We believe that understanding the day-to-day lives, motivations, and struggles of our #feetonthestreet are key to creating a healthy workplace that helps sellers grow. To get an inside peek into what defines a wealth manager’s role we spoke to someone with over 10 years of experience in the field.
In the interview, she talks about what a day in her life looks like, what kind of tech she uses in her job (and what she’d love to have), her advice for new professionals, and more!
Hi, please introduce yourself!
Sure! Hi, I work as a Senior Wealth Manager at at a Wealth Bank in India.
How did you start?
I graduated in media and worked in the field for about five to six years before my interest shifted toward investments and banking.
I then started my banking career in customer service and gradually moved up to service management. I’ve been in this industry for 10 years now!
That’s interesting! Now, closing in a little bit, walk us through a day in your life
My day usually starts around 8:30 AM when we check global market updates.
Then, we have a morning call at 8:45 AM to discuss these updates and important company news.
After the market opens at 9:15 AM, we analyze the pre-market situation and understand how the day is going to look. We inform our customers about any events that might affect their investments.
Throughout the day, we interact with clients, discuss investment opportunities, and conduct portfolio reviews. Our work continues until the market closes at 3:30 PM. After that, we focus on networking and acquiring new clients. We may also have meetings with NRI clients based in different time zones.
What tech do you use to manage your busy and dynamic schedule?
We use a CRM platform for managing client portfolios. For HR-related views, we use an employee-specific platform. Our trading desk may use different platforms for trading and portfolio management.
If there’s ONE tool that would make your life easier, what would it be?
An automated platform that sends quick alerts for any significant changes in the portfolios would be very helpful. This way, we can be prepared for client calls and be proactive in managing their investments.
I’d also love something that can help me stay on top of what my clients need and what I need to do every day to maximize my productivity day-to-day. I’d also like for all my data to be in one place!
What are some unique challenges you face as a wealth manager?
With many institutions and individuals offering financial advice, the industry has become extremely competitive.
Discretionary margins have decreased, and we need to focus on product sales to acquire clients. Each client is unique, and we need to tailor our approach based on their individual needs and preferences, but we find the opportunities to do that decreasing every day.
Despite these challenges, why would you recommend Wealth Management as a profession?
Wealth Management offers a unique opportunity to create wealth for both your clients and yourself. It’s a field where you can learn and grow continuously.
I always say that if you’re passionate about your job, you can end up being a client to another Wealth Manager years down the road!
Your advice for women interested in a Wealth Management career?
For women, I’d say they naturally have a strong approach toward safe investments and savings, which can be advantageous in Wealth Management. By adopting a consistent and holistic approach, women can be highly successful in this industry.
Is there anything else you’d like to add?
I would like to emphasize the significance of being patient and dedicated to your profession. Success in this industry is not something that happens overnight, and it’s essential to understand the journey it takes to reach certain levels. Stay focused, maintain your professional demeanor, and strive for excellence.
