For some the role is a stepping stone to becoming a Wealth Manager; for others it is a career in its own right.
It is assumed that a Associate is not authorised to give investment advice and that the brokerage comprises one or more of each of the following:
- Wealth Managers who are professionally qualified (CFP or higher)
- Associate
- Administrators
It is important that the Wealth Managers, Associate and Administrators work well together as a strong team, offering assistance to clients irrespective of whether or not the Wealth Manager is available.
Associate Job Role
The Associate role may be broken down into four key parts:
- Preparing and maintaining client files
- Preparing recommendations
- Implementing recommendations
- Reviewing
A. Preparing and maintaining client files
Generally the Wealth Manager should collect the relevant information (client attitudes, life goals etc) leaving the Associate to collect all the quantitative detailed information required to compile a financial plan. The Associate may attend client meetings.
Specific activities include:
- Checking all compliance paperwork is present.
- Confirming that the client’s risk profile is determined.
- Discussing the client’s objectives with the Wealth Manager.
- Identifying and obtaining the information necessary to compile paperwork required as per financial needs analysis.
- Compiling draft net worth statements; income and expenditure statements and financial cashflow forecasts and discussing these with the Wealth Manager.
B. Preparing recommendations
Specific activities include:
- Identifying areas for planning.
- Undertaking research both independently and with the Wealth Manager to identify suitable solutions to meet the client’s needs.
- Preparing information and comparisons for analysis by the Wealth Manager.
- Liaising with the client’s legal and tax advisers, if necessary.
- Considering current and future allocation of assets for investment strategy with regard to the client’s risk profile.
- Preparing draft recommendation to be discussed with and signed off by the Wealth Manager.
C. Implementing recommendations
Specific activities include:
- Preparing suitability letters in accordance with the agreed recommendations.
- Completing application forms.
- Ensuring that all compliance paperwork is in order.
- Making changes to clients’ portfolios as instructed.
- Implementing the chosen investment strategies.
D. Review
Specific activities include:
- Acting as a main point of contact and dealing effectively with queries from clients and other parties.
- Establishing and building strong relationships with clients and attending client meetings with the Wealth Manager.
- Organizing future planning meetings with clients.
- Reviewing investment portfolios, asset allocations, risk profiles etc.
- Sending planning figures to clients for updates and revisions in preparation for meetings.
- Initiating review meetings with clients
Key Skills and Experience Required
Essential
- Understanding of the financial planning process
- Ability to work within defined business processes
- Ability to achieve agreed outcomes without supervision
- Prioritisation and planning of own workload
- Detailed and accurate
- Articulate
- Excellent inter‐personal skills, both written and verbal
- Ability to multi‐task and prioritise effectively
- Good IT skills
- Good report writing skills
- Ability to work independently and in a team
Desirable
- Broad knowledge of financial services world
- High level of technical knowledge
Qualifications
Essential
- CFP or B. Com. Degree
Desirable
Experience and/or diploma in:
- Taxation
- Trusts
- Investments
- Other technical areas (Pensions, Long‐Term Care)
- Financial planning
Package
- Variable based on experience
- A basic salary plus commission is on offer
