From invest advisory to all other financial services, wealth management is a one-stop solution to an affluent person’s economic life. It is a consultative process that works on gleaning the client’s financial information to provide the best financial strategies and solutions to the client’s needs.
It is not only limited to a type of financial advice, but it is a lot more than that including legal advice, estate planning, tax services, retirement planning and a lot more. In short, wealth management services provide a holistic solution to a person’s financial life.
Most of the times, the wealth managers provide services based on the theory and expertise they possess in a particular field or area they serve. In a few cases, they take consultations from experts outside the financial sphere in areas such as lawyers, accountants, etc. to optimize the strategies they provide to the client.
In India, a place where the number of millionaires is multiplying so fast, wealth management is gaining huge popularity. In India, there are broadly three kinds of such service providers – banks, brokerage firms, and boutique advisory firms.
Apart from the banks such as ICICI, Standard Chartered, HDFC, etc. firms such as Motilal Oswal, Karvy and Avendus are some of the companies that provide excellent wealth management services. These firms offer wealth management services such as wealth review and investment strategy services, wealth advice package, wealth planning for retired individuals, equity review and investment strategy and a lot more.
Most of the boutique services offer web-based tools for those who have net worth lower than Rs 1 crore. The real market for banks and brokerage firms begin with persons with a net worth of Rs 20-25 crore.
Entrepreneurs in the small and medium scale bracket at present are the ones who are seeking help from these wealth managers the most. On the other hand, traditional business persons such as promotors and business owners and other individuals with high net worth seek continuous help from the wealth managers.