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Role and Activities of a Wealth Manager

Wealth Management is a life-long process. It is a process that aims to provide techniques and plans that allows an individual or an company to attain all the possible goals in a systematic pragmatic manner. The professional who advises individuals and families in undertaking this process is the “Wealth Manager”. It must be appreciated here that wealth management is not a target or destination, nor is it one or more products rather it is a process or we may say a way of thinking and acting on a person financial matters to fulfill his financial goals which in turn facilitate the attainment of one’s life goals. The process of Wealth Management can actually start before the birth of an individual and can carry on even after his or her demise.

Description: C:\Users\dhruv jain\Desktop\Benefits of Wealth Management.jpgFinancial planning is a part of it, but wealth management is more.

Wealth Management is relatively simple in its most basic concept but very difficult to execute successfully.

What does a Wealth Manager do?

·         Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.

·         Answer clients' questions about the purposes and details of financial plans and strategies.

·         Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.

·         Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.

·         Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.

·         Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.

·         Manage client portfolios, keeping client plans up-to-date.

·         Contact clients periodically to determine any changes in their financial status.

·         Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.

·         Recruit and maintain client bases.

·         Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.

·         Investigate available investment opportunities to determine compatibility with client financial plans.

·         Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills.

·         Monitor financial market trends to ensure that client plans are responsive.

·         Recommend financial products, such as stocks, bonds, mutual funds, or insurance.

·         Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.

·         Devise debt liquidation plans that include payoff priorities and timelines.

Description: C:\Users\dhruv jain\Desktop\wealth-management-process.gif

Role of a Wealth Manager:

Activity

Activity Description

Details

Getting Information

Observing, receiving, and otherwise obtaining information from all relevant sources.

·         gather relevant financial data

·         obtain financial information from individuals

·         obtain personal information from

 individuals

Evaluating Information to Determine Compliance with Standards

Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.

compare clients' applications with eligibility requirements

Making Decisions and Solving Problems

Analyzing information and evaluating results to choose the best solution and solve problems.

approve or deny loans

Making Decisions and Solving Problems

Analyzing information and evaluating results to choose the best solution and solve problems.

determine program eligibility

Interacting With Computers

Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.

use computers to enter, access and retrieve financial data

Establishing and Maintaining Interpersonal Relationships

Developing constructive and cooperative working relationships with others, and maintaining them over time.

maintain cooperative relationships with clients

Analyzing Data or Information

Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

analyze applicant's financial status

Analyzing Data or Information

Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

analyze financial data

Analyzing Data or Information

Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

conduct financial investigations

Analyzing Data or Information

Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

perform general financial analysis

Updating and Using Relevant Knowledge

Keeping up-to-date technically and applying new knowledge to your job.

use interviewing procedures

Updating and Using Relevant Knowledge

Keeping up-to-date technically and applying new knowledge to your job.

use negotiation techniques

Developing Objectives and Strategies

Establishing long-range objectives and specifying the strategies and actions to achieve them.


Identifying Objects, Actions, and Events

Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.


Processing Information

Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.

·         compile data for financial reports

·         compute financial data

·         compute payment schedule

·         compute property equity

·         compute taxes

·         review loan applications

Organizing, Planning, and Prioritizing Work

Developing specific goals and plans to prioritize, organize, and accomplish your work.


Communicating with Persons Outside Organization

Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.

·         compile information through interviews

 

·         interview customers

Communicating with Supervisors, Peers, or Subordinates

Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

Not available

Thinking Creatively

Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.

Not available

Provide Consultation and Advice to Others

Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.

·         advise clients on financial matters

 

·         advise clients or customers

Interpreting the Meaning of Information for Others

Translating or explaining what information means and how it can be used.

explain what financial assistance is available

Documenting/Recording Information

Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.

complete information on loan forms

Performing for or Working Directly with the Public

Performing for people or dealing directly with the public. This includes serving customers in different sectors.

provide customer service

Monitor Processes, Materials, or Surroundings

Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.

Monitoring Capital Markets.

Monitoring Economic and Real Estate Markets.

Judging the Qualities of Funds, Stocks, Investments and Financial Solution

Assessing the value, importance, or quality of investments and debt instruments.


Selling or Influencing Others

Convincing others to buy Wealth Planning Advise, Wealth Plans, Investment Solutions, Risk Management Solutions.

Creating Wealth Plans and Investment Plans

Monitoring and Controlling Resources

Monitoring and controlling resources, expenditures, investments and overseeing the achievement of Financial Goals.

Creating Personal Financial Statements.

Developing and Building Teams

Encouraging and building mutual trust, respect, and cooperation among team members.

Creating an Expert network.

Scheduling Work and Activities

Scheduling events, programs, and activities, as well as the work of others.

Implementing the Wealth Management Process.

Coaching and Developing Others

Identifying the developmental needs of others and coaching, mentoring, or otherwise helping others to improve their knowledge or skills.

Educating Clients on Wealth Management Best Practices improving Financial Literacy in Public.

Performing Administrative Activities

Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.

prepare financial reports

Performing Administrative Activities

Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.

prepare reports

 

How to become a Wealth Manager?

Wealth Management is a specialized field requiring in depth knowledge and specific skills. One can become a Wealth Manager by pursuing international certification programs like “Chartered Wealth Manager®” from American Academy of Financial Management.

For more details log on to: www.aafmindia.co.in

 

 

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