
Visit http://www.corporatecompliance.org/CareerCenter/Internship.aspx and
https://www.linkedin.com/jobs/compliance-intern-jobs for internship listings.
Attend the American Bankers Association Regulatory Compliance Conference

(http://www.aba.com/Training/Conferences/Pages/RCC.aspx) to take advantage of a variety of
professional development opportunities and to build your network.
Visit http://news.efinancialcareers.com/us-en/140343/how-to-get-a-job-in-compliance to read “How

to Get a Job in Compliance With Little or No Experience.”
Tel: (800) 226-5377
http://www.aba.com

International Compliance Association
E-mail: ict@int-comp.com
http://www.int-comp.org
For information on certification and continuing education, contact

Regulatory Compliance Association
Tel: (800) 306-6133
https://www.rcaonline.org
For information on education and careers and its Compliance and Legal Society, contact
New York, NY 10271-3599
Tel: (212) 313-1200
For information on certification and membership, contact
Society of Corporate Compliance and Ethics
Tel: (888) 277-4977
E-mail: service@corporatecompliance.org
http://www.corporatecompliance.org
Words to Know: Annuity, Blue Chip, and Dividends

annuity: An interest-bearing contract between a life insurance company and an individual that
promises periodic payments to the individual during a specific period of time.
asset allocation: The practice of distributing a portfolio’s assets among various types of investments
—stocks, bonds, cash, etc.—to achieve a desired investment return at acceptable level of risk.
asset management: Professional management of investments to achieve attractive returns; also

known as investment management.
assets under management: The net asset value of investments under management.
blue chip: A well-established company with a good record of earnings, sought by investors seeking
relative safety and stability.
bond: A long-term debt instrument with the promise to pay a specified interest and return of the
original investment on a stated maturity date.
commodities: Goods such as corn, oil, live cattle, gold, and coffee that are traded on a commodity
exchange.
commodity funds: An investment fund that invests primarily in tradable commodities.
dividends: Payments made by a company to those who own its stocks. These payments, which are
taxable, are paid annually, quarterly, or monthly.
stock: A representation of financial ownership in a company; the value of a stock can rise or fall
based on a company’s performance or other factors. Sometimes called a share by investment
professionals outside the United States.
Wealth Management Investor Relations
Specialists
Quick Facts
Alternate Assistant Investor Relations Managers, Heads of Investor Relations, Investor

Title(s) Relations Directors, Investor Relations Managers, Investor Relations Officers
Manage relationships with current investors while marketing to prospective
Duties
investors; preparing and giving presentations; research
Work
Primarily Indoors
Environment
Best
Geographic
reside
Locations
Minimum
Level
Business
School
Economics
Subjects
Speech
Two years of experience in investor relations, marketing, planning and

development, finance, or corporate communication or consulting firm for entry-
Experience
level positions; more than five years for mid-level jobs; more than 10 years for
executive-level careers
Enterprising
Personality
Hands On
Traits
Outgoing
Financial
Interpersonal
Skills
Public Speaking
Sales
Certification
Recommended
or Licensing
Special
None
Requirements
Employment
Good
Prospects
Advancement
Fair
Prospects
↑Partner
↑Investor Relations Director
Career
↑Investor Relations Manager
Ladder
↑Assistant Investor Relations Manager
↑Investor Relations Associate
Overview
Wealth management investor relations specialists use their skills in public relations, marketing, and
finance to market wealth management services to high-net-worth individuals, as well as manage
relationships with current investors.
History
Since the 1950s, corporations have employed investor relations (IR) specialists to provide financial
information to shareholders. But the field really began to grow in the 2000s, after a series of
corporate scandals (e.g., Enron, WorldCom, Lehman Brothers, Bear Stearns, AIG, etc.) prompted
increased government scrutiny of corporations and the banking industry and fueled growing investor
calls for financial transparency. Two major pieces of federal legislation—The Sarbanes-Oxley Act of
2002 and The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010—instituted
much more stringent regulatory control over the financial industry (including requiring investment
firms to provide more documentation regarding their operations to both regulators and investors). As
a result, demand greatly increased for IR specialists.
The National Investor Relations Institute was founded in 1969. It is the largest professional investor
relations association in the world, with more than 3,300 members. The Canadian Investor Relations
Institute was founded in 1997. It has more than 550 members.
The Job
Job duties for investor relations professionals vary by the size of their employer. At medium-size and
large firms, there’s usually a dedicated IR/marketing professional—and often an entire department—
that handles investor relations duties. At small funds, the firm’s owner might be responsible for
investor relations/marketing, or he or she might hire an outside public relations/marketing firm to
perform these duties. At some smaller funds, the role of investor relations specialist is combined with
that of marketing specialist.
Major duties of investor relations specialists include:
serving as the primary point of contact for existing investors and working with other members of
the IR department to identify new investors
creating and updating marketing materials (such as offering memos, fact sheets, portfolio
manager bios, and investor presentations)
maintaining their firm’s Web site and social media accounts
creating due diligence materials such as private placement memorandums and investor
questionnaires (to ensure eligibility and compliance with federal anti-money laundering
requirements)
preparing presentations for road shows, investor meetings, conferences, and other events
maintaining an investor management database to track communications with investors and
progress in the sales pipeline
conducting regular qualitative and quantitative research about the wealth management industry
and the firm’s competitors
creating pitch books (a document or presentation that is sent to potential investors to provide
information on the firm and its major players, its investment strategies, its risk management
strategies and reporting systems, and other data)
Earnings
New college graduates with a bachelor’s degree in marketing earned average starting salaries of
$43,123 in spring 2015, according to the National Association of Colleges and Employers.
Investment relations officers earned average salaries that ranged from $100,000 to $149,999 in 2014,
according to IR Magazine’s Global Investor Relations Practice Report 2014. The typical head of an
IR department earned between $200,000 and $249,999 in 2014. Ninety-five percent received a yearly
bonus that averaged 35 percent of their base salary. Investor relations professionals receive benefits
such as health and life insurance, paid vacation days and sick leave, and a 401(k) or other retirement
savings plan.
Work Environment
A job in investor relations will be a good fit for someone who likes the world of finance, but who
also enjoys interacting with people. A typical work week might involve in-person and phone meetings
with current and potential investors, attending road shows and investor meetings with partners, and a
lot of brainstorming with IR colleagues and designers to create marketing materials, update the firm’s
Web site or social media accounts, or prepare quarterly reports. Work hours for IR specialists are
fairly standard (i.e., 9 to 5, Monday through Friday)—unless they’re traveling on a road show (which
can last several days and include work at night and on weekends).
Exploring
Learn as much as you can about business and investing by checking out these and other publications:
Barron’s (http://www.barrons.com), Bloomberg Business
(http://www.bloomberg.com/businessweek), and Private Asset Management
(http://www.pammagazine.com).
Follow the financial markets, and create a real or mock stock portfolio based on your research. Join
finance clubs in high school and college. Many clubs compete in investing competitions. If your
school doesn’t offer a finance club, ask your business teacher to start one.
Talk with investment relations specialists about their jobs. Ask the following questions:
How did you break into the field?

What bachelor’s degree should I pursue—one in public relations or marketing, or one in
finance? Should I also earn a master’s degree?
How important is certification for career success?
How will the field of investor relations change in the next five to 10 years, and what can I do in
college to prepare for these changes?

High School
High school classes that provide good preparation for a career in investor relations include English,
speech, finance, marketing, business, economics, accounting, and mathematics. Other recommended
courses include computer science, psychology, history, social studies, and foreign language.
A minimum of a bachelor’s degree in marketing, public relations, finance, accounting, business, or a
related field is required to work in investor relations. Many IR specialists have master’s degrees.
Fordham University in New York City offers the only master’s degree in investor relations (MSIR) in
the United States. According to Fordham’s Web site, the MSIR curriculum covers “basic skills in
financial accounting, financial theory, and investment practices, as well as issues surrounding the
regulatory environment; information technologies that support and influence investor relations; clear
and effective business communication, including the use of media; and business ethics, legal
considerations, and strategic relationship management.” Visit
https://www.fordham.edu/info/22947/investor_relations for more information.
Throughout their careers, savvy IR specialists participate in educational seminars and workshops,
self-paced courses, and webcasts to expand their knowledge of investor relations, develop their
communication and interpersonal skills, and otherwise learn about the fields of IR, marketing, and
public relations. Many associations at the national, state, and local levels provide these opportunities.
For example, the National Investor Relations Institute offers webinars such as IR as a Career vs.
Stepping Stone, Crisis Management at the Annual Meeting, Social Media Strategies for IR, and
Communicating the Company's Strategy. The institute also offers professional development classes at
its annual conference and self-paced, online courses. Visit https://www.niri.org/professional-
development for more information. The American Marketing Association, Canadian Investor
Relations Institute, and the Public Relations Society of America also provide continuing education
opportunities.
Certification
The University of California-Irvine offers an investor relations certificate program, which, according
to its Web site, is “designed for both entry-level and experienced corporate and communication
professionals who want to broaden their expertise by gaining a solid practical understanding of how
investor relations’ activities can benefit the firm.” To earn the certificate, participants must complete
the following classes:
Introduction to Investor Relations

The Capital Markets
The Investment Process
The Corporate Environment
Communications for the Investor Relations Professional
The Practice of Investor Relations.
Visit http://www.unex.uci.edu/pdfs/brochures/INVESTOR_brochure.pdf for more information.
Seneca College in Toronto, Canada, also offers a certificate program in investor relations. See
http://www.senecacollege.ca/alumni/perks/irm.pdf to learn more. Additionally, many colleges offer
undergraduate and graduate certificates in public relations and marketing.

