How to Become a Wealth Manager: Career Development, Requirements and Timeline

Specializing in wealth management can elevate your career prospects and add more high-net-worth clients to your book of business. In terms of how to become a wealth manager, the process is similar to what’s required for portfolio management. You’ll need relevant education and experience, and many wealth managers choose to earn one or more professional designations to build their credibility. In terms of timing, it may take eight to 10 years to secure a position as a wealth manager.

Are you looking to expand your client prospecting efforts? Try SmartAsset AMP, a holistic client prospecting and marketing automation platform.

Wealth Manager Overview

Wealth managers advise high-net-worth and affluent clients on the best ways to manage their investments, grow their portfolios and preserve their wealth. Both individual and institutional investors may seek wealth management services.

Key tasks for wealth managers include:

• Developing investment strategies that reflect clients’ risk tolerance, goals and ideal asset allocation
• Rebalancing portfolios periodically to maintain the appropriate allocation
• Creating long-term financial plans that allow clients to preserve wealth and transfer it to future generations as efficiently as possible
• Establishing strategies to minimize clients’ tax liability
• Estate planning tasks, including setting up trusts and developing plans for philanthropic giving
• Creating retirement income plans and assessing clients’ insurance needs
• Tracking market trends and economic news to identify opportunities for portfolio adjustment

Wealth managers must be able to communicate regularly with clients and work closely with a team of advisors and support staff. They may be employed at wire houses or broker-dealers, insurance companies, family offices, private banks or RIA firms.

Client Acquisition Simplified: For RIAs

• Ideal for RIAs looking to scale.
• Validated referrals to help build your pipeline efficiently.
• Save time + optimize your close rate with high-touch, pre-built campaigns.

CFP®, CEO

Joe Anderson

Pure Financial Advisors

We have seen a remarkable return on investment and comparatively low client acquisition costs even as we’ve multiplied our spend over the years.

Pure Financial Advisors reports $1B in new AUM from SmartAsset investor referrals.

Target New Clients This Year

I am a registered fiduciary*

Book Your Free DemoNot sure? Learn more about AMP.

Wealth Manager Salary

The Bureau of Labor Statistics (BLS) doesn’t publish wage data specifically for wealth managers, but it does share information for financial managers. Financial managers earned a median annual salary of $161,700 in 2024, according to the Bureau of Labor Statistics. ¹ The BLS defines financial managers as individuals who “create financial reports, direct investment activities and develop plans for the long-term financial goals of their organization.”

Several factors can influence your earnings as a wealth manager, including:

• Education level
• Experience
• Client base/niche
• Geographic location
• Assets under management (AUM)

Where you’re employed also makes a difference. If you’re working for a private bank, for instance, your annual salary is set for you. Should you decide to go independent and establish an RIA, your earning potential is tied to your fee model and ability to attract high-net-worth and ultra-high-net-worth clients.

How much do wealth managers make compared to traditional financial advisors? Advisors earned a median annual salary of $102,140 in 2024, according to BLS data. Wealth management could be more lucrative if you can master marketing, client acquisition and retention.

Become a Top Financial Advisor

Referrals and market gains aren't enough. Grow with the all-in-one advisor marketing platform.

Get Started

Wealth Manager Certification: Education, Experience and Skill Requirements

Wealth managers typically hold a minimum of a four-year degree in a field relevant to the financial services industry. That may include accounting, business, finance, computer science, economics or mathematics. Senior wealth management roles often require a graduate degree in a related field as a minimum qualification.

Experience is also a typical expectation for wealth managers, though what that experience looks like may vary. Before moving into wealth management, advisors may work as investment or portfolio analysts, bankers or relationship managers, all of which can provide hands-on experience working with wealthy clients. Three to five years of experience may be required at a minimum for many wealth manager jobs.

The typical skill set of a wealth manager mirrors many of the skills portfolio managers and advisors need, including:

• Comprehensive knowledge of financial planning, including retirement, estate and tax planning
• Knowledge of capital markets, portfolio construction and asset allocation
• Strong quantitative analysis skills
• Familiarity with financial services technology tools, including portfolio modeling tools, risk analysis software and visualizer tools
• Problem-solving skills
• Strong verbal and written communication skills
• Client relationship management skills
• Ability to work both independently and as part of a team
• Leadership skills (for advanced wealth management roles)

Wealth managers also need to have a strong sense of ethics and, when applicable, a firm commitment to adhering to fiduciary standards.

Wealth Manager Certification and Job Expectations

Wealth managers are not necessarily required to hold professional certifications, but they can be helpful to have. Earning one or more designations can add to your credibility, which could help you to attract more wealthy clients to your practice.

