WHAT IS WEALTH MANAGEMENT | JAIIB RBWM NEW SYLLABUS 2023
This post introduces the concepts of wealth management under the prescribed syllabus of JAIIB 2023.
JAIIB NEW SYLLABUS 2023
As the industry saw many changes in the recent few years, it was imperative that the institutes responsible for upgradation and providing skills to the people working in different industries also make some changes in their curriculum to step up their game. On that foot, the Indian Institute of Banking and Finance has also made revisions to the syllabus for Junior Associate of the Indian Institute of Bankers.
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A new paper has been introduced with the name – ‘Retail Banking and Wealth Management
While this retail banking has been shifted from the syllabus of CAIIB to here, the concept of Wealth Management is altogether new for the banking personnel in the context of JAIIB.
So, in this article, I will introduce you to the meaning of Wealth Management and how it is relevant and useful for you.
Generally speaking, wealth Management is one branch of financial services that deal with the investment requirements of affluent clients. Even though the term – wealth Management is used very casually whether it’s in private companies, mainstream articles and by financial Advisors but still you would see that it is very hard for most of the professionals who throw this term around to define the term precisely.
So, are you excited that you are going to learn about Wealth Management and how it is done in your introductory syllabus for Junior Associate of the Indian Institute of Bankers?
It pretty much has a straightforward meaning. If you look at it from the perspective of someone who has a lot of money, wealth Management would mean further enhancing his or her financial position for the situation.
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If you look at it from the perspective of a financial advisor, it would simply mean the ability of the advisor to provide all the financial services and products that are available in the market to a search person having a great amount of disposable money.
Although you yourself working in the field of banking would understand that it is not practically possible to list all the available products and services available at your disposal. So, the concept of specialisation comes in handy in this aspect. This specialisation is further characterized by the fact that it (the service of Wealth Management) is delivered in a consultative manner. A good wealth manager tries to meet his or her clients’ requirements without any presupposition about what financial product or services would be appropriate for him or her (client).
WHAT EXACTLY IS WEALTH MANAGEMENT?
But management is basically a process of consultation that involves providing consultation services, and discussions on the financial need and objectives of the clients.
Wealth Management is very useful and provides much greater fruits of the money lying idle with the people who have it in abundance.
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The advantages of Wealth Management are:
CLIENT SPECIFIC PLANS: Under Wealth Management, the plans are suggested as per the needs of the client at some times or you can say, more often than not, they are custom-made to meet the client’s specific needs. Here, combining the partnership products is very essential to meet the client’s goals.
CONFIDENTIALITY OF SENSITIVE INFORMATION: These consultation services involve handling very sensitive information about the client-hold. Investment Advisors are always under the application to maintain the confidentiality of information that they have obtained during their consultation services.
SPECIALISATION: Wealth Management is like investment advice. While Wealth Management is an approach towards managing money and planning to meet the needs of the clients of the current as well as the future, they are investment advisers that could range from daily, weekly, monthly or yearly plans that may or may not require time to time revisions.
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STUDY OF DIVERSE DISCIPLINES: Under the study of Wealth Management, one has to gain knowledge about a variable number of disciplines such as Financial and accounting services, tax services, legal and estate planning, retirement planning etc. The services can also differ depending on the place where they are being delivered due to differences in laws, the economy of the state, per capita income and the saving habits of the people.
WEALTHY CLIENT HOLD: The services of Wealth Management are usually availed and are most appropriate for the hi profile individuals who have a why do array of diverse needs. And no doubt, advisers are high-level professionals and exports themselves who understand the exact reason for the need for their services.
DIFFERENT TITLES: Wealth Management services are given by wealth managers who may or may not work individually. Wealth managers can work as a single person or as a small-scale business or even as part of the largest firm. And on the basis of the nature of the services they provide, they may be named differently and may why conduct different titles such as a financial consultant or financial advisor. A client can receive services from a single wealth manager or he or she may go to other wealth managers or have access to the members of a specialised Wealth Management team, as the case may be.
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WEALTH MANAGEMENT & RETAIL BANKING: All those are the advantages of getting to study wealth Management. Although in the course of JAIIB, you wouldn’t be getting all the skills required for Wealth Management, the basics will help you to build a strong foundation if your interest falls in that category.
And as this subject has been consolidated with retail banking, you can understand how it is going to work out in the field of Banking. So, Retail Banking and Wealth Management go side by side, where you will be learning how to meet the client’s expectations and needs with the help of the heater banking products.
To keep it simple, in wealth Management, you will be learning how to sit down and take a look at the entire financial position or situation of your client (that is considering the fact that you cannot deliver a good service without knowing where your client is and where he wants to go). As a wealth manager in your bank, you will be finding the current situation of your client as in What he or she owes & what he or she owns – a kind of network statement.
So hopefully I will meet you in the next article, till then all the best for your upcoming exams and their preparations. If you need any help in regard to this study material, questions, or any query related to the exam material, you can contact us on WhatsApp number: 8360944207
You can also check out the study materials, online video lectures and mock test which will also include the memory record questions from the previous examinations here:
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