Right now, if you're looking for a lucrative career or business, you may want to consider going into the financial services industry through wealth management. Wealth management services are at an all-time-high because the Big Brother is persecuting wealthy individuals and offshore products are becoming more complex, more specific, and harder to obtain.

However, in most cases the first step involves obtaining wealth management licences.

Wealth managers usually manage their clients’ assets or execute investment transactions as investment advisors. Would you like to know more details about it? Keep reading to find out more about the licences that will allow you to work in the wealth management sector.

Wealth Management Licences: do you need them?

One important thing is that wealth managers, provide services needed primarily by high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), such as capital gains planning, estate planning, and risk management. The name is pretty self-explanatory: they manage wealth.

Getting licences is not necessarily a requirement for wealth managers, unless, of course, the jurisdiction in which you work requires it. But, in countries like Switzerland there are no ongoing licensing requirements for wealth management, other than registration with an SRO or FINMA for Swiss AML compliance purposes, which is not per se a license.

Also, in the United States being a wealth manager requires no particular certification. However, wealth managers are likely to hold one of the respected designations related to personal finance such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), or Chartered Financial Consultant (ChFC).

Even if they’re not mandatory, they're necessary. This is because you want to advise others on their finances for a living, so make sure you can take the necessary training and get the necessary licenses for your jurisdiction and specific field. Further, it will also be a presentation card for your clients that will allow them to rest assured you can do the work.

What licence should you choose?

As usual, it depends on what you want to achieve! But there are some centres that might be perfect for your services. For instance, Hong Kong has established itself as one of the leading wealth management centres globally and in Asia. High net worth individuals choose Hong Kong for the access they have to global and regional financial markets while providing a full suite of wealth management services.

In fact, Hong Kong has the highest growth rate in IMV (+122% in the last 7 years), and has experienced the largest NNA growth too. Nevertheless, an intermediary in Hong Kong needs a valid license to conduct financial services regulated activities. The regulated activities include securities dealing; advising on corporate finance, and asset management. As usual, we can help you obtain one.

Applying for a wealth management license in Hong Kong is relatively simple and straightforward. Although you can apply for the license on your own, it is strongly advised that you should engage a professional services firm to save time and resources, due to the diversity of options. The same applies to other destinations.

If you’re focused on the European market, we advise you to go for the Cyprus licence. Cyprus will give you passporting rights throughout the EU, while you’ll have tax optimization and smaller requirements than in other European jurisdictions.

Wealth management licences constitute an important tool in countries like the ones we mentioned before, but also can represent the opening door to a new world of economic growth for you and your company. Therefore, prepare a plan, set your goals and let us help you with the rest.

What can we do for you?

In Mundo, we work with experts in all the best financial jurisdictions in the world. We can help you obtain wealth management licences in diverse destinations, or any certification that improves your business’ profile, securely and easily. Our experts can find a tailor-made solution for you, depending on your specific business needs. Contact us right now, and we’ll find a solution for you.

Contact us