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Managing
wealth is a business. Wealth management is an integrated
plan utilizing an array of capabilities that encompass planning,
investment management, trust services and private banking.
In other words, wealth management is a professional service,
which is a combination of financial and investment advices,
accounting and tax services, estate management and administration,
succession planning and legal planning, for a fee. The management
of wealth is a vibrant process. Wealth gives rise to uncommon
challenges as well as unique opportunities. It needs experience,
capabilities and expertise that enable the customer to understand
the challenges and gain from these opportunities. Market
ripples, portfolio swings, changes in tax and estate laws
make the task of managing the client's investment more difficult.
Investing in long-term investment plans is not as simple
as pertaining the wealth to banks or fixed deposits. Investments
are affected by a host of factors like interest rates, inflation,
economic developments, political issues, etc.
Wealth
management services are provided by banks, professional
trust companies, and brokerages. Wealth managers in India
are involved in managing assets of High Networth Individuals,
Non-Resident Indians, Foreign Institutional Investors, Overseas
Corporate Bodies and Indian Corporates. Today, wealth management
service companies are also providing various other financial
services like portfolio management services, securities
trading which include online trading in equities and derivatives,
custodial services, service for distribution of financial
product that includes mutual fund, Public Provident Fund
(PPF), postal savings, government securities and other investment
products, insurance products both life and general, etc.
Other than this, the institutional clients offer merchant
banking services which include private equity and venture
capital, and loan syndication. |
