From the course: Financial Planning and Wealth Management Fundamentals

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Portfolio managers

Portfolio managers

From the course: Financial Planning and Wealth Management Fundamentals

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Portfolio managers

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Now, let's turn to the second type of wealth management advisor, and that is the portfolio manager. So the criteria for a portfolio manager's license, because you have to have one, can differ between jurisdictions and firms. But usually, investment advisors that we just talked about who have built up a certain number of years of experience in their role and have reached or exceeded a specific AUM have met a certain educational threshold and who do not have any blemishes whatsoever on their professional record can apply for and obtain a PM, a portfolio manager's license. So what does that mean? The first major difference between an IA and a PM, PM for portfolio manager, is that the PM has a discretionary relationship with their clients. So what does discretion mean? means that a portfolio manager is given a set of guidelines to follow, and once those are established between client and portfolio manager, the portfolio manager can then place trades in a client's account without first…

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