Some investor relations specialists become certified in order to demonstrate their mastery of job
skills and improve their chances of landing a job. In some instances, those who are certified earn
higher salaries than those who are not certified. To become certified, you’ll typically need to satisfy
education and experience requirements and pass an examination—but criteria vary by program. Here
are a few popular certifications for IR professionals:
Accreditation in public relations (Public Relations Society of America)
Certified professional in investor relations (Canadian Investor Relations Institute)
Certified public accountant (American Institute of Certified Public Accountants)
Chartered financial analyst (CFA Institute)
Investor relations charter (National Investor Relations Institute)
Professional certified marketer (American Marketing Association)

According to the National Investor Relations Institute, entry-level IR relations specialists should have
at least two years of experience in investor relations, marketing, planning and development, finance,
or corporate communication at a public company or consulting firm. Mid-level professionals need
more than five years of experience, and IR executives need more than 10 years of work experience in
one or more of these aforementioned areas.
You’ll need excellent written and oral communication skills to be successful in this career because IR
specialists frequently write copy for marketing materials, the firm’s Web site, and investor reports;
present information about their firms, their investment portfolio managers, and their investment
strategies to potential investors at road shows and at investor conferences; and regularly meet with
colleagues to discuss the firm’s marketing strategies and a variety of other topics. Investor relations
specialists must be knowledgeable about common investment strategies and financial concepts in
order to effectively convey complex financial information to potential and current investors in an
easy-to-understand manner. Other important traits include:
excellent analytical and quantitative skills

strong Microsoft Office skills, especially in PowerPoint
confidence and a persuasive personality
the ability to manage multiple tasks and projects
a strong work ethic
an organized and detail-oriented personality
the ability to meet deadlines and work well under pressure
Employers
There are more than 3,190 wealth management businesses (e.g., banks, investment firms,
broker/dealers, family offices, solo practitioners) in the United States alone. Investor relations
specialists also work for marketing and public relations firms that offer IR services. Opportunities
are found throughout the United States, but are concentrated in geographic areas where a large number
of affluent people live.
Starting Out
A good way to break into an investor relations position at a wealth management firm is to first obtain
experience in IR, marketing, or public relations at a corporation or consulting firm. Most large
corporations have extensive career Web sites that provide information on potential career paths,
internship programs, and tips on resume writing and interviewing. At many sites, you can apply for
jobs. Many professional associations—including the American Marketing Association
(http://jobs.ama.org) and the Public Relations Society of America (http://www.prsa.org/jobcenter)—
offer job listings and career development resources at their Web sites. Your college’s career services
counselors can provide information on networking events, career fairs, and related resources. You
can build your professional network by joining professional associations such as the National
Investor Relations Institute and by attending informal networking events that are advertised on
MeetUp.com. Don’t forget to utilize social networking sites such as LinkedIn to build your network,
interact with recruiters, and learn about job openings.
With experience, an entry-level IR associate at a large firm can advance to the position of assistant
investor relations manager, then to IR manager, and finally IR director. A highly-skilled and -
experienced investor relations director might be asked to become a partner at the firm. Additionally,
there are many opportunities outside the wealth management industry—typically in the IR, marketing,
and public relations departments of major corporations. Others work in the marketing or public
relations departments of nonprofit organizations or government agencies.
Outlook
Employment opportunities for marketing managers and public relations specialists who work in the
catch-all industry category of “other financial investment activities” are expected to grow by 36
percent from 2014 to 2024, according to the U.S. Department of Labor. Competition is extremely
strong for the investment dollars of high-net-worth individuals, and wealth management partners
realize that they need skilled IR specialists on staff to interact with current investors and to convince
new investors to choose their firms. Investor relations specialists with advanced degrees,
certification, and considerable experience will have the best job prospects.

Wealth management investor relations specialists do not belong to unions, but there are many IR,
marketing, public relations, finance, and banking associations in the United States and throughout the
world that provide useful resources to aspiring and current IR professionals. For example, the
National Investor Relations Institute (NIRI) offers membership for IR specialists who work in the
United States. Members receive IR Update, NIRI’s flagship monthly magazine; discounts on
conferences, seminars, and webinars; access to eGroups, NIRI’s private social networking forum;
access to a sample document library (e.g., guidance for corporate disclosure, model job descriptions,
and sample investor relations plans); and free webinars. The Canadian Investor Relations Institute is
a membership organization for IR professionals in Canada. It offers a mentorship program that links
new IR professionals with experienced practitioners, publications such as IR leader, an annual
conference, and the certified professional in investor relations credential. The CFA Institute offers
certification and continuing-education opportunities. The American Bankers Association, American
Marketing Association, and the Public Relations Society of America also provide many useful
resources.
Tips for Entry

Read financial publications such as Investor Relations
Update (https://www.niri.org/resources/publications/ir-update) and IR
Magazine (http://www.irmagazine.com) to learn more about the field.
A strong background in English, speech, marketing, and economics is helpful in this field; take classes
in these areas.
https://www.niri.org/career-center (open to members only)
https://www.ciri.org/MemberServices/JobListings.aspx (open to members only)
http://aba.careerbank.com
Tel: (800) 226-5377
http://www.aba.com
For information on continuing education, publications, careers, and certification, contact

American Marketing Association
130 East Randolph Street, 22nd Floor
Tel: (800) AMA-1150
https://www.ama.org
For information on certification, continuing education, and career opportunities in Canada,

contact
Canadian Investor Relations Institute
601, 67 Yonge Street
Toronto, ON M5E 1J8 Canada
Tel: (416) 364-8200
E-mail: enquiries@ciri.org
https://www.ciri.org
For information on certification and job listings, contact

National Investor Relations Institute
225 Reinekers Lane, Suite 560
Tel: (703) 562-7700
https://www.niri.org/career-center
For information on careers and its Financial Communication Section, contact

Public Relations Society of America
33 Maiden Lane, 11th Floor
New York, NY 10038-5149
Tel: (212) 460-1400
https://www.prsa.org, https://www.prsa.org/network/communities/financialcommunications
Words to Know: Equity, Family Office, and Risk Tolerance

country fund: An investment fund that invests chiefly in the equities of a specific country.
diversification: An investment strategy that helps to reduce, but not eliminate risk, by allocating a
client’s investment funds among several assets or asset classes.
equities: Shares in a corporation (in the form of common stock or preferred stock) that are issued to
investors that represent a claim over a proportion of its assets and profit.
equity fund: A mutual fund that invests primarily in stocks. It is also known as a stock fund.
estate tax: State and/or federal taxes that may be levied on the assets of a deceased person upon his
or her death.
family office: A firm that manages investments, assets, and trusts for a high-wealth family.
investment policies: The strategies a wealth management firm uses to reach investment goals (stock
selection, cash holdings, timing, etc.).
investment return: The profit or loss on an investment over a certain period of time.
portfolio: A collection of investments (stock shares, bonds, convertibles, cash, real estate, etc.).
Owning a portfolio reduces risk by holding different types of investments and spreading out the risk.
risk: In regard to the wealth management industry, factors such as chancy investment strategies, poor
firm leadership, ineffective information security protocols, and failure to comply with government
regulations that may affect the performance of the investment fund or the wealth management firm.
risk tolerance: The level of risk that an investor is willing to accept to reach his or her investment
goals.
Wealth Management Lawyers
Quick Facts
Alternate
Associates, Attorneys, Chief Legal Officers, General Counsels, Managing Attorneys
Title(s)
Advise wealth management firms and high-net-worth individuals regarding issues
Duties
such as trusts, tax issues, and litigation; negotiate contracts; structure deals
Salary Range $81,500 to $179,000 to $1 million+
Work
Primarily Indoors
Environment
Best
Geographic
reside
Locations
Minimum
Education Law Degree
Level
Business
School
Economics
Subjects
Speech
Three to five years of experience with a major law firm, bank, securities regulator,
Experience or broker/dealer for entry-level positions; five to 10 years of experience for higher
positions
Hands On
Personality
Organized
Traits
Problem-Solving
Financial
Skills Organizational
Research
Certification
Required
or Licensing
Special None
Requirements
Employment
Good
Prospects
Advancement
Fair
Prospects
↑Chief Legal Officer
Career
↑Managing Attorney
Ladder
↑Associate
Overview
Wealth management lawyers provide a variety of legal services to wealth management (WM) firms
—ranging from assistance with setting up trusts, to advice on regulatory compliance and tax and real
estate issues, and representing their employer during litigation and dispute resolution. Some WM
lawyers work for law firms that provide legal services to WM firms. Others are employed directly by
high-net-worth individuals. The top attorneys at wealth management firms or banks with WM
divisions are known as chief legal officers or general counsels.
History
Lawyers have provided legal advice to corporations ever since the first corporation (the Stora
Kopparberg Mining Company in Falus, Sweden) was chartered by King Magnus Eriksson in 1347.
As of 1880 in the United States, there were 335 chartered business corporations, most having been
chartered after 1790, according to Essays in the Earlier History of Modern Corporations, by Joseph
S. Davis. Most of the new corporations chartered in the early 1800s were involved in public services
of some kind, such as banking and insurance.
In the latter half of the 19th century, the number of wealthy people grew as a result of the industrial
revolution and other factors, and a variety of wealth management firms (including banks that offered
these services) were founded to serve the needs of the affluent. These firms and high-net-worth
individuals hired lawyers to provide advice on estate planning, contracts, tax issues, and other
financial-related issues.
The growth of international business, the increasing government regulation of WM firms, and the
rising number of high-net-worth individuals is fueling strong demand for wealth management
lawyers.
The Job
Job duties for wealth management lawyers vary by the size of the employer, the number of lawyers it
has on staff, and other factors. At a small WM firm, there may be just a chief legal officer who
handles everything from contracts and due diligence, to regulatory compliance and risk management
issues, and employment law and labor issues. At a large WM company, the chief legal officer will be
assisted by lower-level attorneys as well as a team of paralegals and legal secretaries. There will
also be distinct human resources, risk, and compliance departments. Typical duties for wealth
management lawyers:
advising partners on the structuring and formation of investment funds

