Roles and Activities of a Wealth Manager

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.

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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.

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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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