What Exactly Do Financial Planners and Wealth Managers Do?

 

Understanding possible career paths is an important step in the career management process and helps to ensure that you follow a path that is a good fit for your interests, skills, and personality.  The two most common career paths Financial Planning majors pursue are Financial Planning and Wealth Management. 

Understanding the differences in what those working in financial planning and wealth management do is an important step toward identifying which potential career path might be right for you.  Financial Planners provide retirement and other financial advice to middle-class clients, while Wealth Managers provide financial advice to wealthy clients.  While Financial Planners may focus on helping clients create a budget, establish and fund retirement accounts, and plan for the college education of their children, Wealth Managers typically focus more on providing clients with sophisticated tax and estate planning advice.  

These roles typically include a mix of computer work, client interaction, and the task of bringing in new clients. Compensation may include a commission component.

Employers to consider include almost all firms in the financial services industry, including banks, brokerage firms, insurance firms, and independent Registered Investment Advisors.

Check out the resources below to start exploring these career paths, and make an appointment with your Career Coach to help you in this process.

The Roles of Financial Planner and Wealth Manager

Labor Market Research

Explore Roles in Candid Career

Read More Here

By W. P. Carey Career Services Center
W. P. Carey Career Services Center