A PROJECT REPORT

Submitted by :

in partial fulfillment for the award of the degree of MASTER OF FINANCE AND CONTROL NAME OF THE COLLEGE UTKAL UNIVERSITY : ODISHA

MONTH & YEAR

BONAFIDE CERTIFICATE

Certified that this project report WEALTH MANAGEMENT is the bonafide work of ____________---regn no--- who carried out the project work during the period from ------- to ----------- under my supervision.

<<Signature of the Head of the Department>> SIGNATURE <<Name>> HEAD OF THE DEPARTMENT

<<Signature of the Supervisor>> SIGNATURE <<Name>> SUPERVISOR <<Academic Designation>>

<<Department>> <<Full address of the Dept & College >>

<<Department>> <<Full address of the Dept & College >>

ACKNOWLEDGEMENT
I would like to thank my project guide --------------------------,----------- for guiding me through my -------------------project. His encouragement time and effort are greatly appreciated. I would like to thank HOD Mr------------------------------- for supporting me during this project and providing me an opportunity to learn outside the class room. It was a truly wonderful learning experience. I would like to thank my guide Mr------------------------- and all the staff members of the management of studies of -------name of college------,---place--- for their valuable support for completion of my project. Lastly I would like to thank all the respondents who offered their suggestion through the survey.

TABLE OF CONTENTS
CHAPTER NO. TITLE PAGE NO.

1.

WEALTH MANAGEMENT
1.1 INTRODUCTION 1.2 NEED 1.3 CONCEPT 1.4 STEPS 1.5 RANGE 1.6 WM IN INDIA 1.7 POSITION IN INDIA 1.8 SERVICES PROVIDED 1.9 ADVANTAGES 1.10 LIMITATIONS

2.

APPLICATION OF WEALTH MANAGEMENT 2.1 ICICI BANK 2.2 AXIS BANK 2.3 HSBC BANK 2.4 UNION BANK

3. 4. 5. 6.

INDUSTRY PROFILE WEALTH MANAGEMENT IN THE INDUSTRY CONCLUSIONS SUGGESTION & BIBLIOGRAPHY

INTRODUCTION:-

Management is what a manager does "the statement

given

by Louis Allen has very broad and meaningful meaning.

Though we all know that 'Manage' is nothing but to forecast and plan, to organize, to command, to co-ordinate and to control. The eminent writer and management guru William Spriegal has given very valuable definition that 'Management is that function of an enterprise which concern itself with the direction and control of the various activities to attain business objectives. Management embraces all duties and functions that pertain to the initiation of an enterprise; it's financing the establishment of all major policies and the provisions under which the organization is to be run and the selection of the principal officers'. In the general view the word management is form with Manage + Men + 'T' where 'T' stands for the factor time. The term wealth management also now a days having very importance. So many Banking companies are engaged in the business of wealth management. The premier insurance industry is now booming because so many bankers are also adopting and playing safe in the business of insurance the term called is Bancassurance. Now a days wealth Management has very craze in the business world. In a survey it was found that India had 100,000 milliners day end of year

2006 is now grow up by 21% from a year earlier (Asia pacific wealth report). Wealth management is a service provided by financial institutions to help high net worth individuals protect and grow their wealth. This advanced investment advisory discipline involves providing a diverse range of services, such as financial planning, investment management, tax planning and cash flow and debt management, based on client requirements. There are two aspects to the wealth management process; protecting assets from creditors, market crashes or slowdowns, taxes, lawsuits and other unexpected events, and growing asset values through methods that actively manage risk and reward profiles to clients needs.

Need Of Wealth Management:-

Wealth management helps people determine their monetary goals and develop actionable strategies that could help them realize their goals. It also defends their finances against risks. Wealth management is a service designed specifically forhigh net worth individuals. The threshold for high net worth varies by country and institution, but the most common definition is individuals who have more than US$1 million in assets, not including their home. Some high net worth individuals have done well ingrowing their assets from a low base to their current levels, and may feel that they can continue to manage their own portfolios. However, as a persons wealth grows and/or the markets get more challenging, it becomes increasingly difficult to realize theexpected returns. With greater wealth comes greater investment options as well as more complex risks and threats in terms of legal regulations, taxation issues and opportunities for loss. The level of fear or even outright panic that can be experienced grows with the sizeof the investment involves.

Greater diversification is needed than in earlier stages of investing. This is where independent financial advisers or large corporate entities help their clients through professional wealth management.