Some of the credentials you might consider include:

• CERTIFIED FINANCIAL PLANNER™ (CFP®): CFP® marks signify that you meet the education, experience, exam and ethics requirements established by the CFP® Board. As of January 2026, there were just over 107,000 CFP® professionals in the U.S. ²
• Chartered Financial Analyst (CFA): The CFA designation is granted by the CFA Institute and is considered to be a “gold standard” credential for portfolio and wealth managers.
• Certified Private Wealth Advisor (CPWA): The CPWA designation is granted by the Investments & Wealth Institute (IWI), and is designed for advisors who want to work with clients who have an average net worth of $5 million or more.
• Certified Investment Management Analyst (CIMA): The IWI also grants CIMA designations and largely focuses on investment theory and portfolio construction for high-net-worth clients.
• Chartered Wealth Manager (CWM): The CWM designation is issued by the Global Academy of Finance & Management (GAFM) and, compared to the CFA credential, is more planning-focused and client-facing.
• Accredited Wealth Management Advisor (AWMA): The College for Financial Planning (CFFP) issues the AWMA credential, which focuses on wealth strategies and tax efficient planning for high-net-worth clients.

If you plan to trade securities in your role as a wealth manager, you’ll also need to pass the Securities Industry Essentials (SIE) exam and obtain appropriate FINRA licenses. That includes a Series 7 license, as well as a Series 66 license (or Series 63 and Series 65).

FINRA licenses require you to pass the relevant exams and, in some cases, be sponsored by a FINRA-member firm.

Professional credentials like the CFP® mark or CFA designation typically require you to meet education, experience and exam requirements. Before you can sit for the CFA exam, you’ll need to become a CFA Institute member. You’re expected to complete continuing education (CE) credits for any licenses or designations you earn, including CE ethics hours.

Wealth Manager Client Opportunities and Services

Wealth managers primarily work with high-net-worth clients, which may include individual investors, family offices or institutional investors. Charitable foundations or endowments may also utilize wealth management services.

The range of services you offer as a wealth manager is dependent on the client base you serve. In addition to financial planning and portfolio management, you may be expected to handle specialized services to manage the unique needs of affluent investors. That may include:

• Assisting with succession planning for family-owned businesses
• Constructing portfolios to include alternative investments, such as commodities, cryptocurrency or private equity
• Developing a long-term plan for charitable giving, which may involve establishing a private foundation
• Managing donor-advised funds (DAFs) as part of a charitable giving strategy
• Researching banking or lending solutions that align with your clients’ needs and goals

Finding wealth management clients often requires a combination of effective marketing tactics and a solid referral system. Targeting a specific niche of wealthy investors, such as business owners, cultivating centers of influence with financial and legal professionals, and refining the client experience are some of the strategies you might use to attract these clients.

Delivering top-tier service that consistently exceeds expectations can help you retain clients and encourage more referrals. You may also have opportunities to interact with other wealthy investors who are looking for an advisor to work with by attending events where they’re likely to be present. For instance, if a client invites you to a charity auction they’re sponsoring, that could provide an opening to connect with other affluent individuals who could benefit from your advice.

Wealth Manager Job Outlook

The Bureau of Labor Statistics estimates that financial managers will experience 15% job growth through 2034. That’s significantly higher than the 3% growth rate expected for all occupations combined. The job growth outlook for personal financial advisors is 10%, by comparison.

In total, approximately 74,600 openings for financial managers are expected each year. Factors driving this expected job growth include the need to fill positions left by retiring financial professionals, an expanding economy, and an increased need for risk management within the financial services industry.

Transferable Skills and Experience

The skills required to be a wealth manager can lend themselves to other careers. Client relationship management experience, for example, can prove useful when working with a wide range of investors, beyond the ultra-wealthy. Financial analysis and planning skills can prove useful for portfolio management, while time management and communication skills are valuable in virtually any role.

As you gain more experience, the range of jobs open to you may expand. For example, you may be qualified for a senior wealth management position, which often requires a decade or more of experience. Climbing up the ladder generally means more responsibilities, but it can also come with increased earnings and a greater sense of fulfillment in your work.

Related Jobs/Certifications

Working in wealth management can prepare you for a wide range of roles in the financial services industry. You may work as a private banker or client relationship manager, hedge fund manager, or chief investment officer. If you’ve earned any of the professional certifications discussed earlier, those could prove helpful in these and related career paths.

Bottom Line

Understanding how to become a wealth manager can help you develop a strategic plan for reaching your goal. Earning a degree is the first step if you’re starting from scratch. If you’ve already graduated and have some experience working with clients, obtaining some professional credentials may be next. Evaluating what each designation is most useful for can help you decide which one(s) could make the most sense to pursue.

Tips for Growing Your Advisory Business

• SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• If you’re taking the CFP® exam, CFA exam, or another exam that’s required to earn a professional credential, it may be worth your time and money to invest in exam prep courses or materials. Exam prep can include live and on-demand courses, textbooks, worksheets, checklists, flashcards, and one-on-one tutoring help. Comparing features, availability, and cost for different programs can help you narrow down the best options for you.

Photo credit: ©iStock.com/Natee127, ©iStock.com/Jacob Wackerhausen, ©iStock.com/Wasan Tita