providing general legal advice on the firm’s investment activities, products, and services
drafting agreements such as client agreements, confidentiality agreements, vendor services
agreements, and custody agreements
structuring estates and trusts, business succession plans, and wills for high-net-worth individuals
providing advice on tax minimization during the transfer of wealth
reviewing and negotiating contracts with third-party service providers
preparing required legal filings
overseeing and handling litigation, arbitration, and other proceedings that involve the firm
providing research and due diligence on legal, financial, regulatory, and other areas of risk
assisting senior leadership to develop, document, and implement processes and policies to
ensure compliance with the legal and regulatory environment
advising clients regarding laws such as the Securities Act of 1933, Securities Exchange Act of
1934, Commodity Exchange Act of 1936, Investment Advisers Act of 1940, Investment Company
Act of 1940, Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, and other
national and state securities laws
responding to inquiries and enforcement actions by the Securities & Exchange Commission and
the U.S. Department of Justice
Earnings
In-house corporate lawyers with zero to three years of experience who worked at small companies
earned salaries that ranged from $81,500 to $109,250 in 2015, according to national staffing firm
Robert Half Legal’s 2016 Salary Guide for the Legal Field. At large companies, they earned
between $121,500 to $156,500.
Attorneys with 10 or more years on the job who worked at small companies had earnings that ranged
from $126,250 to $181,000. At large companies, attorneys earned salaries that ranged from $179,000
to $251,500.
Earnings for wealth management lawyers who are also partners can exceed $1 million.
Many large WM firms provide excellent benefits. For example, employees of the global investment
management firm Legg Mason receive comprehensive medical, dental, and vision coverage; paid time
off for vacation, illness, and personal and family needs; access to a 401(k) plan; tuition
reimbursement and the opportunity to take in-house classes and training; merit pay and bonuses;
access to institutional shares of its funds, as well as its stock; profit sharing; and life insurance and
disability benefits.
Work Environment
Wealth management lawyers spend much of their work day in the office, conducting legal research,
studying and interpreting new government regulations, and attending meetings with partners and
members of the risk management, compliance, portfolio management, and other departments.
Litigation is a fact of life in the business world, and lawyers occasionally represent their clients in
court and at other legal proceedings. Overall, the work environment can be busy and stressful at times
due to the large amounts of money at risk, increasing regulatory requirements, and the high
expectations of both the firm’s partners and investors.
Exploring
The American Bar Association (ABA) offers useful information on education and careers at its Web
site, http://www.abalcc.org. If you’re already in law school, consider becoming a student member of
the ABA.
Participate in mock trial competitions in high school and college, which allow you to practice your
courtroom skills and meet other people who are interested in legal careers. One such competition is
the National High School Mock Trial Championship (http://www.nationalmocktrial.org).
Many colleges and universities host summer programs for high school students who are interested in
careers in law. For example, the University of Pennsylvania Law School offers a three-week Pre-
College Summer Academy in which participants attend lectures and presentations from Penn Law
faculty and guest speakers, visit law firms and trial and appellate courts, and work in teams to
prepare for Penn Law’s Summer Academy Moot Court Competition.

High School
Lawyers must be excellent writers and oral communicators, so it’s important to take as many English
and speech classes as possible. Joining the debate club will also be useful. Wealth management
attorneys are experts in business and finance. To build your skills in these areas, take economics,
accounting, business, finance, and mathematics courses. Foreign language classes will come in handy
if you work for a firm that does business internationally. Other important classes include government,
computer science, history, psychology, and social studies.
The American Bar Association (ABA) does not recommend any particular undergraduate majors to
prepare for law school. It reports that “students are admitted to law school from almost every
academic discipline. You may choose to major in subjects that are considered to be traditional
preparation for law school, such as history, English, philosophy, political science, economics, or
business, or you may focus your undergraduate studies in areas as diverse as art, music, science and
mathematics, computer science, engineering, nursing, or education.”
Most law schools require that applicants take the Law School Admission Test (LSAT). The Law
School Admission Council offers detailed information about preparing for and taking the LSAT at
http://www.lsac.org.
The ABA has approved more than 220 law schools in the United States. Law school graduates
receive either a degree of juris doctor (J.D.) or a bachelor of laws (LL.B.). Some law schools offer
classes in family wealth management or related areas.

Continuing education classes, seminars, and webinars that are offered by professional associations
provide lawyers with an excellent way to keep their skills up to date. For example, the ABA offers
Essentials—a series of introductory-level programs that cover the basics of core practice areas.
Recent offerings included Legal Research: Top Tips That Will Turbocharge Your Skills, LinkedIn for
Lawyers Reloaded, and Recent Cases and Developments in Derivatives Litigation. The ABA Young
Lawyers Division provides career development videos and webinars such as Volunteering to Enhance
Your Career and Millennial Lawyers: Improve Your Professionalism and Jumpstart Your Career. The
Association of Corporate Counsel provides in-person and online continuing education. Topics
include ethics, litigation, compliance, contract negotiation, and basic practice skills. Contact these
organizations for more information.
Certification
Some attorneys choose to earn a master of laws (LL.M) degree, an advanced law certification that
provides specialized information on topics such as banking and finance law, business law, corporate
law/corporate governance/corporate compliance, and regulatory compliance. A first law degree is
required for admission to LL.M programs, which typically last one year. For a list of LL.M
specialties and the law schools that offer them, visit
http://www.americanbar.org/groups/legal_education/resources/accreditation.html.

Lawyers must be admitted to the bar of the state where they want to practice. Applicants must
graduate from an American Bar Association-approved law school and pass a written examination.
The ABA provides an overview of the process at
http://www.americanbar.org/groups/legal_education/resources/bar_admissions/basic_overview.html.
A lawyer who has extensive compliance responsibilities might consider earning the chartered
regulatory counsel designation or the certified compliance officer credential from the Regulatory
Compliance Association. Attorneys might also want to earn financial-related certifications such as the
certified financial planner credential (which is offered by the CFP Board) and the chartered financial
consultant designation (American College of Financial Services).

Wealth management associates need a minimum of three to five years of experience with a major law
firm, bank, securities regulator, or broker/dealer. Chief legal officers need seven to 10 years of
experience.
Successful wealth management lawyers should have excellent problem-solving and analytical skills,
confidence, the ability to multitask in a fast-paced work environment, keen business/legal judgment,
strong communication skills, and organizational and problem-solving ability.
In 2015, the Association of Corporate Counsel surveyed chief legal officers regarding the non-legal
skills they would like their legal department employees to develop. The most-cited skills were:
1. executive presence (cited by 51 percent of respondents)

2. business management (50 percent)
3. communication/listening (48 percent)
4. project management skills (48 percent).
Employers
Lawyers work for major banks, broker/dealers, regional and boutique firms, robo advisory firms, and
independent wealth managers. Others are employed by law firms that provide contracted services to
these employers. Vault.com publishes an annual list of the 25 Best Law Firms for Banking &
Financial Services (as ranked by associates). The top five firms in 2016 were:
1. Davis Polk & Wardwell LLP

2. Sullivan & Cromwell LLP
3. Cravath, Swaine & Moore LLP
4. Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
5. Simpson Thacher & Bartlett LLP
Visit http://www.vault.com/company-rankings/law/best-law-firms-in-each-practice-area/?
sRankID=324 to check out the list.
Starting Out
Most wealth management firms don’t hire lawyers straight out of law school. Instead, they prefer to
hire attorneys who have obtained several years of experience with a major law firm, a large bank, or
other major financial employer. Some firms seek lawyers who have experience with a government
regulator such as the Securities & Exchange Commission.
There are many ways to land an entry-level job in law. Many major employers recruit on campus, so
check with your school’s career services office for a schedule of recruiting visits. The campus
interviewing process can be very challenging, and it’s important to be well prepared. Visit the
following Web site to learn more about how to ace campus interviews: http://www.chambers-
associate.com/where-to-start/on-campus-interviews.
Other ways to learn more about job opportunities include using social media, attending networking
events, joining professional associations and utilizing their career development resources,
volunteering with legal aid associations, and attending industry conferences. Finally, contact law
firms directly or visit their Web sites for information on career paths and methods of entry. Use the
NALP Directory of Legal Employers (http://www.nalpdirectory.com) to search for employers by
location, employer type, practice areas, and other criteria.
Unsure about what to do during the actual job-search (i.e., resumes, interviewing, etc.)? If so, the
Association of Corporate Counsel is a good resource. It offers answers to frequently asked questions
about resumes, cover letters, networking, interview strategies and preparation, and other job-search
topics at http://www.acc.com/jobline.
At a large wealth management firm, an associate with several years of experience can advance to the
position of managing attorney, who supervises the work of other lawyers, paralegals, and legal
secretaries. After seven to 10 years on the job, managing attorneys may advance to the position of
chief legal officer, the top legal professional at the firm. Some chief legal officers eventually become
partners or advance to become their organization’s CEO or chief operating officer, or join corporate
boards.
Outlook
Employment for lawyers who work for firms that deal with funds, trusts, and other financial vehicles
is expected to grow by 30 percent from 2014 to 2024, according to the Occupational Outlook
Handbook (OOH). Increasing government regulation is creating strong demand for lawyers to help
wealth management partners navigate these often complex rules.
Many businesses are expanding their in-house legal departments to cut costs. “For many companies,”
according to the OOH, “the high cost of hiring outside counsel lawyers and their support staff makes
it more economical to shift work to their in-house legal department. This will lead to an increase in
the demand of lawyers in a variety of settings, such as financial and insurance firms, consulting firms,
and health care providers.”

Wealth management lawyers do not belong to unions, but many join professional associations that
offer networking opportunities, continuing education (CE) classes and webinars, career assistance,
specialty membership groups, publications, and other resources. Many legal professionals join the
American Bar Association, one of the world’s largest voluntary professional organizations with
nearly 400,000 members. It accredits law schools; offers educational and career information;
publishes journals such as Business Lawyer, Student Lawyer, and ABA Journal; and has an
Institutional Investors Committee, Young Lawyers Division, and Business Law Section. The
Association of Corporate Counsel is a membership organization for in-house counsel in the United
States and more than 50 other countries. It publishes ACC Docket and the Chief Legal Officers
Survey, offers information on careers, hosts an annual meeting, and provides professional
development opportunities. The Association of American Law Schools, a nonprofit association of
180 law schools, offers information for prospective law students at http://www.aals.org/prospective-
law-students. The American Bankers Association offers a variety of resources for those engaged in
the practice of banking law, including Banking Docket and professional development classes and
webinars. The Law School Admission Council and the National Association for Law Placement also
provide many resources for law students and lawyers. Other useful organizations include the Minority
Corporate Counsel Association, and the National Association of Women Lawyers.
Some lawyers join state and local bar associations to take advantage of networking opportunities,
continuing education (CE) classes and webinars, career assistance, and other resources. For example,
New York–based attorneys might join the New York State Bar Association, New York County
Lawyers’ Association, or the New York City Bar Association.
Tips for Entry