CONCEPT OF WEALTH MANAGEMENT:-

The term wealth management formed with two words wealth & Management. The Meaning of Management we have already seen in the steering introduction. The meaning of wealth is Funds, Assets, investments and cash it means the term wealth management deft with funds Asset, instrument, cash and any other item of similar nature. While defining wealth Management we have to think in planned manner. "Wealth Management is an all inclusive set of strategies that aims to grow, manage, protect and distribute assets in a much planned systematic and integrated manner. "

MIDDLE EAST & WEALTH MANAGEMENT :

In this globalized era Middle East countries have huge wealth management need. There are two types of wealth management institutions. They are:(1)Private Banks (2) Family Offices, engaged in the business of wealth management in Middle East. For our information the wealth

management institute (WMI), the first center of excellence for the wealth management education in Asia was established in Singapore in the year 2003. The wealth management Institute (WMI) is providing professionals for wealth management with a nice combination of learning and practical training. The aim of WMI is to establish Singapore as the Asian hub for wealth Management. Where Pvt. Banks and Family Offices are discussing about the strategies to capture the wealth management business in the Middle East. The global institutions are looking towards the Middle East to grow their wealth management business

and attracting the big business houses by their attractive service providing facilities. Tapping in to the Middle East market it is very crucial for private banks and private wealth managers, the entry and increasing market share is not very easy task for them but they are fighting. The Middle East region has become very highly competitive over the last five years. Local banks now competing with international banks.

Steps in Wealth Management :-

123role 4-

Recognize the need for wealth management planning Identify the components of a successful wealth management plan Select your wealth management team and define each members

Adhere to well-established , scientific , and appropriate

investment principles 5Establish the legal foundation to execute ones wishes to provide

the maximum possible benefits to the heirs through the creation and implementation of an estate plan 6789Update your beneficiaries and accurately title your assets Properly manage your liabilities (debt) Learn and adopt good financial management habits Plan your retirement , health , and long term care needs

10- Contribute to the well-being of others by gifting during your lifetime or at death in tax advantageous manner 11- Minimize and manage your tax liabilities 12- Develop a business succession plan and / or deal with company stock option issues and highly concentrated investment positions whether in specific stocks or certain sectors of the market

13- Develop and implement an asset protection strategy 14- Utilize insurance to mitigate against catastrophic losses and to leverage premiums paid for a host of insurance uses and benefits 15- Select a wealth advisor to oversee your wealth management process and plan implementation

WEALTH MANAGEMENT RANGE: -

The range of wealth management can be expressed by this exhibit chart. START CAREER STUDENT OF ESTABLISHED CAREER * Deposit based *Comfort * Premium A/c *Premium A/c comfort A/C A/c with *Platinum Card * Platinum Card RETIREMENT

* Credit cards credit limit Liquidity Management (Cash Mgt) *Gold Card * Overnight money A/c

* Overnight money A/c

* Money Market & Fixed * Money Market & Fixed Income Income Fund * Near Money Market Fund * ZINS Plus * Top portfolio * Flagship portfolio Fund * Near Money Market Fund * ZINS Plus * Special Investments * Top portfolio* Top portfolio * Flagship portfolio * Flagship portfolio * Titan portfolio

Wealth Formation (Savings

* Titan portfolio

* Titan portfolio

Plans)

* Capital formation benefit funds * Absolute Return Portfolio

Wealth Optimization (Lump sum Investment)

* Holding and Private Equities * Modular Wealth Management * Individual Wealth Management * Premium Portfolio * Titan Portfolio

WEALTH MANAGEMENT : INDIAN CONCERN :Some times people confuse asset management or financial management with the wealth management. But wealth management has very broad area.

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.

Position of India in Wealth Management :In the annual survey done by Cap Gemini, SA and Merrill Lynch it was found that ranks of millionaires grew 6% in the previous

year, because the number of richer people grew in India & China where India is competing China. India & China posted the biggest gain in millionaires advancing by 23% & 20% respectively. When we are watching the world wide increase in number of millionaires the facts collected by Cap Gemini, S.A. and Merrill Lynch survey report. India has 23% growth in the last year. The biggest Asian economy China stands on second position with 20%, west Asia 16%, United States 4% and United Kingdom (UK) 2%. So we can understand that there is more opportunities in the wealth management business in Asia specially in India.

SERVICES PROVIDED BY WEALTH MANAGEMENT INSTITUTIONS :-

Investment planning: assists you in investing your money into

various investment markets, keeping in mind your investment goals.

