In last few years there has been a dramatic transformation in the way financial institutions and advisors serve their clients. Today's holistic and multidisciplinary approach to managing client affairs is a relatively new phenomenon.

Indeed, the new approach is a significant departure from the narrowly defined and transactional nature of the business that was being adopted by agents. The enhanced depth and breadth of services offered by Wealth Managers are positive developments for clients and reflect the rapid change in approach of advisors & organizations.

How the transition has happened

Fortunately, clients today can take all financial services from a single wealth manager while helping them accumulate, preserve, and transfer wealth. But it certainly wasn't always this way.

The journey to wealth manager starts from an “Agent” who sells products of their companies for commissions. These agents can upgrade themselves to “Financial Advisors” who goes beyond offering products for commissions, they tries to offer a bigger range of products to his clients. But still these financial advisors will not be able to migrate to next level if the prudent & unbiased advice factor is missing.  When clients take the centre stage of advisory the advisor moves up to next level of advisory of being a “Financial Planner”. As a financial planner he tries to understand clients first & tries to offer need based financial solutions. He is more organized & delivers better & professional services to his clients.

But a true worth of advisor is in becoming a “Wealth Manager”. Clients want a trusted source of advice to help them manage all aspects of their financial lives - from investment management to trust services and estate planning which a wealth manager provides. Investors who had accumulated wealth over a period of time takes help of Wealth Managers to help them secure their retirements and transfer of wealth to their children.
The evolutionary process from agent to a wealth manager in advisory is not only beneficial to the clients it is personally & financially rewarding to the advisor or Wealth Manager also. Now a Wealth Manager enjoys a greater respect from his client & also commands his biggest wallet share too.