As your younger children move through middle and high school, guidance counselors and career advisors might suggest that children with a comparative strength in math, data and computing look into careers in “finance” or “economics”. Sometimes those recommendations can feel vast and too broadly focused to understand what paths your children should take with regard to course selection as well as extra-curricular activities. One option within those categories is private wealth management.
Certainly within wealth management there is a range of specialities or types of organizations that provide wealth management services. But first, below are a few ideas for testing the waters to determine whether your child might enjoy pursuing a career within this aspect of financial advisory.
There are a number of different courses your child can try. Accounting, Banking and Finance, Computer Applications, Economics, and Probability and Statistics are the most relevant high school level courses they should try.
Get involved in an investing club to become familiar with the markets and follow financial news. An investing club is a non-threatening way to come to understand how the markets work, interplay with one another and, and some of the basic fundamentals of investing. As parents, try to share news articles from sources like CNBC, Bloomberg Business News or the Financial Times. Conversations in the club or at home relating to the long-term nature of investing and saving are very important, as is becoming familiar with the terminology or investment lexicon.
Encourage your child to start their own small business - whether it’s power washing, yard maintenance or babysitting - anything that they can do to provide a service, take ownership of and earn a small income. Also importantly, teach your child to have a plan with regard to their business. What do they want to do to make money? Why? What makes them happy about making and saving money and providing the service they do? How will they plan to spend and save their income? Will they want to save up for something in the future? All these questions help them develop and follow a plan, which is a core aspect of wealth management.
Seek out a practicing wealth manager who can speak to your child about their experiences. Prepare your child to ask them what path they took, what they’ve learned that’s most valuable to them and what they would do again or do differently in their education or in their early career.
Be sure your child is motivated for the right reasons, regardless of the career path they are pursuing. Spend time with them to truly assess their interests and capabilities, and what makes them happy. When it comes to wealth management, it’s important for your child to understand that it’s not only about being skillful with data and numbers or watching the financial markets. It’s also about client service - getting to know what your clients’ goals are and what dynamics are at play in their lives that will impact their ability to save and plan for their futures. Successful wealth managers put their clients’ interests first and base their advice and strategies on their clients needs, not their own.
If your child is considering a career in wealth management, please do not hesitate to reach out to Regent Peak Wealth Advisors. We would be happy to have a conversation with you and your child about our incredible profession.