Insurance planning: assists you in selecting from various types

of insurances, self insurance options and captive insurance companies.

Retirement planning: is critical to understand how much funds

you require in your old age.

Asset protection: begins with your financial advisor trying to

understand your preferred lifestyle and then helping you deal with threats, such as taxes, volatility, inflation, creditors and lawsuits, to maintaining this lifestyle.

Tax planning: helps in minimizing tax returns. This might

include planning for charity, supporting your favorite causes while also receiving tax benefits.

Estate planning: helps in protecting you and your estate from

creditors, lawsuits and taxes. This service is critical for every person whose net worth is high.

Business planning: This service aims at optimizing the tax free

advantages of running your own business.

Business succession planning: assists in planning for the

inevitable to maximize returns.

. Wealth transfer: helps you pass on your wealth to your

dependents

(1) Custodian Services:-

(A) Securities Safekeeping (B) Income collection from Securities (C) Settlement of Securities trades as directed (D) Payment of fund when directed (E) Timely settlement delivery

(2) Trust Services:(A) Charitable Trust (B) Revocable Trust (C) Irrevocable life Insurance Trust (D) Special Need Trust (E) Institutional Trust

(3) Retirement Plan Services: (A) IRA's Custodian Or Trustee (B) Defined Benefit Plans (C) Defined Contribution Plans

ADVANTAGES:

The following are the advantages of wealth management concept.

1) Helpful In Tax Planning : The wealth management professional

always shows the good path to the customers and provide the service of tax planning. How to minimize the tax and save more money?

2) Helpful In Selection of Investment Strategy: Another advantage from the customer point of view is with the help of WM Professional the customer can easily know the investment strategy and analyze risk and return.

3) Helpful In Estate Management: With the help of wealth management professional we can also manage our estate. Estate management is a task to provide objective administration of our funds tailored to aim in responsible distribution and protection of our overall

estate.

4) Helpful in forward looking: We can say planning, that recognizes as our estate grows and changes occurs we require some team of professionals who help us in future planning.

5) Helpful for Indian Economy: Banks which are engaged in business of WM earning revenues from the foreign countries i.e. outsourcing for economy

LIMITATIONS

1. WM Reduces The Scope Of Management: Though we all know that management has existence at all levels of life and society but the term wealth management only related with the higher level means rich people, and is not having any plans and provisions for poor and lower and middle level of society. 2. Chances of Fraud: Another demerit or limitation of the WM concept is it is not showing the actual position. The customer doesn't know about the things going on with using his wealth and there may be chances of forgery and fraud with customers. 3. Actual Picture VS Inflation: What is the actual position of market we don't know because every thing is done by some WM professionals. So we can not assume our position in the market that also results in inflation because economy is unknown about the actual state. There may be chance that the customers are in risk but they are showing the false return and vice-versa.

ICICI BANK & WEALTH MANAGEMENT :

A pioneer in banking services, ICICI bank is also a leader in the wealth management service with its exclusive ICICI wealth management offerings. In this article, we will review the ICICI bank wealth management exclusive service.

There must be many ICICI wealth management reviews spread all over the internet, but we sincerely hope that the ICICI wealth management reviews provided by Money Super Bazaar could be helpful in your decision making process. ICICI bank wealth management department has a dedicated team of experts with a rich experience in finance and related areas. When you subscribe to ICICI wealth management services, a dedicated wealth manager works closely with you in understanding your current assets, your risk profiles and your financial objectives. The wealth managers are backed up by a highly expert ICICI bank wealth management team. Based on a thorough study, your wealth manager along with the ICICI wealth management team comes up with solutions and recommendations. A professionally built portfolio is the main output of the whole exercise. Of course, it is an ongoing process with regular portfolio updates and reviews done by the same ICICI wealth management experts. However, we also recommend that the customer should weight all the options before implementing the wealth manager? s

suggestions. It is good to clear your doubts and ask questions to your wealth manager and the bank. ICICI bank customer care has usually been under some criticism and ICICI bank wealth management services are no different. However, there have been improvements after some improvements after customer feedback. There is a dedicated toll free customer care contact number for the ICICI wealth management customers. You can also lodge your concerns and complaints online at the ICICI bank website. Talking of online services, there is also a provision for the ICICI bank wealth management customers to check their own risk profile online by answering just few simple questions. ICICI wealth management customers also enjoy some exclusive privileges like free access to any other bank? ATM, s discounts on buying gold through ICICI bank etc. If you read other ICICI wealth management reviews, particularly the ones where customers share their experiences, you will get a mixed feedback. But the ICICI wealth management reviews which we have provided are purely the result of extensive research

performed by our financial experts. In a nutshell, this one could be one of the most trusted ICICI wealth management reviews covering most of the pros and cons.

