Investment Consultant Job Description
An investment consultant is also referred to as a wealth manager, a personal financial adviser or a private banker. A wealth manager uses financial acumen and investment expertise to review a client's personal data and help him reach short-term and long-term investment goals. A private banker typically holds a four-year college degree in a business field.
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Responsibilities
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An investment consultant reviews a client's personal financial statements, gauges her income and expense levels and evaluates her risk profile. A client's risk profile indicates whether she prefers risky investments such as stocks or favors less-risky assets such as bonds or U.S. Treasury notes. A private banker evaluates a client's cash availability and then recommends investment strategies based on her risk profile. A personal financial adviser also may advise a customer on tax-saving strategies.
Education and Training
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A wealth manager typically holds a bachelor's degree in finance, accounting, investment analysis or taxation. A liberal arts major or a job seeker with a lower degree also may enter the field, provided he receives practical training. An investment consultant who has major managerial responsibilities, or advises clients or families with high net worth, usually has a master's degree in finance or taxation. Some wealth managers with prior public accounting experience may have certified public accountant (CPA) licenses.
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Salary
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A personal financial adviser's salary generally depends on the company's size and location and the employee's academic training. Other factors such as seniority, length of service and performance also may affect a wealth manager's remuneration. According to the Bureau of Labor Statistics, median annual wages for investment consultants were $73,150 in 2008, excluding stock and cash bonuses, with the middle 50 percent earning from $54,930 to $99,100. The same government data indicates that the lowest 10 percent earned less than $43,440, and the highest 10 percent earned more than $141,070.
Career Development
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Chances of career growth for personal financial advisers depend on economic trends, industry developments and the employee's professional or academic credentials. A wealth manager with a bachelor's degree may improve his chances of promotion by seeking a master of business administration (MBA) degree in finance or a certified financial manager (CFM) designation. A competent and productive personal financial adviser may move to a senior role within two to five years.
Working Conditions
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A personal financial adviser's work schedule is flexible, but it usually depends on business needs and clients' schedules. A private banker holding significant managerial duties within a firm may have a standard 9-to-5 work shift. An investment consultant also could travel periodically to meet with clients. For example, a New York-based investment consultant may fly to Europe to meet with a businesswoman with high net worth who wants to buy real-estate assets in the Midwest.
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References
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