I am a 28 and I currently work in a niche finance industry. I have had the charter for maybe a year now, passed the exams long time ago.
I just landed an entry role in wealth management, it is nothing big but it is a decent firm and with good prospect for growth. I will be replacing someone who had a notice period which is six month, so till then I have some spare time on my hands, my current role is not very demanding.
Any ideas what certification I can pursue that would help me in wealth management. I do a lot of reading but it has been a long time since CFA and I would like to add a credential which would show that I can still hard working. Also I am a late entry into the business so I could use some credentials that would help me compete…
Any feedback is appreciated. Especially from wealth managers. My role will be at a large bank, I can branch into any part of wealth management after the first year.
You need to describe your role a bit more. Are we talking something like the family office of UBS or the private client group at Chase? Very different jobs. Or, since you said entry level it’s probably neither of those. Are we talking about sitting in a branch as a financial advisor?
The obvious answer is the CFP. But, you may not need it depending on the above.
Edit: UBS is a bank. USB is a cable I can never connect successfully the first time I try.
Thanks guys. The role could become anything. I would be joining a graduate program, so based on my performance there I could be an advisor, analyst, asset allocation specialist, etc… So the goal here is something that would help me land the job I like after the program. At this moment I am not sure what I will like more. The program is intended to familiarize the person with all aspects of the business. However to give you more input on what I like. I want to be facing the clients and giving them advice. The bank advises clients of all sizes. From a school teacher to a corporation, it may very well be that I would have to pay my dues advising the teacher…
Based on your last paragraph, sounds like you want to be an investment advisor. In that case, pursue the CFP while doing your work at the bank. Then get the hell out of the bank. For client facing financial planners, you don’t want to work for a bank. The pay is shit.
I’d recommend finding a good advisor as your mentor (this could be at an RIA or a broker-dealer) and eventually buy him out. That’s easier said than done, but that’s the most effective path if you can get in with the right guy/team.
Say after joining I had no particular interest in a specific role of the business, ie I enjoyed the industry in general. If i wanted to follow the money what branch of the business should I try to make it in.
If you want to follow the $$ then yes, try to work as an Investment Advisor. STL made some really good points. The bank IAs have a much lower grid level then independants (at least in Canada), but get referrals from the bank branches. I too would suggest that you do some homework and determine the top 3 advisor teams in your location area and then try to make a connection to someone in that office. It can be through Linkdin, someone in HR can make an introduction for you or through your rotation. The last point is really good becasue the most important thing here is personality and fit.
If you have the CFA and then CFP then from a credential standpoint you will be really well off, and I would think would be very attractive to a potential advisor. You could start out as a junior advisor and then work your way into starting on your own, or buy out a retiring advisor (likely 3-5 years after being in the business).
I work as an IA and did this so I can say it is effective in breaking into this business.
Hello guys. Thanks for all those who answered. Things did not go as planed, I faced some health problems and I ended up being occupied with losing tons of weight in order to regain my health. I started the role with just the CFA but now I am ready to do something to improve my prospects. I know I can find articles online, but I would like to hear from you guys. Will I not be duplicating work with CFA and CFP? Is it really the best designation to pursue? I currently work in Dubai but I can legally work in the U.S and would like to make the move someday. Is the CFP also my best bet for that move? It has very good reputation? Pardon my ignorance but CFP is unheard of here … any comments ate welcome. Thanks
No certification. Show up early, stay late, do what you are asked to do, and add value. Adding value is the best certification in the world.
Source: Employer who discourages people from pursuing certificaitons but rewards adding value. I gave my analyst two raises in the first six months because he gets it done. No CFA, MBA, etc.
The problem, as mentioned above, is that the bank will not give you raises for just doing well in six months, regardless of how productive you are. Pay is very regulated and based on uniform policies (analysts get paid X, reviewed every 1 year, etc.). Non-bank places usually offer a more variable compensation scheme.