AXIS BANK & WEALTH MANAGEMENT

One of India's leading private sector banker Axis bank also combined with Banque Privee Edmond de Rothschild Europe based wealth management expertise institution & is going to make new standard for the NRI's wealth management. The LCF Rothschild group has based its reputation in the area of wealth management on its big banking experience. Actually

the institution is engaged in the task of providing financial advise to the Europe's leading families, Government and various corporations for the last '7' generations. The Axis Bank 5th largest bank by market capitalization in India provides payroll services to over 12000 corporates across 2.8 million salary accounts. The market capitalization of Axis Bank was 235 million in the last year 2007 is engaged in the business of wealth management, with its international presence in Dubai, Singapore Hong Kong, Shanghai and so on.

HSBC BANK AND WEALTH MANAGEMENT

Investments We offer both advisory and discretionary investment services and make available at your request a wide range of investment vehicles from around the world, including bonds, equities, derivatives, structured products, mutual funds, and hedge funds.

Specialist advisory Our specialist advisory services provide expert advice in a range of areas. We can also draw on our extensive skill base within the HSBC Group to assist decision making in many financial areas.

Online services HSBC Private Bank's online services provide clients with secure Internet access to their accounts, and to a range of first-class financial information.

Trust and fiduciary services At HSBC Private Bank, we specialise in creating ways to protect your wealth now and for the future. We provide wealth planning solutions, trustee and other fiduciary services that take into account the international aspects of your life.

Finance and banking Your financing and banking needs are as individual as you are. We therefore offer a full range of services that are tailored to meet all your requirements. Islamic private banking Our Amanah Private Banking proposition provides a wide range of Islamic Banking solutions to Private Banking clients.

Union Bank of India plans to enter wealth management business

The lender to begin scouting for a partner to offer wealth management products and services after the next 5-6 months. Union Bank of India is mulling to venture into the wealth management business in partnership with a foreign player, after receiving regulatory nod to enter into the mutual fund arena. The bank's chairman and managing director M V Nair said once the asset management business is in place, they will start the process of looking for the internationally reputed player for their proposed wealth management business. "Possibly after next 5-6 months, the bank will start scouting for a partner to offer the best in class wealth management products and services," Nair said.

Recently, the bank received the approval from the Securities Exchange Board of India to launch its mutual fund business. In November 2008, the state owned Union Bank of India had tied up with the Belgian financial firm KBC Asset Management to enter the mutual fund business. Union Bank holds 51% stake in the Joint venture, while the Belgian firm holds the remaining 49% stake.

Clearsight Wealth Management

Clearsight Launches Wealth Management Business with Microsoft Clearsight Wealth Management Inc., a new financial services company based in Toronto, is Canadas first full-service retail brokerage firm with a focus on offering clear advice, preferred pricing and premium investment products to the emerging mass-affluent market. To keep employee effectiveness high, Clearsight needed an intuitive Customer Relationship Management tool for employees to learn quickly and use regularly to capture and access pertinent client information. T4G LIMITED, a Microsoft Gold Certified Partner, helped Clearsight identify the best solution to meet the companys needs. Microsoft Dynamics CRM integrated easily with other Microsoft-based technology at Clearsight and increased staff efficiency on a number of key tasks, from client acquisition to building brand loyalty. Company Overview

Clearsight Wealth Management is anything but a typical wealth management firm. Launched in November 2003, the full-service retail brokerage firm provides the emerging mass-affluent typically individuals with between $50,000 to 250,000 in investable assets - with a level of personal service usually reserved for more wealthy investors.

Clearsight accomplishes this through efficient and costsaving business strategies, including affinity marketing programs that target alumni groups and professional associations. Business Challenge An equally important cost-saving strategy for Clearsight involves IT tools and applications that empower staff to efficiently capture critical client data and use the information to provide better service. For this strategy to work, Clearsight had to find a CRM solution that made tracking client information easy and intuitive.

Clearsight was driven by a stated commitment to cost-effective, oneon-one relationships between its investment advisors and clients - a primary consideration in selecting an account-based CRM system.

