A successful career in wealth management, in the private banking sector, relies on a highly motivated individual, who is prepared to put in the hours to generate revenue for clients.
Accompanied by limited time, clients and prospect typically offer wealth managers little time to sell in ideas. Therefore an individual in this sector needs to develop the ability to simplify their thoughts and present the key selling points in short ’elevator pitch’ styles. This results in the ideal wealth manager possessing great people skills, an extroverted personality, social competence and emotional intelligence. An attractive character and the ability to switch communication style to suit each client can ultimately result in building better business relationships, for the individuals and the overall private banking company.
Analytics ability is becoming an essential skill in wealth management and private banking. The ability to see the broader picture utilising data available makes for more robust economic reasoning and can support in a better understanding of the global macroeconomy and the geopolitical sphere. The majority of firms specialising in private banking and wealth management will now expect, as standard, mathematics and economic reasoning skills, as a base point for all individuals entering their workforces - which is typically established during an undergraduate degree or masters degree ahead of entering the industry. Moreover, firms have hired individuals with backgrounds across not just maths, but engineering and physics, identify those who can adapt their skills to become applicable to economics and finance.
Discretion and trust
At the heart of every successful wealth manager is the ability to act with discretion and for customers to trust in the advice, you offer them. This comes both expressing an in-depth knowledge of the industry but also the ability to act with integrity. Admitting to mistakes and the ability to revise opinions with confidence, are both core attributes of a wealth manager.
Similarly to humility; honesty and integrity are the ability to communicate effectively, with stakeholders both internally and externally. Communicating and convincing people is a highly valuable string to any wealth managers bow of skills, relying on this is critical to explaining poor performance or issues such as model breakdown. Finally, communication skills are essential for critical thinking and implementing these ideas by convincing customers of their worth and potential for success.
Strong business acumen is vital when working with private banking or wealth management. Business instincts will need to be razor sharp, accompanied by either a business degree or a firm understanding of the markets and operations of a business. Developing an in-depth knowledge of significant clients, their objectives and goals will allow you to gain an insight into their processes and therefore offer improved direction in wealth management advisory. Finally, researching the history of an industry can be particularly useful in anticipating future economic downturns and patterns. Understanding previous challenges and the reaction to these can support in developing an elevated knowledge of how to perform more efficiently within private banking.