Visit http://www.chambers-associate.com/where-to-start/compare-firms for a list of well-known law
firms. At the site, you can compare firms by a variety of criteria, including starting salary, firm size
and revenue, and diversity.
Become a student member of the American Bar Association to receive Student Lawyer, a magazine
that contains useful information for aspiring lawyers, and other career and job-search resources.
Sample articles from the magazine can be read at
http://www.americanbar.org/groups/law_students/publications.html. The ABA also offers a Before
the Bar Blog and The Law Student Podcast.
http://www.abalcc.org
http://www.acc.com/jobline
http://www.indeed.com/q-Wealth-Management-Attorney-jobs.html
Tel: (800) 226-5377
http://www.aba.com
For information about law education and careers and its Young Lawyers Division, Institutional
Investors Committee, and Business Law Section, contact
American Bar Association
321 North Clark Street
Tel: (800) 285-2221
http://www.americanbar.org
For information on continuing education and membership, contact

Association of Corporate Counsel
1025 Connecticut Avenue, NW, Suite 200
Tel: (202) 293-4103
http://www.acc.com
Online Resources: Advice and News for Career Success

Career Success: Navigating the New Work Environment
http://www.cfapubs.org/toc/car/2015/2015/1
Career Success, which is both a book and a Web site, offers a detailed examination of the changing
financial industry work environment, key skills that help one become successful, and strategies that
readers can implement to reach their career goals. It also features interviews with more than 10
investment professionals.
efinancialcareeers
Visit this Web site for thousands of wealth management, accounting, compliance, risk management,
private equity, and venture capital job listings. It also features articles about education and careers in
a variety of financial sectors.
Futures in Finance
http://www.afponline.org/pub/store/pubs/fif.html
Futures in Finance is a free monthly newsletter that offers useful resources for those interested in
finance and treasury careers. Each issue features job listings, articles on interviewing and finding a
job, spotlights on hot careers, and information on compensation trends and incentive packages.
The gateway: business and careers newspaper for students

http://thegatewayonline.com
The gateway offers information on careers in banking, asset management, accounting, law, consulting,
and technology. It also features internship and job listings.
Pensions & Investments

Pensions & Investments, which bills itself as the “international newspaper of money management,”
has been published for more than 40 years. It provides job listings and information about the
institutional investment market.

This resource provides breaking news about developments in the asset management industry. There is
a cost to subscribe, but a two-week trial is free.
Wealth Management Managing Directors
Quick Facts
Alternate
Managing Partners
Title(s)
Formulate investment and business strategy for their firms, manage and develop
Duties staff, oversee budgets, manage the investment portfolios of clients, work to attract
new clients
Work
Primarily Indoors
Environment
Best
Geographic
reside
Locations
Minimum
Bachelor's Degree
Education
Master's Degree
Level
Business
School
Economics
Subjects
Mathematics
At least 10 years of management and investment experience and a proven record

Experience
bringing in new business
Enterprising
Personality
Hands On
Traits
Organized
Business Management
Skills Financial
Leadership
Certification
Required
or Licensing
Special
None
Requirements
Employment
Fair
Prospects
Advancement
Poor
Prospects
Outlook About as Fast as the Average
↑CEO or Chief Operating Officer
Career
↑Chief Investment Officer or Vice President
Ladder
↑Associate
↑Analyst
Overview
Wealth management managing directors are top-level executives who play a key role in formulating
investment and business strategy for their firms, managing and developing staff, overseeing budgets,
and maximizing profits, and managing expenses. Many also oversee the investment portfolios of the
firm’s top clients, as well as work with vice presidents, associates, and investor relations specialists
to attract new clients. Managing directors are also known as managing partners.
History
The modern U.S. banking system can trace its roots to the time of the Civil War. It took a lot of money
to maintain a large modern army, and the Union increasingly turned to modern methods of financing,
including massive printing of paper money and issuing long-term debt with the help of financier Jay
Cooke. Cooke sold more than $1.3 billion in federal bonds to help finance the war, and his agents
penetrated even the smallest towns across the country, selling not just an investment return from the
bonds, but banking as a patriotic institution. Together with the National Banking Act of 1863, the
bonds provided the basis for a national banking system and established a national currency.
The new banking system helped foster rapid industrial transformation in the United States during the
latter half of the 19th century. With increased industrialization and liquidity came increased
concentrations of paper money in individual hands, often known as wealth. Unlike land, handling
paper wealth requires private wealth managers. With increasing confidence in the banking system,
more and more wealthy people turned to professionals, who worked either for banks or for brokerage
firms, helping clients invest and protect their capital.
With total assets under management (AUM) reaching a record $74 trillion worldwide in 2014,
according to The Boston Consulting Group, demand has only increased for skilled wealth
management professionals, including managing directors.
The Job
Managing directors rank among the top decision makers in their firms. They help to establish and
implement their company’s overall investment strategy, client focus, and/or new business strategy.
Their duties vary by employer. Many managing directors still work with clients, although they are
typically the most high-profile, high-net-worth customers that the firm has—or the problem clients
whose money is just too valuable for the firm to lose. Managing directors also oversee staff, serve on
the firm’s executive committees, and they may be asked to supervise a branch office or even the firm’s
main office. In specialty positions, managing directors may serve as their firm’s chief investment
officer, chief fiduciary officer, or general counsel.
Duties performed by managing directors include:
working with the firm’s board of directors to devise, implement, and maintain investment
policies and strategies
providing investment recommendations to the firm’s financial advisors
designing and maintaining financial portfolios
working with the firm’s top clients to develop wealth and investment management strategies that
match their goals and risk tolerance levels
participating in the development of new business, including the creation of presentation
materials for prospective customers
conducting investment research and preparing investment reports for the board
ensuring that various departments (e.g., risk, accounting, investor relations, compliance, etc.)
function effectively
leading weekly meetings with the investment team and other departments
managing staff resources to ensure proper client service
establishing and managing departmental policies and procedures relating to the operational
control environment
maintaining and overseeing the work of third-party service providers
managing operational risks and legal and compliance issues
visiting branch offices, as necessary, to ensure their proper functioning
coaching and mentoring wealth management advisors to help them meet service benchmarks and
sales goals
developing and maintaining financial research programs to ensure that the firm remains on the
cutting-edge
preparing and managing an annual budget, ensuring that revenue flows are maximized and fixed
costs are effectively managed
Earnings
Managing directors in the asset management industry earned median annual salaries of $143,987 in
February 2016, according to PayScale.com. It also reports that managing directors earned bonuses
that ranged from $4,966 to $195,743, average profit sharing compensation of $15,000, and average
commission on sales of $30,000.
Experienced managing directors at large firms can earn $500,000 to $5 million or more (including
bonuses).
Wealth management firms, especially large ones, offer a variety of exceptional benefits. For example,
Ameriprise Financial (a financial services firm with more than $800 billion in assets under
management and administration) offers medical, dental, and vision insurance; annual performance-
based incentives; tuition reimbursement, a 401(k) plan with a company match; life and disability
insurance; an on-site health services clinic and an on-site fitness center (at its Minneapolis
headquarters), and flexible work arrangements, among other benefits.
Work Environment
A day in the life of a managing director can be very busy, involving lots of meetings with the
investment team, phone calls and in-person consultations with current and potential investors, and
hours at their desks brainstorming new investment, marketing, or staff training ideas. Managing
directors are often supported by administrative staff (secretaries, clerks, etc.), and they usually have
large offices that are equipped with the latest office equipment and computer technology.
Approximately 50 percent of top executives worked more than 40 hours a week in 2014, according to
the U.S. Department of Labor.
Exploring
Some of the easiest ways to learn more about the wealth management industry are to read books and
journals about the field. Here are a few suggestions:
InvestmentNews: http://www.investmentnews.com
Chief Investment Officer: http://www.ai-cio.com
The Financial Times Guide to Wealth Management: How to Plan, Invest, and Protect Your
Financial Assets (FT Press, 2015)
Financial Independence: An Advisor's Guide to Comprehensive Wealth Management (John
Wiley & Sons, 2013)
Worth: http://worth.com
Consider joining Future Business Leaders of America (FBLA, http://www.fbla-pbl.org), a

membership organization for middle school and high school students. Its sister organization, Phi Beta
Lambda, is available for college students. FBLA offers co-curricular educational programs,
networking events with accomplished business professionals, community service projects, and
academic events that cover public speaking, business, finance, technology, management, and more.
Goldman Sachs offers a free career newsletter for aspiring wealth management professionals. You
can sign up at http://www.goldmansachs.com/careers/why-goldman-sachs/our-culture/newsletter-
signup.
High School
Most WM firms prefer to hire wealth managers who attended an Ivy League college or other elite
university, so be sure to work hard in high school in order to earn stellar grades that will increase
your chances of being accepted by a top college. In high school, take classes in business, economics,
accounting, statistics, and mathematics. Managing directors need strong communication skills so take
as many English and speech classes as possible—and join your school’s debate club. Other
recommended classes include computer science, history, social studies, and foreign language.
Some smaller firms may hire managing directors with only a bachelor’s degree in finance,
mathematics, accounting, economics, business, entrepreneurism, financial engineering, or quantitative
finance, but top firms typically require applicants to have a master’s degree in one of these
disciplines.

The writer Louis L’Amour was on the mark when he said, “No one can get an education, for of
necessity education is a continuing process.” Most wealth management professionals will discover
soon after college that they’ll need to update their industry knowledge and skills throughout their
careers.
Many professional associations offer continuing education opportunities via webinars at seminars and
workshops at conferences, and in other settings. For example, the American Bankers Association
offers workshops, seminars, and webinars on accounting, compliance, cybersecurity, legal, and risk
management issues. It also provides educational opportunities related to trust/wealth management via
its Center for Securities, Trust and Investments. Recent classes included Basic Administrative Duties
of a Trustee, Introduction to Trust Products and Services, and Asset Allocation and Portfolio
Management.
Other opportunities are provided by the Association of International Wealth Management, Investment
Management Consultants Association, American Institute of Certified Public Accountants,
Association for Financial Counseling and Planning Education, Association for Financial
Professionals, Certified Financial Planner Board of Standards, CFA Institute, and the Institute for
Private Investors.
Certification
As they climb the WM industry career ladder, many aspiring managing directors earn educational
certificates that provide a general overview of a particular field or a specific topic. Here are a few
popular certificates:
certificate in business accounting (Chartered Institute of Management Accountants)
essentials of investment consulting, applied behavioral finance, fundamentals of alternative
investments (Investment Management Consultants Association)
international auditing and international financial reporting (Association of Chartered Certified
Accountants)
international financial reporting standards (American Institute of Certified Public Accountants).
Many colleges and universities offer certificates in finance, financial planning, accounting, business
management, and related fields. Contact schools in your area to learn more.