They needed an internal system with tight ties to Microsoft Outlook messaging and collaboration client that would allow them to target and manage their marketing campaigns and territories. Our affinity marketing program helped us reduce some marketing costs, but to compete we also had to find a CRM solution that could keep daily operating costs low and help us keep our clients satisfied, says Michael Burns, SVP Marketing and Affinity Relations. Clearsight contacted Microsoft Gold Certified Partner T4G LIMITED to find a system that would provide the needed functionality at an affordable cost.

Since success relied on employee adoption, Clearsight wanted an intuitive CRM solution for employees to easily learn and use on a regular basis. T4G LIMITED recommended Microsoft Dynamics CRM for its ability to quickly and cost-effectively customize to the unique needs of the financial services industry. The added benefit of integrating with Clearsights Microsoft-based IT infrastructure, which includes SQL Server and Microsoft Exchange, made it an ideal fit. Clearsight needed its staff to quickly ramp up on a CRM application before the company launched and continue using it afterward, says Dawson Lane, Director, CRM Solutions, T4G Limited. Microsoft Dynamics CRM was the perfect fit because its flexibility allowed us to provide an industry-focused customer-care solution fully integrated with common Microsoft productivity applications such as Outlook. Clearsight needed the CRM tool to track the relationships that existed between accounts, including employee crossover and clients with multiple accounts. To accomplish this goal, T4G LIMITED added a third-party tracking solution called GaleForce

Customer Management for Wealth Management by Vancouver based GaleForce Solutions Inc. The complete solution provided a level of functionality, reliability, and long-term support not offered by competitive products. In looking at the Microsoft Dynamics CRM solution, we understood right away that it would be fairly easy to use relative to a lot of the other products out there, says Burns. A lot of competitive products were either offered by unstable companies or seemed less intuitive. We found Microsoft Dynamics CRM very appealing from the outset. With no previous data to migrate, the solution was deployed to 12 users in only three weeks. When the team began securing leads earlier than expected, the Microsoft Dynamics CRM solution was already operating and ready to assist.

Business Benefits

Microsoft Dynamics CRM helped position Clearsight for long-term success in the mid-market of wealth management through increased employee efficiency. According to Burns, initial acquisition costs for the CRM solution were small compared to long-term benefits of a reliable customer tracking tool. The cost of acquiring Microsoft Dynamics CRM wasnt a big concern, says Burns Our biggest concern was really the cost of not having information about a client or the cost of our advisors not making a decision properly. Microsoft Dynamics CRM helps Clearsight build brand loyalty, track prospective clients, and smoothly transfer client accounts from competitive brokers. Building Brand Loyalty With the Microsoft Dynamics CRM tool, Clearsight established a customized client service process to build brand loyalty, resulting in client relationships that would remain with the firm for years to come.

In this business, brokers normally have exclusive access to client information, making it difficult for other members of the firm to respond to client requests if the primary broker is unavailable, says Burns. Microsoft Dynamics CRM allows us to broaden that ownership so that clients always receive high levels of service and keep their business with us. Prospective Client Tracking Microsoft Dynamics CRM allows the firm to collect information from forms and questionnaires distributed to prospective clients via affinity marketing or through the company website. Using Microsoft Dynamics CRM, sales staff can schedule follow-up calls and personalize correspondence in a way that turns leads into secured clients. Were already at a point where leads are put into a sales process. Microsoft Dynamics CRM allows us to schedule and complete follow up calls so that we never lose touch with prospective clients, says Burns. They're always in a loop of some sort and advisors are constantly in contact.

Smooth Account Transfers

In the wealth management industry, transferring accounts from one broker to another can be a lengthy and frustrating process for clients. Microsoft Dynamics CRM lets Clearsight brokers ease new clients through the account transfer process with continual updates on the status of their transfer. Transferring a clients account from one broker to another takes about two or three weeks and is a pain for everyone involved, especially the client, says Burns. Microsoft Dynamics CRM allows us to schedule follow-ups to talk to clients, even if a transfer isn't complete. Proactive outreach like this is what really protects client relationships.

Overview of the Indian Wealth Management Market

The Indian wealth management industry is at a new stage. Providers, products, channels, technology, regulation, and clients are coming together in the wealth management space to capitalize on this tremendous growth opportunity. The wealth management industry in India is experiencing an evolutionary phase of development. With the liberalization of the Indian economy and subsequent growth and prosperity across sectors, the wealth management industry is poised to gain greater traction in an expanding market. In a new report, Overview of the Indian Wealth Management Market, Celent examines how the wealth management industry is enhancing its relevance in this dynamic marketplace. According to the report, India is slated to become a US$1 trillion market (in assets under management) for wealth management providers by 2012, with a target market size of 42 million households. The client segmentation schema promises growth across all the six categories:

Ultra-high net worth, or Ultra-HNW (in excess of US$30 million), will have a total population of 10,500 households by 2012.

