How to become a super-wealthy consulting firm

It’s the role of an investment banker to help people navigate the ups and downs of the market, but for those looking to become more involved in the world of wealth management, it’s the consulting gig. 

According to a new report from Wealth Management Consultancy, which surveyed 3,500 US firms in 2016, about two-thirds of them were working as consultants, with the majority of the firms focusing on wealth management. 

And while the majority (58 percent) of these firms were focused on the management of assets, about half of the firm’s clients were looking to invest more in a particular asset class. 

Of the firms surveyed, 42 percent of firms said they were “very familiar with the needs of their clients and the wealth management sector”, while only 29 percent said they knew “much about the industry”. 

While this may not sound like a lot, it highlights the need for the most effective investment bankers to be knowledgeable about the different assets and the markets, according to the report. 

“Our data shows that many firms do not have enough knowledge and expertise to provide the clients with the best possible advice on what to do with their money and investments,” the report’s authors, Richard Haughey and David Brubaker, write.

“As a result, clients and clients’ advisers often have little insight into the true value of investments.

This creates a lack of confidence in the market and leads to excessive borrowing and undervaluing of assets that could potentially cause financial harm.”

The authors also found that some of the most successful firms in the industry were based in the US, which is a popular destination for high-end investment banking.

“The United States is a relatively large and vibrant financial services market, and the vast majority of our respondents said they had invested in a firm in the United States in the past year,” the authors write.

“Many of our survey respondents reported that the firms they invested in were highly rated and that the clients who had worked with them were well behaved. 

While it’s true that many of the wealthiest people in the country are in the financial services industry, this has led to an uneven distribution of wealth in the economy, and has a disproportionate impact on communities of color.”

The Wealth Management Consulting report also found a gap between the amount of money managers were making in their chosen field, and how much they earned. 

Only 41 percent of respondents reported making at least $500,000 a year, compared to 67 percent of the general public.

“Many managers of high-cost firms reported that they had a very high salary, and that their compensation is much higher than what they should be making,” the researchers write. 

However, many of these companies also had a relatively high percentage of employees with higher salaries. 

As of 2016, the median salary for a bank analyst was $80,000, while the median compensation for a financial planner was $115,000.

“Wealth Management Consultants data shows a clear need for increased awareness and education about the investment banking profession and how to be successful in it,” the study’s authors conclude. 

The study is the latest in a long line of research highlighting the need to create a more diverse workforce. 

In 2016, more than 400,000 Americans lost their jobs in the banking industry, according the Bureau of Labor Statistics. 

For those looking for an alternative to the traditional banking profession, Wealth Management consultancies suggests investing in real estate or other asset classes. 

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