Key Responsibilities and Required Skills for Wealth Planning Consultant

🎯 Role Definition

This role requires a seasoned Wealth Planning Consultant to develop and deliver holistic wealth plans that align investment, tax, estate, retirement, insurance, and philanthropic strategies for high-net-worth clients. The role requires a consultative, compliance-minded advisor who partners with clients and internal specialists (investment management, trust services, tax, and legal) to implement and monitor customized solutions that preserve, transfer, and grow client wealth while managing risk and meeting long-term objectives.

📈 Career Progression

Typical Career Path

Entry Point From:

Senior Financial Advisor with 3–5+ years serving HNW clients
Private Client Associate / Wealth Associate with technical planning experience
CPA / Estate Attorney / Investment Analyst transitioning to client-facing planning

Advancement To:

Senior Wealth Advisor / Director of Wealth Planning
Regional Private Wealth Partner / Head of Family Office Services
Multi-family Office Principal or Chief Wealth Strategist

Lateral Moves:

Financial Planning Team Lead (specializing in estate & tax)
Private Bank Relationship Manager
Trust & Fiduciary Services Specialist

Core Responsibilities

Primary Functions

Develop comprehensive, client-focused wealth plans that integrate investment strategy, tax optimization, estate planning, retirement-income design, insurance analysis, and charitable giving to achieve long-term financial objectives for high-net-worth and ultra-high-net-worth households.
Conduct in-depth discovery interviews and financial needs analyses to document goals, risk tolerance, cash flow needs, family dynamics, business interests, and legacy objectives that drive personalized planning recommendations.
Prepare detailed financial models, cash flow projections, retirement income scenarios, Monte Carlo analyses, and sensitivity testing using industry planning tools such as eMoney, NaviPlan, MoneyGuidePro, or equivalent to quantify trade-offs and outcomes.
Design and execute tax-aware strategies in coordination with client CPAs, including income tax planning, capital gains timing, tax-loss harvesting, Roth conversion analysis, and use of tax-efficient investment structures.
Collaborate with estate attorneys to craft wills, trusts, beneficiary designations, generation-skipping transfer strategies, and wealth-transfer vehicles, ensuring legal documents reflect the financial plan and family governance preferences.
Construct asset allocation recommendations, select/manage model portfolios and alternative investments, evaluate manager fit, and coordinate with portfolio management teams to implement investment solutions consistent with the client’s plan and fiduciary duty.
Manage retirement income strategies, including Social Security optimization, pension timing analysis, required minimum distribution (RMD) planning, longevity planning, and systematic withdrawal plans to minimize tax drag and sequence-of-returns risk.
Advise on insurance and risk transfer solutions (life insurance, long-term care, disability, property & casualty) and design wealth replacement or liquidity plans for estate taxes, business succession, or charitable pledges.
Lead complex client meetings and presentations—virtual and in-person—delivering recommendations, scenario outcomes, and next-step implementation roadmaps in clear, client-friendly language.
Prepare comprehensive wealth planning deliverables, written investment policy statements (IPS), plan summaries, proposal materials, and periodic plan updates for clients and internal stakeholders.
Coordinate multi-disciplinary teams (investment officers, tax specialists, trust officers, legal advisors, and product specialists) to implement and execute plan elements while tracking progress against timelines and milestones.
Oversee due diligence on external managers, structured products, private equity, real estate investments, and alternative strategies to assess suitability, fees, liquidity, and alignment with client objectives and risk constraints.
Maintain and update client relationship management (CRM) systems (e.g., Salesforce) with meeting notes, action items, plan versions, financial inventories, and referral opportunities to ensure seamless service delivery and regulatory auditability.
Monitor client portfolios, life events, market developments, and regulatory changes; proactively recommend plan adjustments and rebalancing to preserve client objectives and manage tax consequences.
Lead business development activities to grow the client base through referrals, centers-of-influence outreach, thought leadership events, and targeted prospecting while maintaining high standards of compliance and fiduciary responsibility.
Provide comprehensive business succession planning for owners and entrepreneurs, including valuation coordination, buy-sell funding analysis, deferred compensation design, and liquidity planning to support ownership transition goals.
Advise on philanthropic and foundation planning, including donor-advised funds, private foundations, grant strategies, and tax-efficient charitable structures aligned to client legacy goals.
Ensure regulatory and compliance adherence across all client-facing activities, including suitability reviews, documentation standards, KYC/AML requirements, and fiduciary disclosures.
Prepare and present periodic planning reviews and performance reports to clients, documenting progress toward plan objectives, changes in assumptions, and recommended action items.
Mentor and train junior advisors and planning associates on complex planning techniques, financial modeling standards, client communication best practices, and compliance protocols.
Manage project timelines for multi-step implementations (trust funding, asset transfers, tax elections, philanthropic pledges) and act as the client’s primary planning coordinator until objectives are completed.
Stay current on macroeconomic trends, tax legislation changes, estate and trust law updates, and innovative planning strategies (e.g., GRATs, SLATs, CRUTs) to apply relevant ideas to client solutions.