Managing directors do not need to be certified, but many employers require those in lower-level
positions to be certified. With competition extremely strong for jobs, it’s a good idea to earn a
certification or two to increase your attractiveness to potential employers. Many organizations offer
certification to wealth management professionals, including:
American Bankers Association (certified trust and financial advisor, certified corporate trust
specialist, certified IRA services professional, certified retirement services professional,
certified securities operations professional)
American College of Financial Services (chartered financial consultant)
CFP Board (certified financial planner)
plan consultant)
Wealth managers are usually required to obtain their Series 7 and Series 63, 65, or 66 credentials
from the Financial Industry Regulatory Authority, which is the self-regulatory arm of the investment
industry. The Series 7, or General Securities Representative certification, allows you to buy or sell,
or solicit the purchase or sale, of all securities products, including corporate securities, municipal
securities, municipal fund securities, options, direct participation programs, investment company
products, and variable contracts. It’s the most basic form of certification for anybody involved with
the markets. The majority of firms will also require a Series 63 registration, which requires
knowledge of state securities laws and allows you to be a securities agent. Other firms may require
the Series 66 (which covers the same ground as a Series 63, but also certifies you to act as a
registered investment adviser) and the Series 65 (which certifies you to act as an investment adviser
representative).
At least 10 years of management and investment experience and a proven track record of generating
new business are required to work as a managing director.
Leadership skills are extremely important for managing directors because they must inspire their staff
to meet performance goals and set an example of professionalism that permeates their firm—from the
vice presidents who report to them to analysts straight out of college. They also must be strategic and
analytical thinkers; have excellent communication, customer service, and sales skills; possess
expertise regarding financial planning concepts (including comprehensive knowledge of their firm’s
products and services); and have good organizational, problem-solving, and time-management skills.
Employers
There are more than 3,190 wealth management businesses in the United States alone. Many U.S.-
based firms are headquartered in New York and other major cities such as Boston, Chicago, Dallas,
Denver, Houston, Los Angeles, and San Francisco. Many large U.S. firms have offices in foreign
countries.
Global wealth market research and strategy consultancy firm Scorpio Partnership reports that the 10
largest private banks (based on assets under management) in the world as of December 31, 2014,
were:
1. UBS ($2.035 trillion)

2. Morgan Stanley ($2.025 trillion)
3. Bank of America Merrill Lynch ($1.984 trillion)
4. Credit Suisse ($883 billion)
5. Royal Bank of Scotland ($704 billion)
6. Citi ($550 billion)
7. J.P. Morgan Chase ($428 billion)
8. BNP Paribas ($370 billion)
9. HSBC ($365 billion)
10. Goldman Sachs ($363 billion)
Starting Out
The career of managing director is not entry-level, and it takes many years of experience in lower-
level positions (analysts, associates, portfolio managers, vice presidents) to become qualified to
enter this occupation.
While in college, use the resources of your school’s career services office to locate jobs, improve
your resume, and practice your interviewing skills. Many wealth management firms recruit on college
campuses. Check with your career counselor or visit the Web sites of WM firms for recruiting
schedules.
Participating in an internship at a WM firm is an excellent way to break into the field. Many of the
largest firms have internship programs in place, which they use to identify promising candidates for
full-time employment. For example, the well-known financial services firm Edward Jones offers
several internship programs (http://careers.edwardjones.com/explore-opportunities/students)—
including a Financial Advisor Internship Program, Financial Advisor Career Development Program,
and internships at the firm’s headquarters. Each year, Vault.com ranks the best internship programs
(including those offered by the financial services industry). Visit http://www.vault.com/internship-
rankings/top-10-internships/?&rYear=2016 for the latest list.
Other job-search strategies include using social networking sites (such as LinkedIn), hiring recruiters
for assistance in the job search, using job sites, and applying for jobs at the Web sites of potential
employers.
Managing directors sit at the top of the management structure at WM firms, so there are not a lot of
advancement opportunities. Directors who are not already partners at their firms can advance by
becoming partners. Others may leave their firms to work in identical positions at companies with
more assets under management or higher industry prestige. Some managing directors move on to work
as chief financial officers, CEOs, and chief operating officers at corporations.
Outlook
Employment for top executives is expected to grow by 6 percent from 2014 to 2024, according to the
U.S. Department of Labor (DOL). The DOL reports that “top executives are expected to face very
strong competition for jobs. The high pay and prestige associated with these positions attract many
qualified applicants.” Since most wealth management firms have one or only a handful of managing
directors, it is extremely difficult to ascend to this top position. Wealth management professionals
with extensive managerial experience, an excellent track record of generating strong investment
returns for clients, and who keep the new investor pipeline flowing will have the best job prospects.

Wealth management managing directors do not belong to unions. Some join or utilize the resources of
professional associations such as the American Bankers Association, Association for Financial
Counseling and Planning Education, Association for Financial Professionals, Association of
International Wealth Management, Certified Financial Planner Board of Standards, CFA Institute,
Chartered Alternate Investment Analyst Association, Institute for Private Investors, International
Association for Quantitative Finance, International Association of Registered Financial Consultants,
New York Society of Security Analysts, New York Society of Security Analysts, and the Securities
Industry and Financial Markets Association. These organizations offer everything from certification
and professional development opportunities, to networking events and career blogs, to publications
and annual conferences.
Tips for Entry

Work in lower-level positions in the wealth management industry to obtain experience.
Visit the following Web sites for advice on landing an entry-level career in the WM industry:
JPMorgan Advice Center: http://careers.jpmorgan.com/student/jpmorgan/careers/us/advice

Raymond James: Career Advice Center: http://raymondjames.com/careers/students.htm
Standard Life Investments:
http://www.standardlifeinvestments.com/careers/recruitment_process/index.html
Participate in continuing education classes throughout your career and become certified to prepare
yourself for work at the top levels of the WM industry.
Join the American Bar Association Trust Network (http://www.aba.com/Tools/Function/Trust), an

online discussion forum for wealth management professionals.
Tel: (800) 226-5377
http://www.aba.com

Tel: (703) 684-4484

Tel: (301) 907-2862
http://www.aiwm.org

1425 K Street, NW, #800
Tel: (800) 487-1497
http://www.cfp.net
CFA Institute
Tel: (800) 247-8132
This trade organization promotes the professional education of financial advisors and planners.
The Financial Planning Building
Tel: (800) 532-9060
New York, NY 10036-4083
Tel: (212) 541-4530

New York, NY 10271-3599
Tel: (212) 313-1200

136 Everett Road
Albany, NY 12205-1418
Tel: (866) 264-9437
Movers and Shakers: Alexandra Lebenthal, Co-CEO of Lebenthal

Holdings, CEO of Lebenthal Wealth Advisors, LLC, and CEO of
Lebenthal & Co., LLC
Alexandra Lebenthal is the co-chief executive officer (CEO) of Lebenthal Holdings, CEO of
Lebenthal Wealth Advisors, LLC, and CEO of Lebenthal & Co., LLC, which her grandparents
founded in 1925. She launched her career in the municipal bond department at Kidder Peabody Inc., a
well-known securities firm. Lebenthal has received many awards for her work, including being
named one of the “50 Most Influential Women in Private Wealth” by Private Asset Management in
2015. She is also the author of The Recessionistas, a novel that satirizes the “challenges” faced by
ultra-wealthy investment bankers and their trophy wives after the financial crisis in the late 2000s.
Lebenthal is a strong supporter of women in the private wealth management industry. She serves on
the board of The Committee of 200, which lobbies for increased leadership positions for women in
business, and a board member of Savvy Ladies, a nonprofit organization that provides financial
education and resources for women. She also founded Sayra (which is named after her grandmother
who founded her firm), a magazine for female financial advisors. (Visit
http://www.lebenthal.com/sayra to read the latest issue.) Lebenthal is a leading advocate for
increasing the number of women in private wealth management—especially in family offices. “The
family office environment is very conducive for women wanting to work in the private wealth
industry,” she told Private Asset Management. “It allows professionals to be involved in so many
different aspects of finance and management, and when managing one family’s vast amounts of wealth,
it is a very unique working environment….it is always a section of the industry I suggest women
explore.”
Sources: Lebenthal & Co., Private Asset Management

