Key Responsibilities and Required Skills for Wealth Consultant

🎯 Role Definition

A Wealth Consultant is an experienced financial professional who advises high-net-worth and ultra-high-net-worth individuals, families, and small institutions on holistic wealth management strategies. This role blends relationship management, financial planning, investment advice, and business development to grow assets under management (AUM), preserve client capital, optimize tax outcomes, and deliver personalized multi-generational planning. The Wealth Consultant acts as a trusted advisor, coordinates with internal product specialists (fixed income, equities, alternatives, trust services), and ensures all advice meets regulatory and firm suitability standards.

📈 Career Progression

Typical Career Path

Entry Point From:

Financial Advisor / Investment Advisor Representative
Private Banking Associate / Relationship Associate
Wealth Management Analyst / Investment Analyst

Advancement To:

Senior Wealth Consultant / Senior Private Banker
Portfolio Manager / Chief Investment Officer (for team track)
Director of Wealth Management / Regional Head of Private Banking
Family Office Advisor / Chief Wealth Officer

Lateral Moves:

Trust Officer / Estate Planning Specialist
Business Development Manager for Wealth Products
Relationship Manager (Corporate or Commercial Banking)
Financial Planner or CFP Practitioner

Core Responsibilities

Primary Functions

Build, deepen, and manage a portfolio of HNW and UHNW clients through proactive relationship management, regular review meetings, tailored financial planning, and high-touch client service to increase assets under management and client retention.
Conduct comprehensive needs analysis by gathering financial goals, cash flow, liability profiles, risk tolerance, tax circumstances, estate objectives, and intergenerational planning needs to produce a prioritized, actionable wealth plan.
Develop customized investment strategies and implement portfolio construction that aligns with client objectives, incorporating asset allocation, diversification across equities, fixed income, alternatives, and tax-aware vehicles to optimize risk-adjusted returns.
Prepare and present holistic financial plans and investment proposals, including detailed assumptions, scenario analysis, performance expectations, fee disclosures, and documented recommendations that support fiduciary standards.
Monitor client portfolios on an ongoing basis, perform periodic rebalancing, execute tactical adjustments, and produce clear performance reports and attribution analysis for client review.
Manage new client onboarding including KYC/AML documentation, suitability assessments, risk profiling, account documentation, and coordination with operations to ensure a seamless transition and compliance with regulatory standards.
Provide tax-efficient planning and coordinate with clients’ tax advisors on strategies such as tax-loss harvesting, tax-optimized asset location, charitable giving strategies, donor-advised funds, and municipal bond allocations when appropriate.
Advise on retirement income strategies, Social Security optimization, pension analysis, and income planning for retirees, ensuring sustainable withdrawal strategies and longevity risk management.
Structure and recommend lending solutions for wealth clients, such as margin lending, securities-based lending (SBL), mortgages, and leveraged solutions, while assessing suitability and collateral implications.
Coordinate estate planning and trust administration discussions with attorneys and trust officers, including multi-generational transfer strategies, GRATs, CRTs, family governance, and the use of trusts to meet legacy objectives.
Collaborate closely with internal specialists (fixed income desk, equities research, alternative investments, tax specialists, trust services) to source and implement complex solutions for clients, ensuring product suitability and documentation.
Drive business development through targeted prospecting, referrals, centers of influence relationships (CPAs, attorneys), networking, client events, and high-net-worth marketing campaigns to expand the client base and referral pipeline.
Maintain accurate client records, pipeline activity, and financial plans in the CRM (e.g., Salesforce, Wealthbox) and planning systems (eMoney, MoneyGuidePro), ensuring data hygiene and audit-readiness.
Ensure strict adherence to regulatory requirements and internal policies including suitability, best execution, FINRA/SEC rules, KYC/AML processes, fiduciary obligations, and annual compliance attestations.
Prepare for and actively participate in client review meetings and complex client conversations, including performance attribution, tax changes, succession events, liquidity needs, and market volatility response plans.
Provide thought leadership and insights to clients through investment outlooks, market commentary, and timely communication on market-moving events to maintain credibility and market positioning.
Deliver excellent client service by resolving service issues, coordinating with operations for transactions and reporting, and ensuring timely responses to client inquiries and ad hoc needs.
Meet and exceed revenue and AUM growth targets through a combination of advisory fees, client acquisition, product referrals, and cross-selling of bank or firm wealth solutions.
Mentor and support junior advisors, associates, and support staff by providing training on client conversations, financial planning tools, and best practices to improve team effectiveness and succession planning.
Lead periodic risk reviews and scenario planning for concentrated positions, concentrated stock solutions, hedging strategies, and liquidity events, ensuring mitigation of downside and tax impact.
Negotiate and structure fee arrangements and service agreements, communicating costs clearly and demonstrating value through regular reporting and personalized advice.
Maintain ongoing professional development and credentials (e.g., CFP®, CFA®, CPWA®) and ensure all continuing education and licensing (Series 7, 66 or equivalent) are current.

