Wealth Management Vice Presidents


Employment Prospects


There are thousands of wealth management businesses in the United States alone. Major employers include:

  • investment firms (e.g., Goldman Sachs, Morgan Stanley, and JPMorgan Chase & Co.)
  • national broker/dealers (e.g., Bank of America Merrill Lynch, Edward Jones, Wells Fargo Advisors, UBS Wealth Management)
  • regional and boutiques (e.g., Legg Mason, Janney Montgomery Scott, Ameriprise Financial, and Raymond James)
  • family offices (i.e., firms that manages investments, assets, and trusts for a high-wealth family)
  • independents (i.e., small mom-and-pop businesses)
  • robo advisory firms (e.g., Wealthfront, Betterment, and Assetbuilder)

Starting Out

Many people are promoted to the position of vice president after excelling as associates and in other lower-level positions at their employers or other wealth management firms. Others enter this career after working in the hedge fund, private equity, or venture capital sectors, or after working at financial consulting firms or in the financial departments of corporations.

You can learn more about career opportunities by using traditional job-search strategies such as visiting the Web sites of potential employers, meeting with recruiters on campus, utilizing the services provided by your college’s career counselors, signing on with wealth management recruiters, and using social networking sites (such as LinkedIn) to prospect for job leads.

Additionally, participation in internships programs, which are provided by wealth management firms, is an excellent way to break into the field. For example, industry leader HSBC offer a five-to-16-week Global Private Banking Internship Program (https://www.hsbc.com/careers/students-and-graduates/student-opportunities/private-banking-internship) for penultimate-year undergraduate students. The program provides participants with an understanding of what it takes to become an investment counselor, relationship manager, or product specialist. The most-promising interns are asked to participate in its Global Private Banking Global Graduate Programme (https://www.hsbc.com/careers/students-and-graduates/graduate-opportunities/private-banking), a 24-month program for final-year bachelor’s or master’s degree students that teaches them how to manage relationships with the bank’s high-net-worth clients and provide financial product expertise. Participation in these programs can translate into a full-time position at the company.  

Advancement Prospects

High-performing vice presidents who are able to bring a large number of high-net-worth investors to their firms and manage their portfolios effectively may be tapped to become managing directors, one of the top decision makers at a wealth management firm. In this role, you’ll be responsible for “big picture” issues such as your company’s overall investment strategy, client focus, and/or new business strategies. Some managing directors continue to manage client portfolios—typically those of the firm’s most high-profile, high-net-worth customers.

Vice presidents are also well-qualified to work as chief financial officers, CEOs, and chief operating officers at corporations. 

Tips for Entry

Read the following publications to learn more about the field: Journal of Financial Counseling and Planning (https://www.afcpe.org/news-and-publications/journal-of-financial-counseling-and-planning) and the Journal of Portfolio Management (https://www.pm-research.com).

Participate in internships and related job-training programs at banks and other employers to obtain experience and get your “foot in the door” at target companies. Vault.com publishes a list of the best investment bank internships at https://www.vault.com/best-internships-rankings-search/best-internships-by-industry/investment-banking.

The CFP Board's online Career Center offers a wide range of resources, including job listings, internship opportunities, connections to professional mentors, scholarship information, and more. Learn more by visiting at https://www.cfp.net/career-and-growth/career-center.