Wealth management is a rewarding career path for those who pursue it. Thanks to advancements in technology, the industry itself is evolving and becoming increasingly more complex for businesses, clients and portfolio managers. Joshua Weiss, CFA (MMF 2013) has worked the B2B side of wealth management as a Sales Engineer d1g1it and is now a Private Wealth Manager at Quadrant Private Wealth.
We asked Joshua to share how his passion for applying math and finance
led him to a career in wealth management.
Joshua Weiss didn’t know what he wanted to do in his career when he joined MMF. He developed strong analytical skills while earning a degree in Statistics, Computer Science and Economics from the University of Waterloo, but he didn’t know how and where to apply those skills.
“I selected the Master of Mathematical Finance (MMF) professional program at University of Toronto as the logical next step,” he said, “because it perfectly combined the skills I gained during my undergrad with the opportunity to deepen my learning in quantitative finance and risk management.”
Beyond the academic experience at MMF, Josh’s internship and work experience at Algorithmics provided comprehensive exposure to financial engineering and financial technology from both a client support and product management standpoint. His internship led him to a full-time role where he later oversaw the company’s internship program, allowing him to gain management experience.
When Josh joined a wealth management platform start-up called d1g1t in 2018, he was the 25th member of the team (now ~90 strong) and he was their fourth Financial Engineer. In the early stages of the company, Financial Engineers needed to be jacks of all trades. Josh helped with client support, product management, implementation, training and demos to prospective clients. The learning was endless. As the company grew, each Financial Engineer needed to narrow their focus to scale the business. Of all the tasks Josh had to do as a Financial Engineer, he became passionate about sales engineering.
“A Sales Engineer is the technical expert on the sales team who oversees the demo content and both the technical presentations and requirements gathering sessions for prospective clients,” he told us. “I found it exciting to be put into high-pressure sales meetings: It took me out of my comfort zone, which helped me sharpen my business and presentation skills.”
d1g1t helps wealth management firms manage their business, their clients and their portfolios. By working directly with wealth management firms, Josh gained in-depth exposure to the wealth management business. He learned about the market, who they serve and — most importantly —he was exposed to, and learned to understand, strengths and weaknesses across a broad cross-section of wealth management firms.
Moving from a B2B setting at d1g1t to becoming a Private Wealth Manager at Quadrant shifted Josh’s perspective. At d1g1t, he helped wealth management firms grow their business, ensuring they’re not falling behind technologically and making their businesses more operationally efficient to save money. Private Wealth Managers are directly involved on a day to day basis in supporting their clients, while still working to build their business.
“As a Private Wealth Manager, my clients are now individuals and families, rather than organizations,” he said. “I am directly responsible for coordinating and delivering the client’s integrated wealth plan, which is much like a financial puzzle where each piece represents a component of the plan (investment strategies, tax management, insurance, etc.). Each puzzle piece is unique to the client’s circumstance and objectives. When the puzzle is put together right, its value is greater than the sum its parts, because each piece is planned with the full picture in mind.”
That being said, there are similarities between the two roles. In both scenarios, it’s important to have an entrepreneurial nature. This is a requirement whether you’re helping grow a business’ client base or whether you’re growing your own business. In both the Sales Engineer and Private Wealth Manager roles, there’s also a need to simplify the complex. Instead of simplifying complicated software for wealth management firms to understand, Josh is now simplifying his clients’ complex financial scenarios into practical plans.
The wealth management industry continues to evolve and become increasingly complex, whether it’s from technological advancements, regulatory and compliance changes, or changing demographics and expectations.
Services like robo-advisors and online brokers make it much easier for individuals to manage investments on their own. And with AI becoming more integrated in the industry, it’s critical that wealth managers have soft skills like communication, presentation skills and empathy for their clients. Working with a knowledgeable advisor, one who is backed by a reputable firm to benefit from ongoing professional expertise, personalized service and comprehensive financial strategies, is key.
When asked what advice he would give to students seeking internships and new grads at the threshold of their professional lives, Josh says that his varied employment experiences have given him exposure to both financial technology and wealth management.
“I found a passion for applying math and finance directly to individuals and families, which led me to pursue wealth management further. My advice would be that it’s ok not to know what you want to do. Make sure you’re getting the right experience and taking steps toward a goal. It’s important to network and get to know others in your industry, and the MMF alumni network is a great place to start. You never know when you might need, or be of assistance to, a fellow alumnus.”