Rich prospects

Q What is wealth management and what are the career prospects?

— Mahinder Rohtagi

A Wealth management is all about managing an individual's finances to make advance provision for financial needs that may arise in the future. The wealth manager analyses the client's financial status and existing resources, identifies the shortfall to meet the client's objectives and charts out a viable plan to meet them. This includes investment planning, tax planning, insurance planning, cash flow management and budgeting, with retirement planning and estate planning.

Wealth managers often choose to establish their own wealth management practice either by themselves or together with other managers. Yet others work for Banks, Wealth management and financial planning organisations, life insurance companies, stocks and securities brokers.

It is estimated that 10,000-odd Financial Planners are required by the insurance and wealth management industry, whereas there are only about 300 Certified Financial Planners in the country today.