Wealth Management Concept Catching Up Fast in India

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CHENNAI: The wealth management concept is catching up fast in India with rising income levels, substantial share of household savings, growing number of high networth individuals and all kinds of exotic products available in the market for investment.

Since India is in growth mode and a large number of youths are entering the job market, even those distributing products are slowly assuming advisory role. Lot of organised players from within and outside the country are waiting to enter the WM space, said, Mariam Mathew Kora, Associate Vice President and national sales manager, private client group, DBS Cholamandalam Distribution, part of Murugappa group.

People need to invest to meet their short term liquid needs, for regular income and tax planning in the medium term and meet long term needs like housing, retirement, children’s education and children’s marriage. They are flooded with investment options like deposits, mutual funds, life insurance, equities, gold and other commodities, real estate and PE funds.

" Like every family and individual consulting a doctor, lawyer and auditors, they should have a professional wealth manager to advice them on their investment", she said addressing an ET in campus event on, " Wealth better created is better managed" organised at Dhanalakshmi College of Engineering, Manimangalam near Chennai last week.

As the income level goes up, life expectancy increases, life style requirements increase and with tax rates changing, one needs to have a wealth manager to advice. Wealth managers have come to play a role in the life of people right from the day they begin their career upto the stage of planning for their retirement and writing wills.

Estate planning has also necessary to smoothly craft a succession planning in families and enterprises. Similarly, writing wills have become important. With rising income levels, one can write wills even at the age of 40, she pointed out.

Ms Kora noted the role of wealth...
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