Wealth managers need both technical skills and non-technical (“soft”) skills. Technical skills include capital markets proficiency, portfolio construction ability, financial planning knowledge, quantitative skills, technology skills, and in some situations, foreign language fluency. Soft skills include communication, education/coaching skills, and sales and business development. The rise of fintech, especially robo-advisors, has made technology increasingly important in the private wealth sector.

There is much variety in roles in wealth management and advising, but managing and leveraging client relationships to identify and deliver on business development opportunities are critical skills for all of them. Some focus on advising institutional clients and pension funds, some on retail/private clients, and others on corporations. A deep level of technical knowledge is often required, and in some instances, advisors may also be involved in aspects of both the analytical and investment decision-making processes. Other wealth management and advisory roles include:

• Relationship manager
• Sales
• Investment consultant