Secondary Functions

Host and represent the firm at client seminars, private events, and thought leadership forums to strengthen brand visibility and generate qualified leads.
Collaborate with marketing and product teams on targeted campaigns, educational content, and client-facing materials that articulate the firm’s wealth propositions and investment philosophy.
Support ad-hoc research requests and coordinate bespoke analyses (cash flow modeling, scenario testing, Monte Carlo simulations) to inform client decisions and board-level reporting.
Provide input to product development teams based on client feedback and market demand to refine advisory offerings, pricing models, and technology tools.
Participate in internal committees or working groups on topics such as client experience, digital tools adoption, compliance enhancements, and service model improvements.
Contribute to the firm’s succession planning by documenting client strategies, building playbooks, and training backups to ensure continuity of service.
Assist in preparing materials for compliance audits, internal reviews, and supervisory meetings, and implement remediation actions as required.
Manage relationships with external custodians, fund managers, family office service providers, and legal advisors to facilitate seamless execution of multi-jurisdictional or complex client solutions.

Required Skills & Competencies

Hard Skills (Technical)

Financial planning and holistic wealth advisory: experienced in developing comprehensive plans covering cash flow, retirement, education, tax strategy, and estate planning.
Portfolio construction & asset allocation: ability to construct diversified, risk-adjusted portfolios across equities, fixed income, alternatives, and structured products.
Investment product expertise: deep knowledge of mutual funds, ETFs, individual equities, bonds, private equity, hedge funds, structured notes, and managed accounts.
Risk assessment & mitigation: concentration management, hedging techniques, cash management, liquidity planning, and stress testing.
Tax-aware investing: familiarity with tax-loss harvesting, asset location strategies, municipal bonds, and coordination with tax professionals.
Lending and credit solutions: structuring and evaluating securities-based lending, margin, and mortgage products for wealth clients.
Estate & trust coordination: working knowledge of trust vehicles, beneficiary designations, and estate transfer strategies.
Regulatory & compliance proficiency: KYC/AML processes, suitability assessments, FINRA/SEC regulations, fiduciary duties, and documentation standards.
Financial planning software: proficiency with MoneyGuidePro, eMoney, Naviplan or equivalent; advanced Microsoft Excel modeling.
CRM platforms & client reporting: Salesforce, Wealthbox, or bank-specific platforms and experience producing client-facing performance and fee reporting.

Soft Skills

Client-centric relationship management: empathy, discretion, and the ability to build trust with HNW and family clients.
Consultative sales & business development: prospecting, referral cultivation, and cross-selling while maintaining advisory integrity.
Communication & presentation: clear, persuasive verbal and written skills for complex financial concepts and board-level discussions.
Negotiation & influence: ability to structure fee arrangements and gain buy-in from clients and internal stakeholders.
Problem-solving & analytical thinking: interpret market data, synthesize tax/legal inputs, and craft pragmatic solutions.
Organizational skills & follow-through: manage multiple client relationships, deadlines, and compliance tasks with attention to detail.
Team collaboration: coordinate across product specialists, operations, compliance, and external advisors.
Confidentiality & professionalism: maintain highest standards of privacy, ethics, and fiduciary responsibility.
Adaptability & resilience: perform effectively under market volatility, tight deadlines, and changing regulatory environment.
Mentorship & leadership: develop junior staff, delegate effectively, and contribute to a strong advisory culture.

Education & Experience

Educational Background

Minimum Education:

Bachelor's degree in Finance, Economics, Accounting, Business Administration, or related field.

Preferred Education:

Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA®), Certified Private Wealth Advisor (CPWA®), MBA, or related postgraduate credential.
Professional licenses such as Series 7/63/65/66 (or local equivalents) and any required wealth management certifications.

Relevant Fields of Study:

Finance
Economics
Accounting
Business Administration
Wealth Management / Financial Planning

Experience Requirements

Typical Experience Range: 3 - 10 years in wealth management, private banking, or financial advisory roles; often 5+ years preferred for senior client responsibilities.

Preferred:

Demonstrated track record managing HNW or UHNW client relationships and growing AUM.
Prior experience in private banking, family office advisory, or a registered investment advisory (RIA) environment.
Proven business development results, familiarity with high-touch client service models, and experience coordinating multi-disciplinary teams for complex client needs.