Values and Practices of Wealth Managers in India

India represents the greatest opportunities to wealth managers over the coming years. Infact, in current financial environment, the wealthy population in India is large as well as growing, yet an underdeveloped Wealth Management industry served the market.

•    In the world, India has the tenth highest number of dollar millionaires and their rate of growth is higher than in any other country
•    In India, wealth management services are underdeveloped and there are urgent opportunities for companies who understand the market to capture business there
•    Financial sector reforms and a relaxed regulatory framework are allowing wealth generation in India to become more competitive and open
•    Wealth Management will need to adapt with clients, to spread beyond the largest cities and educate its clients on the changing business environment
•    To foreign banks, non-resident Indians represent a large asset
•    Indian people are looking increasingly beyond their own borders for their investments. Therefore, foreign banks must leverage their global expertise

Purpose of Wealth Managers

•    To generate returns in such a manner that would address long terms and short term objectives of the client/ customer

•    To manage customer’s wealth by striking a balance between safety and growth of the investments

•    Commitment to rational approach to investing with strong emphasis on ethics and values

•    Strong belief in achieving excellence in their processes and also their knowledge base and skills

•    Adherence to long term conservative approach by avoiding speculation

•    They try to be the best in the domain of Investment Advisory

•    Shared values of the team are dignity, respect and fairness for everyone

According to a report by international consultancy firm Celent, India is set to become trillion-dollar wealth management market by 2012. So, let’s see.

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