Job of the week: Wealth management

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Wealth managers customise financial products to clients’ needs, and advise them on the best way to invest. They also provide services like estate planning.

JOB DESCRIPTION

Wealth managers consult and build financial portfolios for high net-worth individuals (HNIs) and super HNIs. They customise financial products to clients’ needs, and advise them on the best way to invest. They also provide services like estate planning.

WHO IS HIRING

Banking and financial institutions, trading firms.

WHY THE JOB’S IN DEMAND

The number of millionaires in India grew by 23% last year, according to an annual survey by Forbes and Citi. The number of centa-millionaires in South East Asia, China and Japan will increase to 26,000 by 2016 from 18,000 in 2012, and India will hold a significant portion, according to ‘The Wealth Report 2012′ by Knight Frank and Citi. In this context, wealth management will only increase in significance in the near future.

QUALIFICATION & EXPERIENCE REQUIRED

Any graduate with a certification such as a CFA or an MBA with knowledge of financial products. One can start right after graduation.

Designations: Junior relationship manager, Senior relationship manager, Director.

SALARY

Junior levels: Rs 4 lakh +

Director: Over Rs 60 lakh

INDUSTRY TAKE

A wealth manager helps clients in allocating assets with the help of the right products depending upon the risk profile. Even at the juniormost levels, incentives are very high, based on a profit sharing model, and could even go up to 200%, says Sudhir Dhar Senior Vice President and Head, HR, Motilal Oswal Financial Services.
 

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