The Master Wealth Manager

By Dr. Zulk Shamsuddin

The professional who advises individuals and families in undertaking this process is the “Wealth Manager”. It must be appreciated here that wealth management is not a target or destination, nor is it one or more products rather it is a process or we may say a way of thinking and acting on a person's financial matters to fulfil his financial goals which in turn facilitate the attainment of one’s life goals. The process of Wealth Management can actually start before the birth of an individual and can carry on even after his or her demise.
The Master Wealth Manager ™ (MWM) is a professional gold-standard certification for individuals with financial knowledge and experience in wealth management, which includes wealth planning, wealth accumulation, investment planning, retirement planning, and return on investment.
It forms the basis of the assessment that individuals must pass to gain the certified Master Wealth Manager status and inclusion in the Register of The GAFM Academy of Finance and Management ® Directory of Certified Professionals.
Stand out above the rest with the Certified Master Wealth Manager certification and get noticed by top recruiters.

• Language: English
• Publisher: Lulu.com
• Release date: Aug 3, 2022
• ISBN: 9781387775491

Book preview

Copyright © 2020 Zulk Shamsuddin, PhD / GAFM ACADEMY

All rights reserved.

ISBN: 9781387775491

INTRODUCTION

The professional who advises individuals and families in undertaking this process is the Wealth Manager. It must be appreciated here that wealth management is not a target or destination, nor is it one or more products rather it is a process or we may say a way of thinking and acting on a person financial matters to fulfill his financial goals which in turn facilitate the attainment of one’s life goals. The process of Wealth Management can actually start before the birth of an individual and can carry on even after his or her demise.

The Master Wealth Manager ™ (MWM) is a professional gold-standard certification for individuals with financial knowledge and experience in wealth management, which includes wealth planning, wealth accumulation, investment planning, retirement planning, and return on investment.

It forms the basis of the assessment that individuals must pass to gain the certified Master Wealth Manager status and inclusion in the Register of The GAFM Academy of Finance and Management ® Directory of Certified Professionals. 

Stand out above the rest with the certified Master Wealth Manager certification and get noticed by top recruiters.

Benefits of becoming a certified Master Wealth Manager professional

Personal recognition from your peers in project management and other professions.

Enhanced CV to stand out in the job market.

A framework for the development of your career.

International recognition.

Assurance for clients of high standards and ethical practice.

Use of the post-nominal MWM or Master Wealth Manager

Introduce yourself with this exclusive certification card during networking, business events, conference, and anywhere. Certification has its privileges.

Importance of Certification

Certificates and certifications, the names for these credentials sound confusingly similar. But there are important differences. Here’s what you need to know about these resume-enhancing options and how they might advance your career.

What is a Certificate?

Earning a certificate is about education. Certificates are academic credentials awarded by colleges, universities or other educational institutions. Students in certificate programs learn new knowledge in a specific subject or discipline and earn a certificate by successfully completing the coursework. An ideal student for a certificate program is someone who is willing to go through the experience of growing their own skillset, being real about what they want to learn, and working with others, says Jennifer Diamond, an instructor for the UW Certificate in Project Management. Many certificate programs have few, if any, admission requirements, making them an excellent option if you want to move forward in your career. The programs are usually noncredit and take less time to complete than a degree. Certificates are commonly listed on resumes as education, and some meet education requirements for first-time or renewed certifications.

What is a Certification?

When you have the professional knowledge you need, a certification allows you to prove it.  Certifications indicate mastery of skills or standards. Professional certifications are granted by industry groups or career-related organizations. These groups assess your qualifications, usually through an exam or application process. Many certifications include the privilege to use a related designation following your professional title. A certification differs from a license, which permits you to work in a certain profession and is usually issued by a government or regulatory agencies.

Benefits of Certification

Certification helps in learning the new technologies, skills, and abilities for a specific promotion. Earning a new certification or an advanced certification in a particular area of expertise can help in advancing your career.

Professional certification shows consumers and potential employers that you are committed to your profession and are well-trained. It gives them confidence in your abilities and knowledge. Certification makes you more valuable to employers, so you can expect to earn more than someone without certification.

Certifications can give you the chance to learn needed skills, and be a quick way to show employers you have those skills. On the other hand, certifications can require studying or coursework, and cost up to several hundred dollars to take.

Skills Certification

This book focuses on six major skills that a wealth manager should possess to become a certified professional in wealth management.

Wealth Management

Wealth Planning

Wealth Accumulation

Investment Planning

Retirement Planning

Return on Investment

Application for Certification

https://gafm.com.my/application-for-certification/

A Master Wealth Manager is an experienced professional who has earned the ISO-standard wealth management certification.  This globally-recognized credential is offered to an individual with skills and experience in wealth management. The certified Master Wealth Manager certification program is designed to deliver a deep, practical understanding of wealth management that includes wealth planning, wealth accumulation, investment planning, retirement planning, and return on investment.

What does a Wealth Manager do?

A wealth manager manages the financial assets of high-net worth individuals and ultra-high net worth individuals. High net worth individuals are those possessing more than $1 million in investable assets. Ultra-high net worth are families or individuals who possess more than $30 million.

