Can You Become a Wealth Manager Without a Business Degree or Connections? Myths to Debunk & More

After eight years of dedication to the AIA Challenge District, I became Top 50 Financial Planner in Hong Kong. Among my colleagues, it is clear that entering the wealth management industry is not an exclusive right for business or finance majors; many successful financial planners have transitioned from other fields or do not hold a degree or major in finance.

This article is dedicated to graduates and professionals from non-financial backgrounds who might not yet see their place in a company like AIA.

What you should hear me out?

• I graduated with a Bachelor’s in Chinese Language and Literature from HKBU, followed by CFP certification.
• Achieved personal performance of HKD 12 million (still growing).
• Met with 600 potential clients.
• Received 1,000 client referrals.
• Conducted 2,400 hours of client meetings.

These are the questions I answer on a daily basis, asked by graduates or alike:

Is a Wealth Manager just selling insurance or products?

Wealth management aims to accumulate, create, and preserve assets using various financial tools, including insurance arrangements and related financial solutions. Unlike purely financial tools like equities, fixed income, derivatives, and forex managed by family offices, investment, and private banks, AIA's platform offers a comprehensive arrangement from tax-saving schemes to retirement planning, MPF consolidation, currency appreciation, institutional private equity investments, and medical protection. This holistic approach, from an insurance perspective, effectively addresses the needs and risks throughout different stages of life.

Is a Wealth Manager just a salesperson?

Our work involves three phases: Networking, Presenting, and Servicing. Networking means acting as an information hub, connecting resources and networks to help people navigate life’s circumstances. Presenting involves using professional data and objective financial analysis to help clients understand their financial status and plan appropriately. Servicing includes providing comprehensive professional services that enrich clients' assets and lives, transforming exceptional service experiences into a powerful brand.

Can I become a Wealth Manager without a business/finance degree?

Each field doesn’t strictly correspond to a related profession. It is normal to aspire for work beyond one’s academic discipline. Our team’s MDRT-certified colleagues, such as Chrystele Hui, Eason Hau, and Ken Wong Chi Wa, did not have business backgrounds in university but achieved remarkable results after graduation.

Can I be a Wealth Manager without extensive personal connections?

Connections aren’t merely about having a high-profile social circle. Wealth planners need to establish trustful relationships and generate value across diverse backgrounds. Successful brands start from humble beginnings, and passion, professionalism, and sincerity will eventually attract the right people.

Can I be a Wealth Manager without selling to friends?

Wealth accumulation, asset growth, and a healthy lifestyle are common pursuits. Friends may seek financial advice from various sources, and as a professional, you can ensure integrity and competence in your field.

What's the entry process like?

There are two rounds of communication, visiting our office to understand our team culture and resources, and engaging with Mr. Terence Yee, one of AIA's 12 Executive District Directors. After mutual agreement, new hires will complete necessary exams and join AIA's Premier Academy for personalized training.

Will I get clients from the company?

Financial planners are responsible for finding and managing their clients, ensuring long-term and stable income. AIA’s brand strength and resources help attract a wide range of clients.

How do the insurance company and team train and equip me?

Our team comprises interns and full-time employees from various academic backgrounds, sharing client cases and professional insights. We have a "3-9-9 MDRT Training System" that offers tailored coaching based on individual personalities and abilities, ensuring smooth adaptation and high performance.

How does one acquire clients sustainably?

Clients can be categorized as Warm, Referral, Prospecting, and Cold. Attending events, deepening financial knowledge, and utilizing social media effectively are key strategies.

How does the industry operate, and what are the paths for growth?

There are two advancement routes: Performance and Management. Performance involves obtaining MDRT and above qualifications, while Management focuses on team recruitment and leadership.

Should I consult family or friends?

External opinions can differ from the actual operation and opportunities within the industry. Understanding the team firsthand provides a more accurate insight into the market and prospects.

Expectations for new colleagues?

Pursue professionalism, explore personal potential and market needs, and enjoy each stage of life's journey while creating achievements and helping others succeed.

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