What is the best way to understand and become a great wealth/asset manager?

[lk03]

I’m a finance and accounting grad and I’d like to go into asset management but it’s not the main path that I’ve been considering, however, it does look interesting and definitely something I’d like due to its nature; analytical, decision making and it being obvious when you’re doing well because you succeed, but I don’t know how to actually proceed or develop my skills, hell, I don’t even know what skills I should be improving or where.

Another problem is that I live in the U.K. in a city that doesn’t have many relevant job opportunities and I’m not planning on moving for at least a year or two.

Any advice/recommendations?

 

[kellyjk]

@lk03 I’m not 100% sure about this, but honestly I feel like the wealth management game is more about building customer relationships and getting out and meeting enough people who are willing to trust you with their savings more than it is about having some investment strategy. Wealth management firms like T Rowe Price, Schwab, Merrill, UBS, etc. are going to have turn key portfolios for their advisors to follow. You’re far too young to go out on your own and start a firm yourself so you’re going to want to snag a job at an established firm first, build your network, and then when the time is right step out onto your own.

Anyway, my best advice that I can give to a younger man such as yourself is to start building your network. The old cliche of “it’s not what you know it who you know” is so fucking true.

 

[lk03]

@kellyjk I agree, that’s why I want to go into it - meeting people, being witty and charismatic = success, and I’m a believer of “you adapt to your surroundings”, so if I’ll be put under the pressure to be good/become more charismatic, then I’ll kill two birds with one stone, as that’s what I want anyways and I’ll be getting paid for it.

How should I start building my network? Where do I find influential/powerful people, or even mentors, that could help me out or from whom I could learn?

 

[demonslayer410]

@lk03 Join a country club

 

[dan123]

@lk03 The guy you're replying to is absolutely right. It's all about who you know. What you're talking about is 100% a sales job. That means networking, giving pitches, cold calling, etc. It's definitely not for the faint of heart.

In the US It's common for companies to catch you coming out of college and hire you to snatch up all your readily available business, i.e., your family. If your family is rich and have rich friends you're on the path to success. If you don't have that ready made business, you're on the path to a lot of hard work and rejection. Imagine going to someone's house and talking them into giving you a half million dollars to handle. That's the job.

One way I've seen people succeed at this is to get into the insurance side and moving to the financial advising. Insurance is easier to sell and you can build a client base.

 

[kellyjk]

@lk03 Yep, if you don’t know how to golf, start learning. Hitting the links is a great way to meet people. Speaking of the links, linkedin, despite all the bullshit that’s on there is also a great way to meet the right kind of people. If you pitch yourself right, reach out to the business leaders in your area, ask them for a coffee, tell them you’re interested in something that they do. You know what people like to talk about the most? Themselves. Networking is like tinder, the more you do it the better you get at it.
My game has played mostly overseas so I had a lot of luck networking in the American/French/British/Australian chamber of commerce events. I’m sure you can find professional networking events in your area if you look hard enough. Ya gotta have balls of steel and be willing to put yourself out there. Best of luck to you, my young Padawan.

 

[fromsalemwithlove]

@lk03 London financial district.

 

[christianandy]

@fromsalemwithlove For anyone interested in this, we have two main financial districts in London, The City and Canary Wharf, Westminster also acts as a sort of secondary district for private banking and hedge funds.

 

[willm]

@lk03 I’m not a wealth manager, but my guess is knowing many rich people (friends and family) and being able to easily network in areas of business and philanthropy where you’re likely to meet more rich people is likely the most important aspect of success as a wealth manager and likely vastly more important than the technical details of wealth management.

 

[lk03]

@willm Any advice on networking in such a way? I thought about picking up golf

 

[cathquestion9]

@lk03 I think you should try to figure out what type of role you're looking for - AM and WM can have very different positions, but there can be quite some overlap too. Are you eyeing a role as an equity analyst, portfolio management, client-facing? These are very different paths.

I see you comment a lot about building a network, you're more likely to achieve that through working for some large wealth manager in a client-facing role. But it depends on what you're looking for. Also note that the European market is quite different from the American model. Financial advisors in the US are often more independent from their firm than in Europe

 

[aisbeforeyou]

@lk03 Asset management is all about managing "assets"...personally I'm retired and manage my families assets via Shares/Real estate etc....my previous career was in Investment Banking and I have exactly the same tertiary background as yourself. I learnt to do this via my banking experience and thousands of hours of self-study.

You have a HUGE opportunity living in the UK as you have London - the capital of finance for Europe close by ....fyi - I moved from Australia to London in the mid-1990's just to get access to the banking job opportunities that did not exist in Oz..it was the best financial decision I ever made.

Honestly, your best option is to move closer to the job opportunities in London. I would not waste your time trying to get something local...make the commitment and do what ever it takes to attain that goal.

Good luck..

 

[resjudicata]

@lk03 Read more than you can handle; read Ben Graham’s “Intelligent Investor” and then some other top one’s you heard about also; lessor know “The Art of War for Trader’s “… thinking that’s a mid-1990’s book

 

[resjudicata]

Favorite quote quote “If you don’t know where your going, then any road will get you there “ Lewis Carroll enjoy the journey

 

[osina]

@resjudicata Having a solid network >>> Actually being the best

 

[lk03]

@osina How do I build a solid network in a small city?

 

[resjudicata]

@osina I take the opposite approach ( while I bring great value to Network( the best and specialist provide some of the best info

 

[resjudicata]

@osina Working your but off; start with bankers, businesses and politicians! It’s slowly working for me…. Dang Covid-19’s put me 18 months behind

 

[lk03]

@resjudicata Thank you, the first one is actually on my list of books to buy soon currently going through the classic RDPD, how to one up wall street and the way of the wolf (but the priority is on the RDPD).

Would you say this job is interesting and could lead to a ‘luxurious’ life? I don’t want to be a stereotypical accountant that just sits at the desk, in front of a computer on every shift barely doing anything besides that, I want much more, I just don’t know how to get there, the stepping stones/milestones aren’t clear to me

 

[phlorence]

@lk03 Easy. Just ask people on Reddit...