From promoter to consultant: how has the role of the Wealth Management Specialist changed?

9 December 2019

In the era of a constant and pervasive digitalization, there are so many sectors in which the human factor continues to be the key factor in complex professions, in which technological processing alone is not enough to make a difference.

These include the Wealth Management Specialist: “Digitalization must not be seen as a threat by the financial consultant, but as an opportunity to do one’s job more effectively”, says Massimiliano Marzo, Scientific Director of the Master in Wealth Management of Bologna Business School, who explains how this transformation process is functional in the client-consultant relationship.

“Many financial advisors fear that the possibilities offered by technology can undermine their work, but in reality technology is a reinforcement of financial advice”.

The essential component of this profession is the relational ability, empathy, which guarantees the construction of a relationship of lasting trust with the client. “In some ways the consultant must be a good psychologist, able to move the right levers in his clients. This can never be done by an algorithm”, continues the Director Marzo.

The evolution of the role of the Wealth Management Specialist is evident, “In the past, the consultant was a seller of funds, in fact, he was called a promoter. Today this profession is oriented to provide added value to the customer on other fronts. The consultant is a kind of Money Doctor, who guides the client in every decision-making process”.

The transformation of this profession has taken place in the last 2-3 years and this new mindset will characterize future generations in the field of wealth advice.
“An important generational change, in the field of consultancy, is at the door”, and Bologna Business School, thanks to the Master in Wealth Management, will be able to provide young graduates with the necessary tools to become experts in asset management by making the most of the digitalization process.


Back To Top