Is Wealth Management a Dying Industry?
Is Wealth Management a dying industry? As someone who just pivoted from the industry in order to job hop in favor of an Accounting position, albeit one that leaves me now as square one once again, I have something of a pessimistic opinion on the future of Wealth Management as a whole. My 2 cents is, that is is extremely difficult to build a book of business in 2023, 2024 and beyond, and honestly is virtually impossible, regardless of what city you live in. In this blog post, I will give you my full story of what my 4 years in Wealth Management looked like, why I left the industry, why it will always hold a special place in my heart and why it was an amazing experience for me, and why I think it’s still a great field for someone just starting out, though I probably wouldn’t finish a career there. For more details and information on all things business and finance, read on or subscribe to our blog for additional details and information!
Other topics we will discuss on this blog include the following:
Becoming a CPA – The Journey
Series 7 and Other Wealth Management Series Licenses
Financial TV Shows
Reviews of Different Banks
How to Make Money Online With SEO
How to Make Money with Amazon Product Reviews
And much more! Read on or subscribe to our blog for additional details and information.
Is Wealth Management a Dying Industry? Why I Say It Is And Why I Would Only Recommend It Now As a Short Term Career Measure?
Continuing on with this, I would say that to actually break into Wealth Management now as a long term career is now virtually impossible. This is coming from someone who is now in the Accounting field working on the CPA exams, and who has worked in the fields of both SEO and Wealth Management for many years. After 4 years in Wealth Management, and nearly half a decade of work at two different firms, I will say that it is just an extremely difficult business to run and to grow. Think about it, at the end of the day no matter what position you end up in, they are going to push you towards bringing in MONEY. That means convincing old people to give you their life savings. I actually can’t figure out why there are so many jobs available for this, as it is virtually impossible to do, and someone basically has to have this “magic” in order to pull it off for a career. A lot of which means momentum, inheritance or family in the business. Sorry it’s just virtually impossible for new Princes to rise in this hierarchy.
How Can One Break Into Wealth Management
Now enough on the bad side of Wealth Management. There is a way that you can get between $60,000 and $80,000 per year consistently in the field, you just don’t have great odds of going much further than this. CSA and back office operations roles are likely what you’ll be looking for here. In order to break into the field from scratch, here’s what I did and what I would recommend you to do.
First, get some type of Finance work experience or degree. Even just a Finance degree or a part time job at H and R block is probably enough to get started here.
Next, you are going to get the following designations. First, get your Notary Public Stamp. Then pass the SIE exam, and then pass the 2-15 Exam. Start blasting out resumes with the “Harvard MBA Format” on them, and list your licenses at the top in order to get a foot in the door here. Someone will interview you with all these licenses, and it’s just a test of patience at that point. Make sure to tell the recruiter that you’ve been studying for the Series 7 License also and that you think you can bring in money to the firm to increase the branch’s AUM.
Wealth Management Vs Accounting, And Why I Am Siding With the Latter
The track in Accounting is really freaking good in terms of promotional ability, job hopping ability annual raises, job security and job mobility, even in comparison to Wealth Management. Wealth Management has some degree of job security as well as very good job hopping ability, but it lacks in the promotional ability department. There’s just no clear way to ever get to a $200,000 per year salary consistently in the Wealth Management world, whereas in Accounting, you can get this in a way just by sitting in the same chair for 15 or 20 years.
How a CPA vs a CFP Track Works, Why CFP Has a Lower Barrier to Entry But CPA Is a Better Long Term Strategy
CFP is easier than the initial CPA exams, but it’s kind of a reverse struggle feature here. The licenses for Wealth Management are relatively easy up front, as it’s just not a super academic field. With this being said, you pay for this later on as the politics and persistence required to succeed in the business is nothing short of brutal. The closest comparison of how you can look at Wealth Management is it’s basically local politics. I’d imagine being a Financial Advisor day to day is very close to being a local level politician, like say a city councilman or a state senator.
Why Wealth Management Is Basically One Long Game of Chess
You’re pretty much just playing chess with people, which is exhausting and very Machiavellian. All your words are scripted so you can try to pump people for money. It’s ridiculous and it’s exhausting. On the one hand look, yes Financial Advisors have a very needed skill for a lot of people, people need Wealth Management when they have problems with spending or seriously don’t know how to manage or how to invest capital. With this being said however, the day to day is very much like how I described it above for a Wealth Manager.
Why Choose a Career in Wealth Management? Why I Would Recommend Doing This On Your Personality Type
Now if you have a wealthy family, or you are in the top 1% of extroverts on the planet and are phenomenally good at golf, I’d actually probably recommend trying the field out. You may just have what it takes and end up bringing in enough money to have a $400,000 per year salary. Or probably not. It’s very risky as you can end up with no income for a very long period of time, which also means no income growth, and which also means you’ll have to move to another field after wasting all that time. But if you can pull it off, yes it’s worth it in the end.
Final Thoughts On Is Wealth Management a Dying Industry, Different Job Roles and My Overall Opinion
It’s difficult, it’s virtually impossible, and it has a super high fail rate. Join this career field with caution. It’s a great experience if you’re young and you learn very good social skills and negotiation skills etc. from the job, but it’s extremely hard to stay in over the long term. Disagree with me? Read on or subscribe to our blog for additional details and information.
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