India will grow quickly and could become the third-largest country in the next decade. Wealth management firms could contribute at least 10% of its GDP by then. Many career opportunities are available for young people in the Indian wealth management industry. Wealth management firms provide financial services to the wealthy or those who are close to the top of the high-net worth club. Financial advisors are able to assist individuals who are entrepreneurs, lawyers, or public figures in a safe financial market. They can consult a financial advisor regarding tax planning, online loans, quick cash loans from banks or NBFCs or retirement planning.
India’s Financial Advisors: What are their responsibilities?
Both a relationship manager and an investor professional are responsible for providing personalized financial services. Financial advisors must be able to understand the client’s business and their financial needs. He should, on the other hand examine the type and risk of the investment as well as the potential returns and risks that the client may be exposed to. He must manage clients’ relationships and educate them about investment options. They must also guide clients in the right direction for business growth and success.
There is a growing demand for financial advisors due to the expansion of NBFCs. They can earn up toRs 1 crore per year and additional commissions on projects. Investment banking was the most popular career option for millennials until now. These millennials are attracted to financial advisory because of the high salary and other benefits.
Job type in wealth management
This job requires a lot of responsibility, honesty, and agility. The profession is very strict about correcting mistakes as they can lead to a significant loss of wealth. Financial advisors are under a lot of pressure. They must keep up with changing trends in the finance industry and recommend the most profitable option for clients without putting them in danger. Financial advisors are required to do a lot of paperwork, net surfing, extensive study of finance laws and meet a variety investors, brokers, and loan seekers as part of their daily work. As the professional’s experience increases, so does the work struggle as well as the salary package.
Qualifications are required
For investment banking, the educational requirements for financial advisor jobs are the same. A postgraduate degree in economics, accounting or MBA is required to become a consultant or advisor in the banking and finance industry. It is important that the candidate is familiar with accounting and investment business practices. The candidate must have the required communication skills, both written and verbal. These skills can be mastered by candidates working in financial service firms and banks.