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5/23/2019

How to become a wealth manager in India - Quora

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How do I become a wealth manager in India?

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EMI available Apply now! Learn more at upgrad.com 5 Answers Deepak Jain , CWM, CTEP Wealth

Deepak Jain, CWM, CTEP Wealth Management & Estate Planning, AAFM India

Scenario of Wealth Management Advisory Services Industry in India

Background: The Indian Economy is growing at a robust rate. Indian Financial Services Industry gets a rub-off of this growth, but also has some complexities to shoulder along the way. The challenges are a transition from Commission based to Advisory based services as a result of “No load” regime in Mutual Fund schemes. The investor today is not only looking for a financial product in isolation but in a holistic manner for meeting his/her life goals and risk factors. Therefore, there is a crying need to enhance and upgrade the skill set of the financial product advisor in order to protect and safeguard the interest of the investor and develop a long term relationship with him.

The Wealth Management industry in India is a prime example of the success of free competition in the country. Wealth Management is one of the fastest growing disciplines of the banking sector and with a GDP growth rate hovering around the 9% mark and a strong future outlook, India’s growth story is making it an increasingly attractive market for wealth management firms. This trend is expected to continue, with India estimated to become the third largest global economy by 2030.

Given the nascent stage of the market and a demographic and regulatory environment that is significantly different from elsewhere in the world, Wealth Management Business Houses consider the following to succeed in the Indian market:

Building of brand and focus on overcoming the trust barrier.consider the following to succeed in the Indian market: Invest in advisor technology to improve advisor

Invest in advisor technology to improve advisor productivity and retention.Building of brand and focus on overcoming the trust barrier. Evaluate a partnership-based model, coupled with

Evaluate a partnership-based model, coupled with innovative use of technology, to increase reach.technology to improve advisor productivity and retention. Focus on transparency and compliance, while targeting

Focus on transparency and compliance, while targeting customers with attractive, segment focused products.with innovative use of technology, to increase reach. Current Primary Focus of Wealth Management Business Houses

Current Primary Focus of Wealth Management Business Houses

Qualified advisors will be the best brand ambassadors for new firms seeking to gain a competitive edge against established players.Current Primary Focus of Wealth Management Business Houses Investor education programs could deliver information

Investor education programs could deliver information pertaining to various asset classes and the associated risks, fee structures and benefits of each.to gain a competitive edge against established players. Establishing trust is a vital component for any

Establishing trust is a vital component for any successful brand-building exercise in India.the associated risks, fee structures and benefits of each. Strategies Opted by Wealth Management Business Houses

Strategies Opted by Wealth Management Business Houses

Invest in brand building to build trust.India. Strategies Opted by Wealth Management Business Houses

5/23/2019

How to become a wealth manager in India - Quora

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Shifting to a profit-sharing model (where the advisor’s fees are based on theHow to become a wealth manager in India - Quora Sign In overall performance of the

overall performance of the portfolio) would help mitigate issues to some

extent.

Immediate Issues before Wealth Management Business Houses

Difficulty in putting a value to your service & advice.Immediate Issues before Wealth Management Business Houses Building the right business model. Maintaining brokerage

Building the right business model.Difficulty in putting a value to your service & advice. Maintaining brokerage structure may be difficult

Maintaining brokerage structure may be difficult and cumbersome andservice & advice. Building the right business model. bulky. Technology – Online platforms with direct

bulky.

Technology – Online platforms with direct investments.structure may be difficult and cumbersome and bulky. Immediate cash-flow concerns. Need for Qualified Advisors!

Immediate cash-flow concerns.Technology – Online platforms with direct investments. Need for Qualified Advisors! The Current Indian Financial

Need for Qualified Advisors!

The Current Indian Financial Advisory Market is looking for Brand buildingImmediate cash-flow concerns. Need for Qualified Advisors! through its “Qualified Advisors” as Brand Ambassadors.

through its “Qualified Advisors” as Brand Ambassadors.

Qualified Advisors shall develop trust with the clients on a better footings.through its “Qualified Advisors” as Brand Ambassadors. Qualified advisors will be the best brand ambassadors for

Qualified advisors will be the best brand ambassadors for new firms seekingshall develop trust with the clients on a better footings. to gain a competitive edge against

to gain a competitive edge against established players.

Advisor platforms that offer lead management, portfolio management,to gain a competitive edge against established players. financial profiling, asset allocation and transaction

financial profiling, asset allocation and transaction management capabilities

can integrate multiple touch points and improve advisor experience.

IFA’s require a qualification to equip themselves with the required skill setmultiple touch points and improve advisor experience. and knowledge to call themselves as Qualified Advisors.

and knowledge to call themselves as Qualified Advisors.

Allthough the need for the Wealth Managers is high in India. There are veryset and knowledge to call themselves as Qualified Advisors. few programs that create the desired skills

few programs that create the desired skills in budding Wealth Managers.

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