Wealth managers have two primary roles:

financial planning, which involves creating a plan to reach specific financial objectives, and

portfolio management, which requires the wealth manager to purchase and sell investment products and monitor the portfolio. The position also involves legal and estate planning and counseling.

Wealth managers often coordinate with different experts like bankers, lawyers, investment advisers or accountants to build their client's wealth management plan. Sometimes, their client already has different advisers, so wealth managers consult with them to understand their client's financial situation.

Wealth Manager Responsibilities

A wealth manager offers financial advice to high net-worth clients. Wealth managers conduct financial planning, investment management, and assist in preserving and generating wealth. Wealth managers responsibilities include:

Strategic investing

Tax planning

Real estate planning

Charitable giving planning

Risk management

Asset protection

Legal advice

Choosing insurance

Banking services (loans and cash management)

Business planning

Role of a Wealth Manager

Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.

Answer clients' questions about the purposes and details of financial plans and strategies.

Recommend to client’s strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.

Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.

Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.

Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.

Manage client portfolios, keeping client plans up-to-date.

Contact clients periodically to determine any changes in their financial status.

Prepare or interpret for client’s information such as investment performance reports, financial document summaries, or income projections.

Recruit and maintain client bases.

Explain to clients the personal financial advisor's responsibilities and the types of services to be provided.

Investigate available investment opportunities to determine compatibility with client financial plans.

Guide clients in the gathering of information, such as bank account records, income tax returns, life, and disability insurance records, pension plans, or wills.

Monitor financial market trends to ensure that client plans are responsive.

Recommend financial products, such as stocks, bonds, mutual funds, or insurance.

Meet with client’s other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.

Devise debt liquidation plans that include payoff priorities and timelines.

Requirements to become a Certified Master Wealth Manager

Becoming a wealth manager generally requires a certain educational background and set of skills. 

Working as a wealth manager requires in-depth knowledge of the stock market, tax laws and the banking sector. Many wealth managers have a background in accounting, investment advising or financial planning.

Applicants who wish to pursue the Master Wealth Manager designation must meet minimum academic and work requirements. Candidates must have any two of the following:

An ABA AACSB, ACBSP, or Accredited Financial, Investment, Accounting, Tax, or Economics degree

Two years of professional experience

A government-recognized degree: licenses, degree, MBA/masters or law degree, Ph.D., CPA, recognized designations, and specialization work

A related degree and exams from GAFM-approved and accredited university program

Completion of online executive certification training programs.

A bachelor's degree or master's degree in finance or business is a good way to gain the necessary education for this profession. If you opt for a post-graduate degree, a Master of Trust and Wealth Management can help you learn about compliance, personal financial planning, insurance, estate administration and risk management. There are also MBA programs that allow specializations in asset and wealth management.

If you are already working as a finance professional and want to pursue wealth management, you have the option to take specialized wealth management courses in business schools or certification institutions.

Master Wealth Manager professionals must demonstrate competencies in some of the following areas:

Estate planning and trusts

Asset management

Portfolio management

International taxation

Retirement law

Economics

Investments

Money and banking

High net worth consulting

Relationship management, compliance, and ethics

Business entities & organizations

Risk management and insurance

Skills for Professional Wealth Managers

Some qualities that can help you succeed as a professional wealth manager are:

Social skills: Being good with people is essential for a wealth manager, as this skill can help you build a network.

Sales skills: Sales skills are also beneficial, as they can help you introduce yourself as a knowledgeable professional who is capable of offering assistance.

Communication: Working as a wealth manager requires confidence and the ability to hold meaningful conversations with clients. Strong listening skills help wealth managers understand their clients' needs and provide them with advice.

Trustworthiness: Discretion and trustworthiness are necessary skills for a wealth manager because they have to handle private information about their clients' assets.

Analytical skills: Analytical skills are useful when interpreting market trends and complex financial data.

Adaptability: Market conditions and client needs can vary, so the ability to adapt is a valuable quality for a wealth manager.

Proactivity: As a wealth manager, you propose solutions to your clients, so being able to approach every situation proactively to create strategies is a plus.

Customer service: The ability to prioritize your clients' needs and answer their questions contributes to quality client relationships and improves your reputation.

Duties of A Wealth Manager

A Master Wealth Manager typically assists investors with the following:

Building Investment Strategies

Master Wealth Managers build strategies around their clients' risk tolerances, personal situations, and long-term financial goals. For example, a Master Wealth Manager may build a stock portfolio of high-yielding dividend stocks for an investor who seeks passive income.

Providing Independent Advice

Master Wealth Managers analyzes large amounts of financial news and data and provides clients with an independent assessment of the information. After reading through a prospectus for an upcoming initial public offering (IPO), for instance, Master Wealth Managers may advise his client to avoid investing.

Actively Listening

Client’s circumstances continually change. Master Wealth Managers organizes regular meetings with investors and determines if a change in their situation requires an investment strategy review. After a client meeting, for example, a Master Wealth Manager may decide to do a portfolio rebalance after learning about an inheritance. Actively listening helps to ensure Master Wealth Managers satisfy the know your client (KYC)

Reviews for The Master Wealth Manager

[Richard Forest · Rating: 5 out of 5 stars]

I am fascinated with the content of this book. Interesting to read for most of the chapters.