Wealth Management Associates

To become an associate, you’ll need two to three years of experience as an analyst at a wealth management, hedge fund, private equity, or venture capital firm, or experience in sales and trading positions with a financial employer.

According to research conducted by global wealth market research and strategy consultancy firm Scorpio Partnership, both young and older investors agree that the most important qualities for a financial advisor are integrity, professionalism, and intelligence. But one interesting difference emerges based on the age group of the investors. Investors who were under the age of 40 placed more emphasis on the importance of soft skills as compared with investors who were over age 60. “Under 40” investors rated the following soft skills as important: creativity, patience, empathy, and sociability. Advisors who provide services to younger clients should take note of these evolving skill sets, especially given the fact that Generation X investors surveyed by professional services firm EY cited “advisor relationship” as the second-most important factor (after portfolio performance) as to why they remain with a particular advisor.

Other important traits for associates include excellent communication, persuasive, problem-solving, interpersonal, and organizational skills; a passion for the field of investing; impeccable ethics and a willingness to puts the needs of the client before those of their firm; strong attention to detail; and the ability to understand and explain sophisticated financial concepts and issues to investors. They should also be proficient in financial modeling, customer relationship management, and basic office (e.g., Microsoft Excel, PowerPoint, and Word) software.