Wealth Management Vice Presidents
Overview
Introduction
Wealth management vice presidents are highly skilled upper-level managers who oversee the investment portfolios of clients, work to attract new clients, manage associates and analysts, and play a major role in formulating strategy for their firms. They are also known as private bankers and wealth managers.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
Senior vice presidents who were employed in the asset management industry earned median annual salaries of $145,947 in November 2020, according to PayScale.com. Salaries ranged from $101,000 to $248,000. Payscale.com also reports that senior vice presidents earned bonuses that ranged from $20,000 to $55,000, and average profit sharing compensation of $15,000.
After years of service, the...
Work Environment
Vice presidents often work long hours. In fact, most top executives work more than 40 hours a week, according to the U.S. Department of Labor. This job can be stressful because there is a constant need to demonstrate results (e.g., strong returns for investors, a steady pipeline of new investors), as well as make wise decisions about a firm’s products, investment strategies, levels of risk, and...
Outlook
Employment for personal financial advisors (including wealth managers) and top executives is expected to grow by 4 percent from 2019 to 2029, according to the U.S. Department of Labor. Demand is increasing as a result of the growing numbers of Americans who are classified as being extremely wealthy.
To a degree, technology has tempered growth for both professions in recent years. For exa...
