Wealth Management Vice Presidents


Exploring this Job

Participate in mock investing competitions and simulations to obtain risk-free experience in the financial markets. One such resource is the Investopedia Stock Simulator (https://www.investopedia.com/simulator), which gives participants the chance to invest $100,000 in virtual cash in the stock market and compete with hundreds of thousands of people around the world to see who is the best investor.

In high school and college, join business and investing clubs, many of which offer networking events, investment competitions, guest speakers from the wealth management industry, and job shadowing opportunities.

Talk with wealth management professionals about their careers. Ask your business teacher and career counselor for help arranging interviews.

Finally, check out the following books to learn more about wealth management:

  • The Financial Times Guide to Wealth Management: How to Plan, Invest, and Protect Your Financial Assets (FT Press, 2015)
  • Private Wealth Management: The Complete Reference for the Personal Financial Planner (McGraw-Hill Education, 2015)

The Job

Job duties for vice presidents (VPs) vary by firm. At some firms, VPs manage client portfolios and prospect for new investors, while also playing a major decision-making role regarding the firm’s investment strategies and products, marketing, risk issues, compliance, etc., as well as overseeing the work of associates, analysts, and other staff. At other firms, VPs may no longer manage portfolios and prospect for new investors, but rather specialize in a particular type of investment (equity mutual funds, bonds, real estate investment trusts, etc.), assisting other private bankers with their work in these areas. Others may be asked to launch and manage a new branch office in another city. Major duties of the typical vice president include:

  • creating comprehensive wealth management plans for high-net-worth individuals and families
  • developing and recommending investment ideas to managing directors
  • monitoring capital market developments and conducting investment-related research in order to develop investment opportunities
  • developing quantitative models to measure the effectiveness of investment decisions
  • developing portfolio strategic asset allocation and tactical asset location strategies
  • working with risk managers on risk management issues (i.e., liquidity, compliance, etc.)
  • creating and maintaining a pipeline of high-net-worth individuals and families and successfully transitioning prospects into clients
  • working with wealth managers to make sure that potential new clients are properly on-boarded (i.e., the process of gathering new client information and inputting that data, as well as conducting due diligence on the client)
  • partnering with the human resources department to create and implement training programs to teach core customer service skills to team members
  • working with other top-level executives to develop product and service offerings, create sales and marketing strategies, and establish budgets
  • working with the compliance department to ensure that compliance requirements for products and services have been met