Wealth management is a specialised job and it is important to create a portfolio with a Plan A and Plan B, Deputy CEO of AnandRathi Private Wealth Feroze Azeez said.

In an interview with CNBC-TV18, Azeez said to manage anything, one has to measure it and the best method to measure is standard deviation because it helps understand variability of the variable. "Along with measuring the return, one must also measure the risk. There are two distinct ways of managing money. One is what the companies and treasuries use and other is what individuals use," he pointed out.

"An individual can choose single or multiple advisors. However, data suggests that returns of a sole advisor are better than multiple advisor portfolios. But it will take around 4-5 years to judge a sole advisor. If one wants to choose multiple advisors, do not choose them at particular a point in time. In a sole advisor, one should look for capability, trust and commitment," Azeez pointed out.