The ideal client for a certified wealth management advisor is a high-net-worth individual or firm. They can best utilize the broad range of skills and expertise the advisor brings to the table. You can enjoy the holistic approach your wealth manager takes in safeguarding your assets. A certified wealth management advisor should coordinate services necessary to manage your assets and formulate a strategic plan to meet all your current and future needs.
You will rarely find a wealth management advisor operating as a solo practitioner; they are usually part of a firm. That way, they have all the personnel and skills to span the various disciplines needed to draft integrated solutions. They also typically assist you in estate planning, tax minimization and can even advise you on philanthropic activities.
What qualifications does Certified Wealth Management Advisor need?
Most certified wealth management advisors have a bachelor’s degree as a minimum qualification. Associate degrees or diploma degrees are also not exempt. These degrees are usually in business-related fields like finance and accounting. Masters’ degrees and doctorates, though rare, are a plus.
The certifications that carry the most weight are Certified Financial Planner, Chartered Financial Analyst, and Personal Financial Specialist. Either one of these is offered by professional certifying bodies. These bodies usually have a website where you can check the members in good standing or if there are or have been any disciplinary action lodged against a member.
Industry experience is also vital for a certified wealth management advisoras it will give a different perspective from the theoretical, scholarly side. This can be done through designated roles such as accountant, financial advisor, or even an internship.
How are Certified Wealth Management Advisors paid?
Depending on the agreement you strike with your advisor, payment can either be fee-only where you pay hourly monthly, or annual rates. Another approach is where you pay your advisor a percentage of your Assets Under Management (AUM) website.
