Driven by the exorbitant amount of money available through superannuation contributions and a growing upper income bracket population, the wealth management industry is experiencing unique growth. Creating a stable and sustainable financial future requires a patient and long term approach. It is also necessary to have a comprehensive understanding of financial products and services in order to make effective decisions relating to financial investments, estate planning, tax planning and other financial matters.
Coupled with global economic factors and market uncertainty, there is an enhanced focus on the role of wealth management. Consequently, there is an unprecedented amount of employment opportunities within wealth management as businesses expand their operations and new niche companies come into existence. Notable wealth management areas benefiting from the growth in the wealth management industry include private banking, financial planning, risk and compliance.
Private banking refers to providing financial services to high-net-worth individuals (HNWIs). It is an enhanced offering to exclusive clients who receive a personalised service. A dedicated private advisor who is qualified to provide specialised services relating to wealth management such as financial planning and investment strategy advice, portfolio management and retirement planning. At the core of this holistic approach is protecting and maintaining the assets of a client for the purposes of passing on wealth to future generations. Private banking roles and positions include:
- Private Client Advisors
- Associate Advisors
- Private Bankers
- High-Net-Worth Advisory Roles
- Portfolio Manager
- Client Services Account Management
- Client Services Assistant
Despite a significant overlap between private banking and financial planning, the latter doesn’t require existing wealth upon which investment decisions are made. As a result, financial planners must possess strength in disciplines related to the accumulation phase. This includes a comprehensive understanding of asset classes, investment strategies and portfolio management. Employment opportunities within the financial planning element of wealth management include but are not limited to:
- Financial Planners
- Retail Structured Product Sales
- Wealth Management Graduates
- Sales Manager
- Equities Trading
- Business Development Manager
- Portfolio Manager
Risk and Compliance
Risk and compliance are two of the biggest issues affecting the wealth management industry in recent years. Technology advances, the introduction of new financial products and economic uncertainty are just a few of the factors that have forced regulatory changes on a global scale. Traditional methods of managing existing and emerging risks are no longer viable which has created a huge demand for skilled people in the field of risk and compliance. Among these roles are:
- Compliance Manager
- Compliance Officer
- Reconciliations Associate
- Chief Risk Officer
- Risk Manager
- Risk Analyst
- Business Analyst
- Administrative Assistant
There is also demand for numerous other areas including management, operations and administration. They include project manager, product manager, operations associate and executive assistant roles.
Wealth Management Opportunities
The clients within this space include the wealth management businesses of large investment banks, who are keen to profit from this expanding area. Additionally, given their retail distribution networks, Australian banks have quite aggressively expanded their wealth management business with the Australian big four banks actively recruiting in this area.
Furthermore, there is a long list of specialist Australian wealth management businesses that have strong high net worth client networks. Employment opportunities also exist in other specific sectors such as insurance and brokerage where established businesses provide a multitude of financial services that fall within the wealth management space.
With footprints embedded in the centre of some of the biggest financial markets in the Asia-Pacific region, Anton Murray Consulting has been able to form, develop, and maintain strong working relationships with the biggest firms in the wealth management industry.