In India’s rapidly developing financial services, many experienced banking relationship managers (RMs) are rethinking their career path. An emerging trend is clear- experts actively discover how to become wealth managers and control their financial advice by becoming independent businessmen. Instead of working and utilising the knowledge and talent for the benefit of the bank, they can instead utilize it for themselves, which might later bring the potential to turn it into a startup business of their own. This change is not only a career change, but it is a leap toward self-control, better customer service, and the potential to build a long-term and expandable wealth management company.
Why Bank RMs Are Becoming Independent Wealth Managers
Bank RMs are trained in managing relationships, customer maintenance, and product knowledge. However, despite their expertise, they often face challenges such as:
- Products are pushed based on advice based on value
- Hard sales goals and limited incentives
- Less flexibility in customer maintenance
- Minimum personal brand opportunities
Step-by-Step Guide: How to Become a Wealth Manager in India
If you’re a finance professional wondering how to become a wealth manager, here’s a roadmap to help you make the transition with confidence.
- Understand the Role of a Wealth Manager
Wealth managers go beyond selling mutual funds; they provide comprehensive financial planning, including:
- Investment advice
- Tax strategies
- Retirement and estate planning
- Insurance solutions
You’re not just selling products; you’re managing relationships and long-term financial goals.
- Clear the NISM Mutual Fund Distribution Exam
To get started, you must pass the NISM Series V-A: Mutual Fund Distributors Certification Exam.
This exam, conducted by the National Institute of Securities Markets (NISM), is mandatory for anyone wishing to distribute mutual funds in India.
Exam Overview:
- Covers mutual fund structure, NAV, taxation, and investor rights
- Online and centre-based modes are available
- Fees: Approx. ₹1500
- Validity: 3 years
After clearing this exam, you’re eligible for registration with AMFI.
- Mutual Fund Distributor Registration Process
Once you’ve passed the exam, the next step is getting your ARN (AMFI Registration Number) from the Association of Mutual Funds in India (AMFI).
Steps:
- Fill out the ARN application
- Submit the required KYC documents and NISM certificate
- Pay the registration fee
- Receive ARN (valid for 3 years)
This step allows you to officially become Mutual Fund Distributor and start earning commissions from mutual fund houses.
- Choose the Right Platform or Go Independent
You can either:
- Start solo and build from scratch
- Join a WealthTech platform for support and digital tools
