“Product specialists are the new hot product in wealth.” That’s the view of Michael McConnell, Head of Capital Formation & Investor Services at Finatal, who is leading private wealth mandates for private capital managers globally.
Private market GPs are rethinking how they build their wealth distribution teams – and one role is quickly moving from “nice to have” to essential: the Product Specialist. McConnell notes that this shift “directly mirrors the briefs we’re receiving and the conversations we’re having with leaders of private-markets wealth businesses worldwide.”
As private markets continue to expand into wealth channels, the traditional sales model is being stretched. Advisors and end clients are asking more sophisticated questions – not just about headline returns, but about liquidity structures, portfolio construction, risk, fees, and performance attribution. A generalist approach is no longer enough.
“That level of scrutiny is now standard in the wealth channel,” says McConnell. “Advisors want to understand how these products behave in different market environments, how risks are managed, and how they fit into a broader portfolio – not just what they returned last year.”
That’s where Product Specialists come in.
Where insight meets engagement
Product Specialists sit at the intersection of investment expertise and client engagement. They translate complex strategies into clear, credible narratives that resonate with both advisors and end investors.
“In many of the searches we’re running, clients are explicitly asking for candidates who can ‘speak CIO’ and ‘speak adviser’ in the same meeting,” McConnell explains. “The best Product Specialists can move seamlessly between those audiences without diluting the substance.”
Crucially, they enable scale:
- Supporting sales teams in deeper, more technical conversations with advisors, platforms and family offices.
- Driving consistency in messaging across increasingly complex product sets and fund structures.
- Acting as a feedback loop between investors and the investment team, surfacing themes and objections early.
- Helping position differentiated strategies in a crowded market where nuance really matters.
“From what we’re seeing, Product Specialists are becoming the connective tissue between the investment engine and the front line of distribution,” McConnell observes.
From “product support” to strategic driver
We’re also seeing the role evolve beyond “product support” into something far more strategic.
“In leading wealth-focused platforms, the Product Specialist is no longer a nice add-on to the sales team,” says McConnell. “They’re influencing product design, shaping go-to-market strategy, and informing how firms segment and prioritise their client base.”
In practice, that means Product Specialists are increasingly:
- Informing product development and structuring by feeding real investor and advisor insights back into the investment and product teams.
- Shaping go-to-market strategy, including positioning, content, education programmes and launch sequencing.
- Helping refine client segmentation, so that messaging and education are calibrated for HNW individuals, UHNW clients, family offices, and intermediaries.
“In more mature platforms, we’re seeing Product Specialists embedded in leadership forums and strategy discussions,” McConnell adds. “They have a real say in where the firm leans in, and how it shows up in the wealth channel.”
When to hire – and how many?
For GPs building out their wealth channel, the question is no longer whether to hire Product Specialists, but how early, and how many.
“In our private wealth mandates, we’re increasingly advising GPs to bring in their first Product Specialist earlier than they originally anticipated,” McConnell says. “Once you move beyond a single flagship fund into multiple vehicles, sleeves or structures, the complexity ramps up – and so does the need for dedicated product expertise.”
Common patterns emerging in the market include:
- Early-stage wealth builds appointing one senior Product Specialist to define the function, set standards, and partner closely with both distribution and investments.
- Growing platforms adding additional Product Specialists aligned to specific product families, asset classes, regions, or channels.
- Using the Product Specialist bench as a talent pipeline into broader commercial, client, or leadership roles.
Those who invest early and thoughtfully are better positioned to bridge the gap between institutional-grade strategies and the needs of the wealth market, where clarity, education, and trust sit alongside performance as core decision drivers.
A strategic imperative, not a luxury
For private market GPs, the implications are clear.
“The wealth channel has matured to the point where the product story is the sales story,” McConnell concludes. “If you want to win and retain sophisticated wealth capital, investing in Product Specialists is no longer a luxury – it’s a strategic imperative.”
As private markets continue their expansion into wealth, the firms that recognise the importance of this role – and build it into their distribution model early – will be the ones best placed to turn complex strategies into compelling, scalable client outcomes.