Iain Tait | iinews: 20 Rising Stars of Wealth Management
Once again, Institutional Investor news has identified 20 individuals we expect to shape the wealth management arena in the years to come, profiling each in our second annual edition of 20 Rising Stars of Wealth Management. The cream of the crop, these individuals are ready to lead the way forward in a demanding and growing sector of the financial services industry.
As always nominees were submitted by professionals throughout the investment management industry and were vetted and selected by the business publishing staff. Culled from top investment banks, commercial banks and independent broker-dealers, the selected individuals meet the criteria of managing tat least $1 million in investable assets per private client and demonstrating through their strong relationship and portfolio skills that they have the stuff to lead the industry in the future.
This year's winning nominees represent an array of wealth management firms, including broker-dealers, hedge funds, independent advisory firms, private banks and trust companies. They oversee between $110 million and $4.7 billion in assets, work in 16 different cities and cater to both U.S. and international clients.
Our winning nominees have specializations that vary in scope and clientele, including those in corporate and entrepreneurial relationships, estate planning, retirement planning, special needs wealth management and tax planning. Many agree that tailoring programs to specific clients is key and that wealth preservation is becoming more of a focus than wealth accumulation. Some pointed to alternative investments, retirement planning and technology as emerging trends in the sector.
Other noteworthy points about our Rising Stars:
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55% work for independent firms, while the rest are affiliated with larger firms or banks;
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25% are located in New York and 15% in Illinois;
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20% have an M.B.A., including one who has both a J.D. and an LL.M.;
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Two are former athletes and one is an opera singer;
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Their average age is 37 (the youngest being 31 and the eldest being 44).
Selecting the final 20 Rising Stars was a challenging task, as many outstanding individuals were nominated. We would like to thanks the nominees and those who nominated them for making this list possible, and we look forward to charting the professional progress of our Rising Stars in the years to come.
So, with out further ado, here are our Rising Stars. Click here for the full list.
15. Iain Tait |
| Executive Director |
| London & Capital, London |
| Age: 34 |
| Education: University of Manchester (B.A. in American Studies) |
| Mentors: James Farmer, Former Partner, Freeman, Farmer and Anderson Co.; Robert Freeman, Partner, Freeman Farmer and Anderson Co. |
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After running his own wealth management business, Tait joined London & Capital as executive director and head of the Private Client Business in 2006. "my joining London & Capital was a difficult decision" he said. "Running my own business was probably most enjoyable part of my career so far, and I was only constrained by a lack of economies of scale and the infrastructure to take my business to the next level." In his current role he oversees a business group with nearly 500 private clients.
From 2003 to 2006, Tait ran Iain Tait and Associates, where he built and maintained a high-net-worth client base. His wealth management firm had its genesis at his previous employer - Freeman, Farmer and Anderson Co. - which he joined in 1997. After being promoted to junior partner in 2000 and partner in 2001, he decided to take his clients at the time and go into business for himself. His firm now exists under new ownership as Nexus Financial Planning.
Tait noted that leaving Freeman Farmer to set up his own firm was his biggest challenge. "I learned how to really generate significant new business in my own firm, as I knew I had no safe paycheck from one month to the next," he said. "It also was a significant step forward in understanding the importance of not losing business, as doing so directly affects bottom line revenue."
In 10 years, Tait sees himself and other managing directors running London & Capital. "Between now and then, it's very much a case of building the private client business," he said, adding that he plans to do that with more commodities products and a continuation of the off-the-shelf commodities sold through independent financial advisors. Furthermore, he notes that wealth management needs to grow through an open-architecture approach and templates cannot be pushed onto clients.
http://www.nxtbook.com/nxtbooks/ii/20rs-wealthmanagement08/