With a wealth of millennial and Generation Z talent entering the workplace, businesses are fighting to attract the top of the talent pool to join their ranks.
Where private banking and finance companies are seeking fresh faces to become wealth managers, they must be able to effectively promote the prospects of the job and ensure that they offer sufficient training.
Understanding the role of a wealth manager
Wealth managers typically support those with substantial income to manage their money in an effective way. They look for ways to make it grow and often support in ensuring a considerable inheritance for the next generation of that family. They will work within financial planning, investment management and advising on pensions, inheritance, tax and trusts in order to support their clients in building a successful wealth portfolio.
As a wealth manager or training as a wealth manager, employees will need to understand the difference between this role and an investment manager. With an investment manager handling financial products, wealth managers will actually look after personal finance portfolios.
Wealth management training
When it comes to inspiring graduates to take up a role in wealth management, one of the key drivers when recruiting millennials is to promote the breadth of training and development that your business can offer. By introducing bespoke wealth management training, graduates will enter your business with a renewed sense of confidence. Where a new employee is introduced to a working environment that offers extensive training, which could include simulations and experiential training to offer them experiences without any risk to the business, they will typically find it easier to assimilate, both into the environment and the job role.
Industry skills training
In order to build the right kinds of people for a position as a wealth manager in your business, you must ensure that your employees possess the skills to meet your client’s needs. By gaining an in-depth understanding of the needs of the clients teamed with a comprehensive knowledge of your financial product offering, your employees will be best equipped to provide your clients with a tailored service that considers their lifestyle and attitude to risk.
In order to succeed in wealth management, your training content must cover a range of industry and product skills, including areas such as alternative investments, credit skills, equity investments, foreign exchange, hedge funds, portfolio management and a whole host of other skills. The best way to broaden knowledge and close skills gaps are through implementing bespoke wealth management training which endeavours to cover the specific areas of private banking that are the most relevant to your client’s requirements and business objectives.
Aside from the essential technical and financial knowledge required to excel in wealth management, your employees should also establish a broad range of interpersonal skills that will help streamline their internal processes and encourage working with a conscience in everything they do.
Being able to drive projects forward, build relationships with clients and external entities, understand the wider impact of global and local economies on their clients, negotiate and establish excellent customer service skills, wealth managers will be able to put their technical skills to work in the industry more effectively.