Why To Land At Wealth Management Industry Runway?
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Why to Land at Wealth Management Industry Runway?

India will be the world’s largest economy by the year 2050, according to ‘The Wealth Report 2012’ by Knight Frank and Citi. According to the same source, India will hold a significant portion in the race of the number of centa-millionaires in the years to come.Significant growth in income, diversified investment options and awareness among the people, let the wealth management industry in India gain popularity. People from all walks of life, be it individual, small entrepreneurs, or high-net-worth individuals (HNWIs) call upon wealth managers to protect and grow their wealth

Inception of Wealth Management in India

India witnessed an economic crisis in the early 1990’s. This was the time when Prime Minister, P.V. Narasimha Rao, introduced liberalization and wealth management. Prior to this, wealth creation was limited to the top private enterprises. The last decade of the 20th century ushered a fundamental change and made wealth creation and management an aspiring function for enterprises and individuals.

Wealth Management Encompasses All

Wealth management is a specialized financial service encompassing retail banking, investment portfolio management, taxation and estate planning along with financial planning. Retail banking directly deals with the consumers for bank transactions, savings, debit and credit card management and loans. Portfolio covers distribution of assets such as mutual funds, bonds, and insurance. Taxation deals with the financial charges imposed by the administrative divisions. Estate planning involves land and building ownership, beneficiary declaration and power of appointment. Financial planning deals with the individuals post –retirement phase.

Players in Wealth management Industry

People take advice from the wealth management experts to strengthen their financial backbone. These experts come from different sources such as:

Banks – The experts train managers on diversified products and investment plans. Being aware of the details, the mangers guide the customers on how to investment.

Brokerage Firms - These are the financial institutions guiding the investors on buying and selling of debt and equity products such as bonds, shares and IPOs.

Boutique advisory firms - These firms offer customized financial solutions.

Challenges currently faced by Wealth Management Industry in India

The preference of people over physical asset rather than financial assets is one basic hurdle for the wealth managers to overcome. Understanding client behavior, building trust and reorienting their operating methodology are some other issues. However, the biggest challenge faced by this industry is to find the right talent to meet the organization’s expectation and convince the clients.

How to join Wealth Management Industry

People are seeking advice of wealth managers to get best of their earnings and savings. To work as a wealth manager, a graduate must have qualified as a Chartered Accountant (CA), or Certified Financial Planner (CFP), or completed an MBA with specialization in finance.

Growing presence

India’s growing GDP plays a prominent role in the development of wealth management firms in the country. High literacy level, improved financial conditions, and strict government guidelines are contributing to the development of this industry in India. Mobile entrepreneurs with globally connected customer base also influence the wealth creation and management. Banks and financial institutions are focusing on the wealth management segment.

Seeking expert advice from wealth management industry is a right way to eye higher returns.

Article Source: articlesempire

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