Wealth Management Risk Managers
Quick Facts
Alternate
Chief Risk Officers, Risk Analysts, Risk Officers
Title(s)
Identify, analyze, and mitigate risks; design and implement a risk management
Duties
program; coordinate with compliance officers and managers
Work
Primarily Indoors
Environment
Best
Geographic
reside
Locations
Minimum
Level
Business
School
Economics
Subjects
Mathematics
At least 10 years in risk management positions for chief risk officers; five years of
Experience risk-related experience for managers; one to two years of work or internship
experience for risk analysts
Organized
Personality
Problem-Solving
Traits
Realistic
Business Management
Skills Financial
Interpersonal
Certification
Recommended
or Licensing
Special None
Requirements
Employment
Good
Prospects
Advancement
Fair
Prospects
↑Partner
Career
↑Chief Risk Officer
Ladder
↑Risk Manager
↑Risk Management Analyst
Overview
Risk managers use their quantitative, financial, analytical, and technology skills to identify, study, and
work to reduce risks (e.g., risky investment strategies, Information Technology, and compliance) at
wealth management firms. They are also known as chief risk officers, risk officers, and risk analysts.
History
Businesses have utilized risk management strategies ever since the first product or service was
created. In the 1950s, risk management emerged as a specialty due to the growing complexity of
business operations and manufacturing processes.
In the wealth management industry, demand for chief risk officers (CROs) grew rapidly after the
Great Recession (December 2007-June 2009) as a result of increasing government regulation of the
financial sector and escalating concerns by investors regarding risk factors that could affect their
investments. In 2014, 92 percent of financial services organizations surveyed by professional
services firm Deloitte reported that they had a CRO or equivalent position on staff—a sharp increase
from the 65 percent of companies that said so in 2002.
The Job
Developing and maintaining effective risk management (RM) practices is key to the success of any
wealth management business. While wealth management partners have used RM strategies since the
early days of the industry, more emphasis is being placed on RM due to increasing government
regulation and growing competition between WM firms for the investment dollars of high-net-worth
individuals. “The wealth management industry is centered on trust,” according to 10 Disruptive
Trends in Wealth Management, a report from Deloitte & Touche LLP. “One ‘risk event’ such as a
cyber-attack or a major regulatory fine, can destroy that trust, and in turn, the reputation of the
institution.”
According to Deloitte & Touche LLP, the most common types of risk in the wealth management
industry relate to the following areas:
trading practices
compliance
portfolio management
regulatory reporting
information management and security
middle/back office oversight
branch supervision
client on-boarding
Major duties of risk management professionals include:
designing and implementing an enterprise risk management program to assess and manage risks
managing the risk management process, including implementing and monitoring stress tests,
back-tests, and sensitivity analysis for funds and firm assets
reviewing, testing, and implementing various risk models and producing model review reports
developing and monitoring risk information systems and technology infrastructure
gathering client information to identify, present, and mitigate risks
working closely with the firm’s chief compliance officer to ensure that regular compliance
filings are made to regulatory bodies
documenting and reporting risk policy issues to the firm’s risk committee
constantly working to identify new and emerging risks
Earnings
Chief risk officers earned median annual salaries of $178,000 in 2013, according to RIMS-The Risk
Management Society. The lowest 25 percent earned $148,500 or less, while the top 25 percent earned
$206,000 or more. Chief risk officers also received average yearly bonuses of $55,500. Salaries for
risk management analysts ranged from $49,000 to $80,000 or more, with an average bonus of $6,000.
Risk managers receive benefits such as paid vacation and sick days, health and life insurance,
pensions, and stock options. Benefits can be very generous at top investment banks. For example,
Credit Suisse (which ranks among the four largest firms in the industry) offers flexible work
schedules and job sharing, family-focused programs (e.g., adoption leave, childcare services,
eldercare services), on-site fitness centers, work/life coaching, and employee discounts on various
products and services (such as bank and insurance products).
Work Environment
Approximately 33 percent of financial managers (including risk managers) worked more than 40
hours per week in 2014, according to the U.S. Department of Labor. This career can be both
rewarding (when risk managers are able to identify areas of risk that could have caused major issues
for their firm) and sometimes stressful (when the firm’s executives do not agree with the opinions of
the risk manager, or if he or she fails to identify a major area of risk before it causes the firm to lose
money or clients). Some risk managers travel to conduct on-site risk assessments at third-party
service providers, and to attend industry conferences, road shows, and other events.
Exploring
There are many ways to learn about a career in risk management. One of the easiest ways to do so is
by reading books about the field. Here are two suggestions: The Essentials of Risk Management
(McGraw-Hill Education, 2014) and Risk Management and Financial Institutions (John Wiley &
Sons, 2015).
Some colleges have risk management clubs for business students. Check with your school to see if it
has such a club, or at least a business club, that you can join. Consider competing in the Spencer-
RIMS Risk Management Challenge
(https://www.rims.org/membership/Students/Pages/RIMSRiskManagementChallenge.aspx), a
competition for college students in the U.S. and Canada that will help you to develop your risk
management skills.
Nearly every organization—whether it’s a university, wealth management firm, government agency, or
a corporation—has risk management protocols in place (many of which are posted online). After
reviewing a few of these plans (and the aforementioned RM books), try to create a risk management
plan for a school event.

High School
In high school, take classes that help you to develop your communication skills (including those in
English, speech, and creative writing), financial and business acumen (economics, mathematics,
accounting, and business), computer skills (database management, computer and information
security), and critical-thinking abilities (philosophy, history, and social studies).
You’ll need a minimum of a bachelor’s degree in risk management, insurance, accounting, finance,
economics, business, computer science, or management information systems to work in risk
management, although some employers prefer to hire those with graduate degrees. Be sure to augment
your studies in one of these areas with classes in financial planning or wealth management so that you
can obtain a working understanding of the financial aspects of the business.
Fewer than 65 colleges and universities in the United States and Canada—including Baylor
University, Kent State University, Temple University, and the University of Pennsylvania—offer
degrees in risk management. Visit http://www.aria.org/RMI_Programs.htm for a list of schools that
offer certificates and bachelor’s and graduate degrees in the field.

Professional associations offer a wealth of continuing education classes, workshops, and webinars
that help risk managers keep their skills up to date. For example, the Global Association of Risk
Professionals offers Foundations of Financial Risk, a class for entry-level professionals that details
how banks operate, how they’re governed, and how they’re regulated. RIMS-The Risk Management
Society provides webinars such as “Cybersecurity Risks in a Mobile Device and Internet of Things
World” and “Continuity Risk Management: What Every Risk Professional Should Know.” The Public
Risk Management Association and the American Bankers Association also provide professional
development opportunities.
Certification
The Professional Risk Managers’ International Association offers the associate professional risk
manager; credit and counterparty manager; market, liquidity, and asset liability management risk
manager; and operational risk manager certificates. Visit http://www.prmia.org/certificate-programs
to learn more. The Institute of Risk Management offers the international certificate in risk management
to applicants who pass multiple-choice and written examinations. Visit
https://www.theirm.org/qualifications/international-certificate-in-risk-management for more
information.

Several associations offer certification programs for risk management professionals. For example, the
Global Association of Risk Professionals offers the financial risk manager (FRM) credential.
According to the association, “earning the FRM signals to employers that you are serious about risk
management and that you have had your knowledge validated against international professional
standards.” To receive the FRM credential, candidates must pass a two-part examination and have
two years of qualified work experience. Visit http://www.garp.org/#!/frm for more information. Other
certification credentials are offered by the:
National Alliance for Insurance Education & Research (certified risk manager,
https://www.scic.com/courses/CRM)
RIMS—The Risk Management Society (RIMS-certified risk management professional,
http://www.RIMS.org/certification)
Professional Risk Managers’ International Association (professional risk manager,
http://www.prmia.org/certificate-programs)
Some firms seek risk managers who have earned the chartered financial analyst credential, which is
administered by the CFA Institute (http://www.cfainstitute.org/programs/cfaprogram).

Chief risk officers must have a minimum of 10 years of experience in lower-level risk management
positions. Risk managers need at least five years of experience in risk management, and risk analysts
need a year or two of experience (a combination of an internship, co-operative education experience,
or part-time job) in a risk management position at a corporation.
To be a successful risk management professional, you’ll need excellent communication and

interpersonal skills, confidence, and an independent mindset to effectively interact with colleagues
who may not always agree with your risk assessments; expertise in risk identification and analysis
techniques; strong quantitative skills and the ability to use risk management software; excellent
analytical and problem-solving skills; creativity; and intellectual curiosity.
Employers
Risk managers work for banks, investment firms, broker/dealers, and family offices. They also are
employed by accounting and consulting firms that provide risk management services to banks and
other wealth management companies.
Chief risk officers are most likely to be employed by large institutions. In 2014, 100 percent of large
financial services organizations surveyed by professional services firm Deloitte reported that they
had a chief risk officer (CRO). Ninety-seven percent of medium-size institutions reported having a
CRO, compared to 69 percent of small companies.
In addition to employment in the wealth management industry, risk managers work for corporations of
all types, government agencies, the U.S. military, and nonprofit organizations.
Starting Out
Professional associations provide many excellent job-search resources. For example, RIMS—The
Risk Management Society offers a Career Tools section on its Web site
(https://www.rims.org/resources/CareerCenter/Resources) that features articles on resume writing,
networking, career success, and other topics. Its site also provides job listings, information on the
Spencer-RIMS Risk Management Challenge (which will allow you to start building your skills and
your professional network), and details on its annual conference.
Other job-search strategies include networking at career fairs and on social media sites, using the
resources of your college’s career services office, participating in internships, using the services of
recruiters, and applying for jobs directly at the Web sites of potential employers.
At an investment bank or a large wealth management firm, a skilled risk analyst can advance to the
position of risk manager after five years on the job, and then to chief risk officer (after working as a
risk manager for 10 years). Some risk management professionals become partners, receiving an
ownership stake in the firm.
In addition to working in risk management positions at corporations, risk managers also can work as
independent consultants. Some leave the profession to become teachers at colleges and universities.
Outlook
Employment for financial managers who work for firms that manage funds, trusts, and other financial
vehicles will grow by 19 percent through 2024, according to the U.S. Department of Labor, or much
faster than the average for all careers.
Increasing regulation of the wealth management industry and growing interest by investors in
assessing the quality of risk management programs in place at WM firms are creating demand for risk
managers. According to Deloitte & Touche LLP’s Global Risk Management Survey, “Financial
institutions are adjusting to the new environment for risk management. Most institutions will need to
enhance their risk management programs to stay current—improving analytical capabilities, investing
in risk data and information systems, attracting risk management talent, fostering an ethical culture,
and aligning incentive compensation practices with risk appetite. They will find that business
strategies and models must be reassessed in response to changed regulations more often than before.
Perhaps most important, institutions will need to develop the flexibility to respond nimbly to the ‘new
normal’ risk management environment of unceasing regulatory change.”

Wealth management risk managers do not belong to unions. Some become members of professional
associations that provide certification and continuing education programs, publications, and career
resources. For example, the Professional Risk Managers’ International Association offers the
professional risk manager credential and the associate professional risk manager certificate, provides
career webinars, publishes Intelligent Risk (a quarterly journal for its members), and offers more
than 200 meetings each year through its local chapters. The American Bankers Association represents
the “nation’s $15 trillion banking industry, which is composed of small, regional and large banks that
together employ more than 2 million people.” It provides extensive continuing-education programs,
hosts the Wealth Management & Trust Conference, and publishes the ABA Banking Journal. Other
noteworthy organizations include the American Risk and Insurance Association, Global Association
of Risk Professionals, Public Risk Management Association, RIMS-The Risk Management Society,
and RMA-The Risk Management Association.
Tips for Entry

Get certified. It will give you the edge over other applicants.
Visit the following web sites for job listings:
http://jobs.prmia.org/home/index.cfm?site_id=13141
http://www.careerbuilder.com/jobs/keyword/risk-manager
http://www.riskmanagementweb.com
Attend industry conferences to network and learn more about the field. RIMS-The Risk Management
Society offers information on its annual conference, as well as regional conferences and summits, at
its Web site, https://www.rims.org.
Tel: (800) 226-5377
http://www.aba.com

Global Association of Risk Professionals
111 Town Square Place, 14th Floor
Jersey City, NJ 07310-1755
Tel: (201) 719-7210
http://www.garp.org
For information on certification and continuing education, contact

Professional Risk Managers’ International Association
400 Washington Street
Northfield, MN 55057-2027
Tel: (612) 605-5370
http://www.prmia.org
For information on membership, certification, and continuing education, contact