Secondary Functions

Support internal product and research teams by providing front-line client feedback and identifying demand for new planning solutions, model portfolios, or advisory services.
Contribute to firm thought leadership by producing client-facing articles, webinar content, and planning playbooks focused on estate planning, tax efficiency, retirement income, and investment governance.
Participate in cross-functional initiatives to build and refine planning workflows, document templates, and standardized modeling libraries to improve scalability and quality control.
Assist in underwriting and feasibility analysis for bespoke planning solutions such as private placements, life settlement strategies, and customized insurance solutions.
Support ad-hoc client requests such as concentrated-position analysis, equity-compensation planning, business liquidity modeling, and cross-border wealth considerations.
Coordinate with marketing to design client seminars, family workshops, and events that educate high-net-worth clients on complex planning topics and support business development goals.

Required Skills & Competencies

Hard Skills (Technical)

Advanced financial planning and modeling proficiency (eMoney, MoneyGuidePro, NaviPlan, or similar) including scenario analysis, tax impact modeling, and retirement-income projections.
Deep knowledge of estate planning techniques and trust structures (revocable trusts, irrevocable trusts, GRATs, SLATs, CRTs, dynasty trusts) and practical experience coordinating with estate counsel.
Tax planning expertise including income tax optimization, capital gains, gift & estate tax planning, Roth conversion analysis, and strategies to mitigate state and federal tax exposure.
Investment analysis and portfolio construction skills, including asset allocation, manager selection, alternative investments due diligence, and risk factor analysis.
Proficiency with CRM systems (Salesforce or equivalent), portfolio reporting platforms, and document management workflows for compliance and client service efficiency.
Strong Excel modeling skills (pivot tables, advanced formulas, VBA/macros helpful) and familiarity with financial analytics tools (Morningstar Direct, Bloomberg, or similar).
Knowledge of regulatory and compliance frameworks (FINRA, SEC fiduciary standards, AML/KYC requirements) and experience maintaining documentation for audits and reviews.
Experience with insurance product analysis (life insurance, LTC, annuities), insurance modeling, and integration of insurance solutions into comprehensive plans.
Ability to analyze business-succession issues, value privately held companies, and design liquidity solutions (ESOPs, buy-sell agreements, seller financing).
Familiarity with philanthropic planning vehicles and nonprofit governance structures, plus experience recommending tax-efficient charitable strategies.

Soft Skills

Exceptional client relationship management skills with an ability to build trust, navigate family dynamics, and handle sensitive financial conversations with discretion.
Clear, persuasive presentation and communication skills—both written and verbal—for explaining complex financial concepts to clients and referral partners.
Strong problem-solving and critical-thinking abilities to synthesize multi-disciplinary inputs into coherent, implementable plans.
High ethical standards and fiduciary mindset with meticulous attention to detail in documentation and execution.
Business development acumen and networking skills to cultivate referrals and strategic alliances with attorneys, accountants, and business intermediaries.
Project management and organizational skills to manage multi-step implementations, deadlines, and cross-functional teams.
Coaching and mentoring capabilities to develop junior team members and transfer technical planning knowledge.
Adaptability and continuous-learning orientation to incorporate new legislation, products, and planning techniques into client solutions.
Negotiation skills when working with counterparties, product providers, and family stakeholders to secure favorable terms and outcomes.
Emotional intelligence and conflict resolution skills to manage high-stakes family conversations, wealth transfer disputes, and intergenerational planning challenges.

Education & Experience

Educational Background

Minimum Education:

Bachelor’s degree in Finance, Economics, Accounting, Business Administration, or a closely related field.

Preferred Education:

Certified Financial Planner (CFP®), Chartered Financial Analyst (CFA), Certified Private Wealth Advisor (CPWA), CPA, or MBA; advanced degree or professional designation in financial planning, taxation, or estate law strongly preferred.

Relevant Fields of Study:

Finance
Financial Planning
Accounting
Economics
Taxation
Business Administration

Experience Requirements

Typical Experience Range: 5–12 years of progressive experience in wealth management, financial planning, private banking, or multi-family office environments, with a minimum of 3–5 years serving high-net-worth clients.

Preferred: 7+ years of hands-on wealth planning experience for HNW/UHNW households, demonstrable experience coordinating with CPAs and estate attorneys, a track record of implementing complex estate and tax strategies, and prior use of enterprise planning tools and CRM systems. Strong preference for candidates with demonstrable client-facing success and relevant professional certifications (CFP®, CPA, CFA, CPWA).