Types

Presently, the Indian market comprises of three types of wealth management service providers, which are:

Banks - They have a larger investment distribution model. It means that they do not focus only on one investment avenue for their clients but prefer to maintain a large portfolio of investment. Also, they cater to not only high net individuals but also to the mid level clients of this segment.

Brokerage Firms - These firms focus mainly on investing the client's money on equity led products such as shares and IPOs.

Boutique advisory firms - These firms are best suited to provide customized financial solutions to their clients. They cater to ultra high and high net worth individuals.

Whom to select as your wealth manager?

Individuals wanting to avail wealth management services should keep in mind the fact that wealth management does not mean following a budget. It is a means to plan for the future while securing the existing wealth and ensuring it grows steadily. Many firms providing these services promise to manage client's money well and offer complete professional expertise in all areas of wealth management. Some specialize in creating customized solutions for their customers to ensure that they reach their financial goals. The customer just needs to provide necessary details of his finances to his wealth manager who in turn provides solutions to make the customer feel comfortable and build his wealth.

But, it's important that customers look at the wealth management service provider's reputation and experience before deciding to put their wealth on a somebody else's hands.