Favorite Parts Of Working In The Financial Services Industry As A Partner
Success in this industry requires intelligence and numerical aptitude, but equally important is a personable demeanor to manage client emotions effectively, as "a lot of it is...managing clients' emotions." The most valuable contribution often involves preventing poor client decisions, as some wealth managers have noted that "the most value they add is just preventing their clients from making dumb decisions."
Finance, Client Management, Emotional Intelligence, Risk Management, Investment Management
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
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Ben Douglas
Partner
Rimon Law
UC Berkeley
UC Berkeley -- JD and MPP
History, Art History
Law
Legal
None Applicable
Video Highlights
1. People who thrive in this industry are smart, good with numbers, and personable enough to manage clients.
2. Success in the industry involves managing clients' emotions and preventing them from making bad decisions.
3. The most value added by wealth managers is often preventing clients from making dumb decisions, rather than making great ones.
Transcript
How would you describe people who typically thrive in this industry?
People who are very smart, very good with numbers, and reasonably personable can manage their investor clients. While good performance is ultimately necessary for success, a lot of it is just managing clients' emotions because it's their money. There's always an emotional aspect to that.
Some clients and wealth managers have told me that the most value they add is preventing clients from making bad decisions, rather than making great ones. They focus on making a lot of good decisions and preventing clients from doing anything dumb.