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Building Careers in Wealth Management - Traditional Careers

What traditional wealth management roles do you see yourself in?

Now that you’ve been introduced to the 12 Tribes of Financial Planning model and have a better understanding of how the Advisory grouping functions, you are probably wondering how it can help you if you are looking for a career in the other groups. Diversitas will be hosting two more Forums this fall to answer those questions and point you in the direction where your skills best fit.

First, a 12 Tribes model recap: this model is a resource for students and professionals looking for career direction within the industry. The diagram depicting the 12 Tribes is a circle divided into three sections or groups, with four tribes in each, pictured below:

The 12 Tribes of Financial Planning diagram.


Now let’s dive into our next Forum, which is on Tuesday, September 12, from 2-3 pm ET. This Forum will focus on building careers in wealth management in traditional careers– the second in the series and you can sign up for this free event here.

Our Forum panelists are:

  • Valarie Vest | Panelist, Senior Vice President & Chief Experience Officer, at Cambridge Investment Research
  • Daniel Oh | Senior Vice President, Lenox Advisors, Inc., a wholly owned subsidiary of NFP Corp.
  • Martin Seay, CFP® | Moderator, Financial Planning Professor, Department Head at Kansas State University

Let’s take a closer look at traditional careers and what will be discussed at the Forum.

What is a traditional career?

One grouping of tribes includes traditional careers, such as those affiliated with franchises, independent broker/dealers, life and disability insurance, P&C multiline agencies, and wirehouse brokerages.

For those entering into the traditional career sector, they may take a role as a financial consultant or financial advisor, a wealth management analyst, become an owner of a franchise, an insurance broker, or a position in wealth management sales which is often given the title of financial representative. Basically, jobs in the traditional sector are what people commonly think exists in financial planning, but it goes beyond that as well.

What are the attributes of traditional careers?

According to the 12 Tribes model, the attributes of traditional careers are:

  • Entrepreneurs
  • High risk/high reward
  • Name recognition
  • Book of business models
  • Mentorship

When considering a career in wealth management, take a closer look at the career attributes of each sector. A defined career journey — as seen in traditional careers — may be best for those looking to carve their own path.

But it’s also important to remember that each tribe has nuances that can make for a different experience.

For example, the experience of having a career as an entrepreneur in the wealth management field requires motivation and the ability to build a business over time. This is similar and sometimes overlapping with high risk/high reward roles that require cash upfront to help get a business off the ground and support an individual during challenging times.

Franchises with independent broker/dealers and wirehouse brokerages are similar to entrepreneurial ventures, as the broker/dealer is running the business. The wirehouse brokerage is just a full-service broker-dealer of any size. Regardless of the size of the business, the owner must be willing to take the gamble of opening up a new business and be prepared for any slowdowns.

Life/disability insurance and P&C multiline agencies are also similar to entrepreneurial ventures, whereas the business must make a sale to be profitable and keep the lights on. P&C multiline agencies just offer a wider net of insurance options than life/disability insurances offer.

As you can see, there are several opportunities within the one grouping, but all share a small list of career attributes.

Various career paths within the sector

Different groupings in the 12 Tribes model are differentiated by goals and distinct tribes, but there can be some overlap. Working in one sector does not define your future career prospects and experience in one group can still benefit a move to another. An individual may explore several tribes in different groupings before deciding which fits best with their wealth management career.

The 12 Tribes model was created as a blueprint to help individuals in the wealth management field find roles that best fit their distinct personality and skill set.

To learn more about the 12 Tribes model, visit our Resource Library, and don’t forget to register for our September Forum: Building Careers in Wealth Management – Traditional Careers.