by Sailaja Devireddy, Head of Financial Marketing Services of Acuity Knowledge Partners
From the bustling trading floors of global financial hubs to the serene offices of boutique wealth management firms, the asset and wealth management landscape offers a spectrum of environments where individuals can cultivate their talents, hone their expertise, and forge lasting relationships within a vibrant professional community. Whether one’s passion lies in conducting in-depth market research, constructing diversified investment portfolios, or providing bespoke financial advice tailored to high-net-worth individuals, the asset and wealth management industry presents a canvas rich with opportunities for career fulfillment and personal growth.
The Global Wealth Management Platform Market Size was valued at USD 4.59 billion in 2023 and the Worldwide Wealth Management Platform Market Size is expected to reach USD 15.5 billion by 2033, according to a research report published by Spherical Insights & Consulting.
Career Opportunities
With changing consumer trends and demands, several new opportunities are mushrooming. For new graduates, I urge them to take up internships to understand the processes of how it works, the intricacies, and the challenges and get valuable hands-on experience that can often lead to full-time job offers upon completion. Additionally, networking with professionals in the industry can open doors to potential mentorship and career advancement opportunities.
As individuals aspire to carve out successful careers in this multifaceted industry, they encounter a diverse array of opportunities spanning investment analysis, portfolio management, client advisory, and strategic leadership roles. Whether starting as an analyst, advisor, or manager, each role offers unique challenges and rewards that can help individuals grow professionally.
Over the last few years, this industry has grown multi-fold, which is leading to the creation of many opportunities that need good talent. Certifications are another way professionals can focus on CFA or CPA, and individuals can demonstrate their expertise and commitment to their career in finance. It equips professionals with a comprehensive skill set, which includes areas such as financial planning, investment strategies, retirement planning, and risk management.
The demand for professionals with these certifications is only expected to increase in the future. Also, while layoffs have been impacting thousands, the job cuts in the wealth management unit, impacting less than 1 percent, have built a trust factor among many young professionals.
The industry is also transforming, with cutting-edge technologies being adapted in every arena, making it more efficient and also changing the roles. As technology continues to advance, the finance sector is also evolving, creating a need for individuals who are adaptable and willing to learn new skills.
The Role of Tech
The proliferation of technology is also transforming the wealth asset management industry, enabling firms to enhance efficiency, scale operations, and deliver personalized client experiences. With global companies setting up shop in Colombo and the industry adapting technology in various ways, it is leading to many new opportunities such as the need for knowing artificial intelligence, large language models, and finance at the same time.
Currently, these kinds of skill sets are very limited, and as many typically have an MBA in finance. But a combination of having tech and finance as a domain is quite rare, which increases the demand for such talent. As the industry keeps adapting cutting-edge technologies, we will undoubtedly witness a growing demand for such roles.
A lot of mid-senior professionals should also adopt these new technologies to keep growing and stay relevant in the dynamic industry.
How can organizations help employees?
Organizations can provide training programs, workshops, and resources to help employees develop the necessary skills. By investing in continuous learning and development initiatives, organizations can ensure that employees have access to the tools and support needed to enhance their skill sets. Furthermore, creating a culture that values and encourages skill development can motivate employees to proactively seek out opportunities for growth within the organization. This can result in a more skilled and engaged workforce that is better equipped to drive innovation and productivity.
In today’s fiercely competitive environment, it is important to go beyond conventional monetary rewards, firms are broadening their retention strategies to include a wider array of incentives aimed at nurturing a culture of excellence, innovation, and collaboration among employees. Among the most prevalent strategies are equity ownership and partnership opportunities, as well as performance-linked incentives. By implementing these strategies, companies not only attract high-caliber talent but also foster a sense of ownership and motivation, leading to mutual success for both the employees and the organization.
The global finance shared services (FSS) market size was valued at USD 46.54 billion in 2022 and is expected to reach USD 75.69 billion by 2028. This robust performance underscores the sector’s resilience and sets the stage for substantial expansion in the years to come. As the industry continues to flourish, it presents a wealth of opportunities for aspiring professionals looking to establish themselves in the dynamic world of finance.
About Acuity Knowledge Partners
Acuity Knowledge Partners (Acuity) is a leading provider of bespoke research, data
management, analytics, talent, and technology solutions to the financial services sector,
including asset managers, corporate and investment banks, private equity and venture capital
firms, hedge funds, and consulting firms. Its global network of over 6,000 analysts and industry
experts, combined with proprietary technology, supports 650 financial institutions and
consulting companies to operate more efficiently and unlock their human capital, driving
revenue higher and transforming operations. Acuity is headquartered in London and operates
from 16 locations worldwide.
Acuity was established as a separate business from Moody’s Corporation in 2019, following its
acquisition by Equistone Partners Europe (Equistone). In January 2023, funds advised by global
private equity firm Permira acquired a majority stake in the business from Equistone, which
remains invested as a minority shareholder.
ENDS