Super high net worth (between US$10 and $30 million) will have a total population of 42,000 households by 2012.

High net worth (between US$1 million and $10 million) will have a total population of 320,000 by 2012.

Super affluent (between US$125,000 and $1 million) will have a total population of 350,000 households by 2012.

Mass affluent (between US$25,000 and $125,000) will have a total population of 1.8 million households by 2012.

Mass market (between US$5,000 and $25,000) will have a total population of 39 million households by 2012.

"This phenomenal market opportunity is resulting in interesting dynamics at the provider end, where there is consolidation by segment. At the product end, Celent foresees the launch of diverse products catering to different client segments and sophistication levels," says Ravi Nawal, analyst in Celent's banking practice and author of the report. "There is increasing momentum towards structure in this previously chaotic domain. We should expect some very India specific innovations in the near future."

This report examines the structural and contextual changes that are driving the growth of new product and provider classes, as well as highlighting future trends in the industry. The report also details client segments and explores the technology framework required at the provider end to effectively exploit this immense market opportunity.

India on its way to become trillion-dollar wealth management market by 2012

Look at the predictions from various sectors:

According to a recent report, the wealth management market in India will be having a target size of 42 million households by 2012, as against only about 13 million in 2007.

New Delhi: Indians will be having one trillion dollars worth investable wealth by year 2012, indicating the country's robust economic growth that drives a four-fold surge from just about 250 billion dollars in 2007.

In a report by international consultancy firm Celent, the number of potential clients for wealth managers and size of manageable wealth are both expected to grow four-times through 2012. India is all set to become a huge hunting ground for wealth managers across the globe.

The report titled 'Overview of the Wealth Management Market in India' noted that the wealth management market will be

having a target size of 42 million households by 2012, as against only about 13 million in 2007.

The wealth management sector in India is poised to witness tremendous growth. The country's economic growth is making larger sections of its population prospective customers of wealth management providers.

The growth will be seen across all income-levels. However, the lower-income segment is the one that would record maximum growth in terms of volume, while high-net worth households would be contributing the most in terms of wealth size.

Celent has defined the lowest end of the target market for wealth managers as a household with a minimum income of $5,000 (Rs2 lakh), while the ones with at least $30 million (Rs120 crore) of investable income has been added in the category of ultra-high net worth.

The wealth management revenues are expected to contribute nearly 32-37% of the total revenue of full-service financial institutions by 2012.

The mass-market (having Rs. 2-10 lakh of disposable income) would be the key driver, accounting for nearly 40% of the overall growth in number of households.

Except the niche players, majority of wealth managers would target the mass market owing to its youth-dominance and this market would be seeing more service providers entering the fray with an 'own them young' policy.

The ultra-high net worth households [having wealth in excess of $30 million] would have a total population of around 10,500 households by 2012, while the super high net worth households ($10-30 million) would grow to 42,000.

The count of high net worth households ($1-10 million) will grow to 3, 20,000, while there would be 3, 50,000 households in the super-affluent category (Rs. 50-400 lakh).

Also, 10 lakh new households would be joining mass-affluent category (Rs10-50 lakh), taking their total population to 18 lakh by 2012. However, a vast majority of 39 million households, out of the total 42 million target market population in 2012, would belong to the mass market (Rs 2-10 lakh).

Private Banks, full service brokerages & independent financial advisors would serve the high net worth segment, while ultra high net worth households would be served by private banks & family offices.

After studying the overall concept of wealth management we can say that it has various aspects some are favorable and friendly for the Indian economy and some are very dangerous for the Indian economy. The customers have to beware and they have to

make SWOT analysis before choosing the wealth management option. \ At present Indian Economy is facing a lot of trouble by increasing inflation by 11.05% and hike in fuel prices in the Indian as well as international market. As per Indian concept wealth management can not success in India. But if Indian financial institutions are engaged and choosing the WM business in foreign countries, most probably middle-east countries, it may be some relief for the downward moving Indian economy.

Reference:
Business Standard (News Paper). Delhi. Economic Times (News Paper). Delhi Financial Express (News Paper). Delhi Deccan Chronicle (News Paper). Hyderabad Business World (Magazine). Delhi Business Economy (Magazine). Delhi

Economic Political Weekly www.axisbank.com www.sbi.co www.icici.com www.pnb.com