RIMS-The Risk Management Society
5 Bryant Park, 13th Floor
New York, NY 10018
Tel: (212) 286-9292
https://www.rims.org
RMA-The Risk Management Association
1801 Market Street, Suite 300
Philadelphia, PA 19103-1628
Tel: (800) 677-7621
http://www.rmahq.org
Learn More About It: Risk Strategies for Managing Wealth

Brown, Aaron. Financial Risk Management For Dummies. Hoboken, N.J.: For Dummies, 2015.
Crouhy, Michel, Robert Mark, and Dan Galai. The Essentials of Risk Management, 2nd ed. New
York: McGraw-Hill Education, 2014.
Ferguson, Niall. The Ascent of Money: A Financial History of the World. New York: Penguin Books,
2009.
Hubbard, Glenn P., and Anthony P. O’Brien. Money, Banking, and the Financial System, 2nd ed.
Upper Saddle River, N.J.: Prentice Hall, 2013.
Mills, Annie, and Peter Haines. Essential Strategies for Financial Services Compliance, 2nd ed.
Peterson, Steven. Investment Theory and Risk Management. Hoboken, N.J.: John Wiley & Sons,
2012.
Piketty, Thomas. Capital in the Twenty-First Century. Cambridge, Mass.: Belknap Press, 2014.
Pritchard, Carl L. Risk Management: Concepts and Guidance, 5th ed. New York: Auerbach
Publications, 2014.
Sehgal, Kabir. Coined: The Rich Life of Money and How Its History Has Shaped Us. New York:
Grand Central Publishing, 2015.
Shiller, Robert J. Irrational Exuberance, 3rd ed. Princeton, N.J.: Princeton University Press, 2015.
Smith Jr., Winthrop H. Catching Lightning in a Bottle: How Merrill Lynch Revolutionized the
Financial World. Hoboken, N.J.: John Wiley & Sons, 2014.
Weatherall, James Owen. The Physics of Wall Street: A Brief History of Predicting the
Unpredictable. Boston: Mariner Books, 2014
Wealth Management Vice Presidents
Quick Facts
Alternate
Private Bankers, Wealth Managers
Title(s)
Manage the investment portfolios of clients, work to attract new clients, oversee
Duties associates and analysts, and collaborate with other executives to formulate strategy
for the firm
Work
Primarily Indoors
Environment
Best
Geographic
reside
Locations
Minimum
Bachelor's Degree
Education
Master's Degree
Level
Business
School
Economics
Subjects
Mathematics
Experience Ten years investment experience and a proven record of bringing in new business
Enterprising
Personality
Hands On
Traits
Organized
Business Management
Skills Financial
Leadership
Certification
Required
or Licensing
Special None
Requirements
Employment
Good
Prospects
Advancement
Fair
Prospects
Outlook Faster than the Average
↑Partner
Career
↑Chief Investment Officer/Vice President
Ladder
↑Associate
↑Analyst
Overview
Wealth management vice presidents are highly skilled upper-level managers who oversee the
investment portfolios of clients, work to attract new clients, manage associates and analysts, and play
a major role in formulating strategy for their firms. They are also known as private bankers and
wealth managers.
History
In the 1860s and 1870s, the growing number of affluent people (fueled by industrialization and profits
made via rebuilding towns and infrastructure after the Civil War), and increasing trust in the U.S.
banking system spurred the wealthy to search for skilled financial professionals to manage their
fortunes and grow their capital. Since then, the wealth management industry has grown steadily, only
declining during financial crises—such as the Great Depression (1929–39) and the Great Recession
(December 2007 to June 2009)—and banking and financial scandals.
The number of millionaires and billionaires worldwide has grown rapidly in the last three decades.
From 1987 to 2012, the number of billionaires in the United States increased tenfold, from 41
billionaires in 1987 to 425 billionaires in 2012. Worldwide, the number of billionaires reached
2,325 in 2014, according to the Wealth X-UBS Billionaire Census, an increase of 7 percent from
2013. The Census predicts that the global billionaire population will surpass 3,800 by 2020. This
growth bodes well for wealth management professionals.
The Job
Job duties for vice presidents (VPs) vary by firm. At some firms, VPs manage client portfolios and
prospect for new investors, while also playing a major decision-making role regarding the firm’s
investment strategies and products, marketing, risk issues, compliance, etc., as well as overseeing the
work of associates, analysts, and other staff. At other firms, VPs may no longer manage portfolios and
prospect for new investors, but rather specialize in a particular type of investment (equity mutual
funds, bonds, real estate investment trusts, etc.), assisting other private bankers with their work in
these areas. Others may be asked to launch and manage a new branch office in another city. Major
duties of the typical vice president include:
creating comprehensive wealth management plans for high-net-worth individuals and families
developing and recommending investment ideas to managing directors
monitoring capital market developments and conducting investment-related research in order to
develop investment opportunities
developing quantitative models to measure the effectiveness of investment decisions
developing portfolio strategic asset allocation and tactical asset location strategies
working with risk managers on risk management issues (i.e., liquidity, compliance, etc.)
creating and maintaining a pipeline of high-net-worth individuals and families and successfully
transitioning prospects into clients
working with wealth managers to make sure that potential new clients are properly on-boarded
(i.e., the process of gathering new client information and inputting that data, as well as
conducting due diligence on the client)
partnering with the human resources department to create and implement training programs to
teach core customer service skills to team members
working with other top-level executives to develop product and service offerings, create sales
and marketing strategies, and establish budgets
working with the compliance department to ensure that compliance requirements for products
and services have been met
Earnings
Senior vice presidents who were employed in the asset management industry earned median annual
salaries of $144,962 in February 2016, according to PayScale.com. Salaries ranged from $95,112 to
$231,054. Payscale.com also reports that senior vice presidents earned bonuses that ranged from
$4,500 to $101,471, average profit sharing compensation of $10,174, and average commission on
sales of $20,000.
After years of service, the best-performing vice presidents can have income (i.e., salary, bonuses,
profit sharing, and commissions) that exceeds $3 million.
Wealth management firms offer a variety of fringe benefits, such as medical, dental, and life
insurance; paid holidays, vacations, and sick days; personal days; profit-sharing plans; 401(k) plans;
retirement and pension plans; educational reimbursement; and licensing reimbursement (to complete
licensing examinations from the Financial Industry Regulatory Authority).
Work Environment
Vice presidents often work long hours. In fact, approximately 50 percent of top executives worked
more than 40 hours a week in 2014, according to the U.S. Department of Labor. This job can be
stressful because there is a constant need to demonstrate results (e.g., strong returns for investors, a
steady pipeline of new investors), as well as make wise decisions about a firm’s products, investment
strategies, levels of risk, and other critical areas. Vice presidents travel to participate in roadshows,
meet with current and prospective investors, and attend industry conferences and other events.
Exploring
Participate in mock investing competitions and simulations to obtain risk-free experience in the
financial markets. One such resource is the Investopedia Stock Simulator
(http://www.investopedia.com/simulator), which gives participants the chance to invest $100,000 in
virtual cash in the stock market and compete with hundreds of thousands of people around the world
to see who is the best investor.
In high school and college, join business and investing clubs, many of which offer networking events,
investment competitions, guest speakers from the wealth management industry, and job shadowing
opportunities.
Talk with wealth management professionals about their careers. Ask your business teacher and career
counselor for help arranging interviews.
Finally, check out the following books to learn more about wealth management:
The Financial Times Guide to Wealth Management: How to Plan, Invest, and Protect Your
Financial Assets (FT Press, 2015)
Private Wealth Management: The Complete Reference for the Personal Financial Planner
(McGraw-Hill Education, 2015)

High School
Recommended high school classes include business, economics, computer science, English, speech,
mathematics, statistics, accounting, history, social studies, and foreign language.
A bachelor’s degree in finance, mathematics, accounting, economics, business, entrepreneurism,
financial engineering, or quantitative finance is the minimum educational requirement to enter the
field, but many firms require their vice presidents to have master’s degrees in business, finance, or
related areas. Some vice presidents have law degrees.

Many professional associations provide continuing education (CE) classes, workshops, webinars,
and seminars to help members and non-members keep their skills up to date and qualify for
certification and re-certification. For example, the Association of International Wealth Management
offers online courses such as The Gold Market: An Industry Overview and Investment Options,
Understanding High-Frequency Trading, and The Crude Oil Market: An Industry Overview and
Investment Options. Other opportunities are provided by the Investment Management Consultants
Association, American Bankers Association, American Institute of Certified Public Accountants,
Association for Financial Counseling and Planning Education, Association for Financial
Professionals, Certified Financial Planner Board of Standards, CFA Institute, and the Institute for
Private Investors.
Many wealth management firms provide ongoing training opportunities to help their employees keep
their financial skills up to date and develop their soft skills.
Certification
The Investment Management Consultants Association (IMCA) offers the Essentials of Investment
Consulting Certificate Program. According to the association’s Web site, the online program “covers
fundamental concepts and applications including: the mathematics of managing money and building
portfolios; understanding the various types of investments; how to select managers, measure
performance, and monitor results; and how to set and implement investment strategies using
investment policy statements as a guide.” The program has 12 learning modules: Algebra and
Statistics, Time Value of Money and Rates of Return, Fixed Income-Duration and Yield, Measuring
Risk, Performance Measurement, Capital Markets, Asset Allocation, Alternative Investments,
Investment Policy, Manager Search and Selection, Due Diligence, and Portfolio Evaluation.
The IMCA also provides the Applied Behavioral Finance Certificate Program and the Fundamentals
of Alternative Investments Online Certificate Program.

Several organizations offer certification to wealth management professionals, including:
American College of Financial Services (chartered financial consultant)

CFP Board (certified financial planner)
plan consultant)
Like anyone else involved in investing, wealth managers and their activities come under the
regulatory aegis of the Financial Industry Regulatory Authority and are generally considered broker-
dealers, much like your average broker, and while there may be a handful of esoteric regulations that
deal with private wealth management, most experts say private banks and wealth management firms
are treated much the same as your local TD Ameritrade or Charles Schwab branch.
Vice presidents are usually required to obtain their Series 7 and Series 63, 65, or 66 credentials from
the Financial Industry Regulatory Authority, the self-regulatory arm of the investment industry. The
Series 7, or General Securities Representative certification, allows you to buy or sell, or solicit the
purchase or sale, of all securities products, including corporate securities, municipal securities,
municipal fund securities, options, direct participation programs, investment company products, and
variable contracts. It’s the most basic form of certification for anybody involved with the markets.
The majority of firms will also require a Series 63 registration, which requires knowledge of state
securities laws and allows you to be a securities agent. Other firms may require the Series 66 (which
covers the same ground as a Series 63, but also certifies you to act as a registered investment
adviser) and the Series 65 (which certifies you to act as an investment adviser representative).

