Advantages Of Wealth Management

India’s mega rich are on the rise. This calls for wealth management as the rich seek wealth managers. The rich Indians have a huge wishlist;

• I want to buy a yacht
• I want to buy a plane
• I want my son to settle in the US
• I want to start a business.

This wishlist is huge and this is where wealth management comes in. More than 40-50% of Indian business families wealth, goes into own businesses. The major difference today is, the rich focus on financial assets instead of physical assets. This is where wealth management comes in. Wealth management is a pool of services aimed at HNIs and the ultra rich. It involves financial advisory services, tax and estate planning, investment planning, insurance planning and financial planning.

What the Rich Want?

Film stars are conservative investors. They invest heavily in fixed income and real estate. Many film stars invest in tax saving bonds. International cricketers are the risk takers. They invest heavily in equity.

Yuvraj Singh through YouWeCan Ventures, plays an extensive role in endorsing the business plans of startups. Virat Kohli has numerous investments in sports and fashion. He also has his own chain of gyms and fitness centers jointly owned with Chisel Fitness. Sachin Tendulkar has invested in Smaaash Entertainment. MSME businessmen are known to invest in AIFs (Alternate Investment Funds). AIFs are a class of pooled-in vehicles for investing in real estate, private equity and hedge funds.

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Advantages Of Wealth Management

Why Wealth Management?

• Wealth management helps create a financial plan. It helps systematically build a corpus and move on the path to riches. Wealth managers have skills which help clients reach financial goals.
• Wealth management removes financial stress. This is because wealth managers make the critical financial decisions for you. They help manage money in the roughest of stock markets. The wealth manager helps create financial goals, organize finances and make the necessary course-corrections.
• Your wealth manager offers personalized services. He is your financial counselor.  He creates financial strategies keeping personal requirements in mind.
• A wealth manager functions as a consultant. He helps navigate through troubled financial waters. A healthy exchange of ideas helps formulate financial strategies.
• The wealth manager’s offer personalized solutions. This is a solution to match your specific financial needs with cutting edge research.

SEE AlSO;  Advantages Of Wealth Management

How Wealth Managers Function?

Wealth managers handle HNIs and ultra HNIs with personal net-worth of Rs 20 Crores to Rs 25 Crores. They also offer boutique services which includes web based services for citizens with net worth under a crore.

Entrepreneurs of small and medium businesses need wealth managers to monetize physical assets. They function as a virtual private bank so that entrepreneurs get access to credit and investment banking.

Professionals, lawyers, doctors and CAs with high net worth seek wealth management services. Many HNIs seek help for inheritance management and preservation of wealth. Wealth management has gone hi-tech with clients being offered digital tools. As women gain control over their wealth, they seek wealth management services.

Wealth management is all about trust and a hectic schedule. Many wealth managers meet clients at odd hours. This could be business over a late night dinner, an early morning meet just before the client catches a flight and so on. Film stars and cricketers have odd schedules and the wealth manager must factor this into his routine. Wealth managers also manage delicate matters like a business succession and family disputes while always keeping clients interest in mind.

What Wealth Management Offers?

Wealth managers offer financial and portfolio management and investment counseling. They offer portfolio tracking tools.

Wealth management helps invest across the Globe with their global presence and International operations. You can take advantage of Liberalized Remittance scheme of USD 2,50,000 per individual, per annum, and invest in products across the globe. This helps tap the lucrative US markets.

Wealth managements offers the widest range of products through a single point of contact. These could be equities, debt instruments, commodities, mutual funds, insurance, structured products, financial planning, real estate and so on. The best wealth managers offer product-neutral recommendations. He shouldn’t be biased towards the products of his firm.

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Many International Private Equity Firms are eying Indian wealth management firms. Private equity firms Blackstone, TPG, KKR, Carlyle, Apax Partners, and others were in talks with Edelweiss to buy 20-25% stake in its franchise and advisory businesses. The future of wealth management is bright in India.

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