Wealth Management Specialist

What is a Wealth Management Specialist?


The role of the Wealth Management Specialist was originally developed in the United States and is still a relatively new profession in Italy. In fact, Wealth Management represents the new frontier of consultancy offered to companies and individuals by banks around the world. It essentially represents a natural evolution of private and investment banking, linked to new (private and institutional) customer needs and complex services required by financial intermediaries and banks. It is no coincidence that most credit institutions now offer this type of service regardless of their field. From corporate banks to retail and commercial fields, Wealth Management is becoming an increasingly important skill.

What does a Wealth Management Specialist do?

The role of a Wealth Management Specialist (also known as a Money Manager) is stimulating and challenging. Whether working with individuals or companies, people in this role are tasked with managing resources, as well as looking after assets and all things finance-related. In particular, Wealth Management Specialists tend to plan and adopt strategies to guarantee high profits, starting from a set of very specific investments. It is no coincidence that this profession is highly sought-after by companies (both big and small) aiming to increase revenue and growth by making best use of their resources.

But what does a Wealth Advisor specifically deal with? Their main focus is to consult, which is not limited to mere investment suggestions, but often involves a 360-degree approach. Private Bankers take care of their clients’ entire financial health, aiming to maximise returns, reduce risks and guarantee excellent results. All decisions must remain in line with the objectives set out at the beginning of the consultancy, providing the beneficiary with everything they need. Wealth Management Specialists have very dynamic jobs that offer new and modern ways of investing. This particular profession offers numerous possibilities.

It is in fact also possible to work with banks, providing specialised advice to clients, or to work with professional firms that guarantee a higher degree of autonomy. Of course, the two paths are not mutually exclusive and often coexist.


How do you become a Wealth Management Specialist?

In order to become a Wealth Management Specialist, you need a wealth of knowledge and experience. Wealth Advisers must know the market inside and out, always be up-to-date with the latest news and be able to act promptly, often taking risks. People in this role must be able to demonstrate a high degree of experience. A good starting point is often to study Economics and Finance, which should be followed by a specialised Master’s degree. Master’s courses allow students to perfect their education, learning all the tools necessary to establish themselves in the world of work and demonstrating to companies and banks that they have acquired a quality set of skills.

Wealth Management Specialists offer a range of extensive financial and tax services. That’s why they must have a fairly broad knowledge of finance and economics. They must also know how to manage risks and have great interpersonal and communication skills. Private Bankers must also be very familiar with the management of movable and immovable assets. They must be able to judge the risks and benefits of each choice both transparently and independently, taking responsibility for any decisions they make.

Wealth Management Specialists must also be familiar with managing trust funds in order to propose solutions that suit the client’s needs, as well as offering expert consulting advice on investments and financing. From this point of view, the role is often ‘in the making’ and requires continuous training in order to understand the mechanisms and developing market.

People in this role should also be familiar with pension and insurance advice, learning about the real estate market and the dynamics linked to investments in the art and culture sector. Finally, a knowledge of investment-related legal and tax issues is also required. This is because specialists must be able to react quickly to problems and solve them without causing damage.


How much can a Wealth Management Specialist expect to earn?

How much does a Wealth Management Specialist earn? This is a particularly sought-after role that requires a high level of education, which is why it often comes with a fairly high salary. On average, Junior Private Bankers can expect to earn between €46,000 and €200,000 a year, while Senior Private Bankers often enjoy a salary ranging from €80,000 to €300,000.


How a Master’s in Wealth and Asset Management from BBS could help you to become a Wealth Management Specialist

Bologna Business School offers an excellent Master’s in Wealth Management to immediately kick start your career as a Wealth Management Specialist. The course teaches a variety of skills regarding market analysis and the economy, allowing you to work with insurance companies, banks, consulting companies and real estate brokerage agencies. The Master’s programme offers a high level of education so that you can successfully take on the role of financial consultant. The course is split into three cycles, and classroom lessons are combined with a company internship and part-time shadowing experience. Finally, at the end of the 12-month course, Bologna Business School issues the certifications needed to take the exams in order to be admitted to the professional register.