At least 10 years of investment experience and a proven record of generating new business are
required to work as a vice president.
Vice presidents need excellent communication and interpersonal skills to interact effectively with
investors, potential clients, and partners, as well as to closely supervise and mentor associates and
analysts. They should have strong sales and business acumen, leadership ability, good judgment,
excellent quantitative and project management skills, a detail-oriented personality, creativity, the
ability to work in a fast-paced environment, and a keen interest in and knowledge of the investment
industry, investment strategies, and financial products.
Employers
There are more than 3,190 wealth management businesses in the United States alone. Major
employers include:
investment firms (e.g., Goldman Sachs, Morgan Stanley, and JPMorgan Chase & Co.)
national broker/dealers (e.g., Bank of America Merrill Lynch, Edward Jones, Wells Fargo
Advisors, UBS Wealth Management)
regional and boutiques (e.g., Legg Mason, Janney Montgomery Scott, Ameriprise Financial, and
Raymond James)
family offices (i.e., firms that manages investments, assets, and trusts for a high-wealth family)
independents (i.e., small mom-and-pop businesses)
robo advisory firms (e.g., Wealthfront, Betterment, Assetbuilder, and Covester)
Starting Out
Many people are promoted to the position of vice president after excelling as associates and in other
lower-level positions at their employers or other wealth management firms. Others enter this career
after working in the hedge fund, private equity, or venture capital sectors, or after working at financial
consulting firms or in the financial departments of corporations.
You can learn more about career opportunities by using traditional job-search strategies such as
visiting the Web sites of potential employers, meeting with recruiters on campus, utilizing the services
provided by your college’s career counselors, signing on with wealth management recruiters, and
using social networking sites (such as LinkedIn) to prospect for job leads.
Additionally, participation in internships programs, which are provided by wealth management firms,
is an excellent way to break into the field. For example, industry leader HSBC offer a 10-week
Global Private Banking Internship Program (http://www.hsbc.com/careers/students-and-
graduates/programmes/global-private-banking-internship) for penultimate-year bachelor’s or
master’s degree students. The program provides participants with an understanding of what it takes to
become an investment counselor, relationship manager, or product specialist. The most-promising
interns are asked to participate in its Global Private Banking Global Graduate Programme
(http://www.hsbc.com/careers/students-and-graduates/programmes/global-private-banking-global-
graduate-programme), a 24-month program for final-year bachelor’s or master’s degree students that
teaches them how to manage relationships with the bank’s high-net-worth clients and provide
financial product expertise. Participation in these programs can translate into a full-time position at
the company.
High-performing vice presidents who are able to bring a large number of high-net-worth investors to
their firms and manage their portfolios effectively may be tapped to become managing directors, one
of the top decision makers at a wealth management firm. In this role, you’ll be responsible for “big
picture” issues such as your company’s overall investment strategy, client focus, and/or new business
strategies. Some managing directors continue to manage client portfolios—typically those of the
firm’s most high-profile, high-net-worth customers.
Vice presidents are also well-qualified to work as chief financial officers, CEOs, and chief operating
officers at corporations.
Outlook
Employment for personal financial advisors (including wealth managers) is expected to grow by 30
percent from 2014 to 2024, according to the U.S. Department of Labor. Job opportunities for top
executives will grow by 6 percent during this same time span. Demand is increasing as a result of the
growing numbers of Americans who are classified as being extremely wealthy. The number of
households earning between $5 million and $25 million (not including primary residence) grew by
60,000 from 2013 to 2014, to 1,168,000 households, according to Spectrem Group, an investor
research analytics firm. And the number of households with more than $25 million increased by
10,000 to 142,000 total households during this same time period.

Wealth management vice presidents are not members of unions. A variety of professional associations
provide resources to WM professionals. The Certified Financial Planner Board of Standards
provides the certified financial planner credential, publishes the Financial Planning Competency
Handbook, and offers job listings and career-development webinars at its Web site. The Securities
Industry and Financial Markets Association is a trade organization for broker-dealers, banks, and
asset managers. It offers the Securities Industry Institute, an executive development program for
securities industry professionals that is held at The Wharton School of the University of Pennsylvania.
Women in Insurance and Financial Services offers a mentoring program, webinars, discussion groups
on social media sites, a national conference, and other resources. Other noteworthy organizations
include American Bankers Association, Association for Financial Counseling and Planning
Education, Association for Financial Professionals, Association of International Wealth Management,
CFA Institute, Chartered Alternate Investment Analyst Association, Institute for Private Investors,
International Association for Quantitative Finance, International Association of Registered Financial
Consultants, New York Society of Security Analysts, and the New York Society of Security Analysts.
Tips for Entry

Read the following publications to learn more about the field: Journal of Financial Counseling and
Planning (http://www.afcpe.org/publications) and the Journal of Portfolio Management
(http://www.iijournals.com).
Participate in internships and related job-training programs at banks and other employers to obtain
experience and get your “foot in the door” at target companies. Vault.com publishes a list of the best
investment bank internships at http://www.vault.com/internship-rankings/best-investment-bank-
internships.
The CFP Board offers several job-search webinars at http://www.cfp.net/career-center/resources-

for-job-seekers/recorded-webinars-for-job-seekers. Recent topics included How to Write Successful
Resumes and Cover Letters, Networking 101: Why It’s So Important to Your Job Search, and
Interviewing Skills for the Financial Services Industry.
Tel: (800) 226-5377
http://www.aba.com

Tel: (703) 684-4484

Tel: (301) 907-2862

http://www.aiwm.org

1425 K Street, NW, #800
Tel: (800) 487-1497
http://www.cfp.net
CFA Institute
Tel: (800) 247-8132
This trade organization promotes the professional education of financial advisors and planners.
The Financial Planning Building
Tel: (800) 532-9060
New York, NY 10036-4083
Tel: (212) 541-4530

New York, NY 10271-3599
Tel: (212) 313-1200

136 Everett Road
Albany, NY 12205-1418
Tel: (866) 264-9437
Movers and Shakers: Maria Elena Lagomasino, CEO, Managing

Partner, and Founder of WE Family Offices
Maria Elena Lagomasino is the chief executive officer (CEO), managing partner, and founder of
financial advisory firm WE Family Offices, a global family office serving ultra-high-net-worth
families. Before founding WE Family Offices, Lagomasino served as the chairman and CEO of
JPMorgan Private Bank, as well as worked at Chase Manhattan Private Bank; Growth Capital Tei
Portfolio, LLC; Citibank; and GenSpring Family Offices, LLC. Lagomasino earned a bachelor’s
degree in French literature from Manhattanville College, and earned graduate degrees at Columbia
University (library science) and Fordham University (business administration).
Lagomasino was born in Havana, Cuba, in 1949, and emigrated with her family to the United States at
the age of 11—fleeing the Communist revolution led by Fidel Castro. She says that two core values
were instilled in her as a result of her family having to flee Cuba (and leaving behind her parents’
properties and her grandparents’ businesses): the value of family and the value of private capital.
“These core values have been integral parts of each and every decision I’ve made throughout my
career and personal life,” she explains on her LinkedIn page. “In my career I have been honored to
help the families I work with navigate their own challenges of life with wealth, and my life’s work
has been dedicated to nurturing family dynamics and economic empowerment.”
Lagomasino has received many awards during her career, including being named one of the “50 Most
Influential Women in Wealth Management” by Private Asset Management in 2015, and one of the
“Top 25 Women in Finance” by American Banker in 2012. She is also the founder of the Institute for
the Fiduciary Standard.
Sources: WE Family Offices, New York Times; LinkedIn.com

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Vault Guide to Wealth Management Jobs

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Vault and the Vault logo are trademarks of Vault.com, Inc.

The Gilded Age

The Great Depression and Reform

The Roaring Nineties

The Great Recession and Recovery

Regional and Boutiques

Robo Advisory Firms

95 percent of wealth management professionals surveyed by Private Asset Management (PAM)

For More Information

For information on certification, membership, and job listings, contact

For information on careers, continuing education, and certification, contact

For information on membership, contact

For information on certification and careers, contact

For information on certification, contact

This organization represents the professional interests of senior-level financial executives.

For information about regulation in the financial securities industry, contact

For information on membership and networking, contact

For information on membership and networking, contact

For information on certification, contact

For information on education and careers in financial engineering, contact

Trade organization promoting professional education of financial advisors and planners.

For information on mutual funds, contact

For information on membership, continuing education, and certification, contact

For information on certification, continuing education, and networking, contact

To learn more about real estate investment trusts, contact

For information on membership, certification, and continuing education, contact

For information on membership and continuing education, contact

For information on education and careers, contact

For information on membership, contact

Did You Know?: Types of Wealth Management Clients

Trusts, Trust Fund Babies, and “Trustafarians”

Small Business Owner or Professionals

Did You Know?: How Do Private Wealth Managers Work Within

Did You Know?: Drumming Up Business

Online Resources: Journals and Magazines

Journal of Financial Planning

Pensions and Investments

Private Asset Management

The Wall Street Journal

Fast Facts: Ultra-High Net Worth Individuals

Online Resources: Advice for Interviewing in Wealth Management

Bank of America: Recruitment Tips

CFP Board: Preparing for an Interview

Citigroup: Tips and Advice

JPMorgan Advice Center: Advice Center

Raymond James: Career Advice Center

Standard Life Investments

UBS: Interview Preparation

Learn More About It: Understanding Wealth Management

Brunel, Jean L. P. Goals-Based Wealth Management: An Integrated and Practical Approach to

Vento, John J. Financial Independence: An Advisor's Guide to Comprehensive Wealth Management.

Online Resources: Wealth Management Insight and News

Career Success: Navigating the New Work Environment

Financial Analysts Journal

The gateway: business and careers newspaper for students

Institutional Investor’s Alpha

Journal of Alternative Investments

Journal of Applied Finance

Journal of Portfolio Management

Mergers & Inquisitions

Pensions and Investment

Private Asset Management