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Tata Capital > Blog > Wealth Services > What do all first-rate wealth managers have in common?

Wealth Services

What do all first-rate wealth managers have in common?

What do all first-rate wealth managers have in common?

Uncertainty stroked by the ongoing pandemic has forced the investor community to turn more cautious than ever. Even eminent wealth managers are finding themselves in a spot. During such a time, it is crucial to go for a trusted wealth manager who has showcased a passion for finance and has a thorough understanding of the financial world.

One way to know if a wealth manager can help you navigate difficult times is his or her track record. A wealth manager with a large book of clients is a positive sign. This means that the service and performance offered by the manager have gained widespread acceptance, which does not come easy in the ever-changing financial world.

Here are some other characteristics that all first-rate wealth managers have in common.

  • Analytical ability:  A wealth manager or for that matter a financial planner deals with cash flow planning, insurance planning, investment and tax planning among others. Both professions require strong analytical ability as one of the key tasks of a wealth manager is handling the investment portfolio of clients. This demands an ability to reallocate the assets with changing goals and requirements.

    Professional courses in wealth management also train a student to sharpen his or her analytical skills. Your choice of wealth manager must have a proven track record in this regard.

    A wealth manager should know that the risk-reward relationship is crucial in every aspect of financial planning. Understanding of strategic asset allocation, drawdown and variety of such matrices is critical.
  • Business:  As mentioned earlier, a wealth manager with a healthy order book is a positive sign.  This is necessary for several reasons. One, it shows that the services provided by the professional have gained acceptance and hence must be considered. Second, the individual or the firm possesses salesmanship.

    Undoubtedly, the services offered must not be designed just for sales. It should fulfil a client’s requirements. But managers who are actively getting business and are always looking for more clients are more likely to thrive.
  • Interest: Every professional is looking for growth but any unethical move for monetary gains may prove counterproductive. The financial world has witnessed several titans, who had compromised on ethics, go down. The need for putting the client's interest above your own cannot be overstressed. The credibility of a wealth manager is of utmost importance.

    Activities such as selling products that clients do not require are misleading. Besides some advisors do not shy away from charging hefty fees for their services. The fee must always be a fixed percentage of the asset under management. The client must not end being drained of their hard-earned money.
  • Curiosity: Wealth managers and financial planners must uncover what exactly the client needs. In this regard, this profession requires you to be curious. All successful wealth managers are aware of the newest financial product and are in general very inquisitive of the movements in the financial world. Good financial planning requires the managers to have an eye for detail.
  • Cohesiveness: A wealth management firm must make efforts to coordinate with all the elements that play a part in the client’s financial well-being. Best results can only be expected when wealth managers work closely with the accountants, attorneys and develop a strategy to achieve the financial goals of the clients.
  • Transparency: Technical competency may be of little value if the wealth manager proves to be untrustworthy. Ponzi schemes, accounting scandals and other such fraudulent activities can cost the client big. For high-net-worth individuals, trustworthiness is the most important screening criteria.

    The importance of due-diligence, therefore, assumes great significance. Blind trust without due-diligence may prove to be a recipe for disaster.


Analytical ability and a deep understanding of financial instruments are among the most crucial skill sets that a wealth manager and a financial planner must have. Besides, the ability to understand the requirements of the client and acting in their best interest are qualities that are commonly found in all first-rate wealth managers. Tata Capital Wealth offers suggestions from trusted wealth managers who can help you make the right investment decisions suited to your profile and earn steady returns over time.

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