Wealth manager: average salary and how can it be increased?

Wealth management advisers help their clients' savings to grow, based on their profile and by making financial investments that are attractive to them. They also advise on tax optimisation and capitalisation. The job of wealth manager can be quite captivating: it involves reliably creating value for clients who have the means to invest. It's a job with an attractive salary that requires a great deal of expertise. IPAG Business School takes you through the key points of this finance profession and advises you on the best training courses for becoming an asset manager.

Wealth management advisers help their clients' savings to grow, based on their profile and by making financial investments that are attractive to them. They also advise on tax optimisation and capitalisation. The job of wealth manager can be quite captivating: it involves reliably creating value for clients who have the means to invest. It's a job with an attractive salary that requires a great deal of expertise. IPAG Business School takes you through the key points of this finance profession and advises you on the best training courses for becoming an asset manager.

What is an asset manager and what does he or she do?

Responding to clients' expectations in terms of financial investment, carrying out reviews of personal or professional assets, helping them to invest their money in the best way... These are the tasks that make the professional life of an asset manager interesting.

The wealth manager is there to provide financial expertise on the wealth situation of clients wishing to secure their capital. The aim of this investment specialist is to grow wealth by carrying out a variety of financial transactions.

This financial professional therefore has extensive financial knowledge. With this knowledge, they can assess the extent of their clients' assets, propose solutions and products tailored to their situation, highlight the tax advantages and constraints of each product, etc.

What is the average salary of a wealth manager?

Asset managers are among the best-paid professions. The salary paid to an asset manager is one of the criteria that attracts people to this profession.

However, it is important to bear in mind that this salary depends on a number of factors, including :

• Experience: an experienced asset manager generally earns a higher salary than a junior.
• Diploma or training: this provides an important qualification that can be used as a negotiating point when recruiting. The nature of the financial assets.
• The wealth advisor's specialisation in dealing with certain types of assets.

Wealth advisers generally start their careers on a salary of between €2 500 and €3 000 per month. However, this salary can quickly double with experience for a senior wealth manager.

How do you become an asset manager and qualify for the best salaries?

Diplomas and training to become an asset manager

The wealth management profession is open to students with at least a Master's degree in finance, banking, insurance, wealth management or even economics.

Those wishing to become wealth managers are therefore advised to obtain at least a 5-year higher education qualification, either from a university or a business school. Some masters degrees allow you to specialise in wealth management after a course in economics.

For example, you can take :

• a master's degree specialising in wealth management
• a master's degree in business and management ;
• a master's degree in insurance law.

The knowledge and skills an asset manager needs to earn top salaries

To become a wealth adviser, you need to have some essential knowledge:

• finance, economics, law, accountancy, taxation and property, among other things;
• knowledge of the financial products available and the stock market;
• financial and client management software, so that they can organise their portfolios.

In addition, this financial professional is also an adviser and must be able to listen. Every day, they rely on these essential human qualities:

• Analytical skills, thoroughness and patience.
• Good interpersonal skills: they need to be good communicators and also good diplomats if they are to strike the right balance for their clients.
• Educational skills: asset managers must be able to explain clearly the financial products and transactions offered to their customers (life insurance, stock market investments, savings, provident schemes, tax exemption, etc.).

An asset manager's career prospects: aim for the best salary

Wealth advisers start out as juniors, then become senior advisers after a few years' experience. This means that their client portfolio grows and they manage wealthier clients than when they started out. When they become senior, they can train the staff of a branch or specialise in the management of large fortunes, for example.

Another preferred option is to work in a private practice rather than an agency, or to become self-employed. Other wealth advisers looking for more meaning specialise in CSR (corporate social responsibility) investment policies. Whatever the case, careers as wealth managers can develop rapidly.

IPAG Master's in Wealth Management: a springboard to a high salary

IPAG offers you the ideal training to become a wealth manager: the master's degree in wealth management. You follow a course offering access to all the specialisations of the Grande École route, while specialising in wealth management in the 5ᵉ year.

It is possible to take this course on a work and study course, or even to obtain a double international degree. This will allow you, in the first case, to spend 3 days a week within your host structure in order to obtain a first solid professional experience even before you finish your studies. In the second case, you will be able to showcase your background and profile on the international stage and consider launching your career abroad.

The courses on offer enable you to acquire the essential knowledge required to become a wealth manager: taxation, law, financial assets, etc. What's more, defending your final dissertation will enable you to validate your expertise on a particular subject, which is even more valuable when you enter the job market.

Now you know more about the job of wealth advisor and the salary of a wealth manager, which remains attractive even as a beginner. If you have a natural inclination for the financial sector and want to embark on a career with plenty of scope for advancement, this is the profession for you. IPAG can help you choose the right course and acquire all the knowledge and skills you need. Get in touch with us!