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Life is full of financial milestones. You get that job promotion you have been working for. Your business starts turning better profits. You receive an inheritance or unexpected bonus. As your wealth grows, so do your financial opportunities.
But here’s the thing, having more money also means making more decisions. Where should you invest? How can you save on taxes? What about planning for your children’s future or your own retirement?
This is why many individuals are now turning to wealth managers in India. Wealth managers are financial professionals who provide personalised services like investment advice, estate and insurance planning, and much more. What is usually a common theme with wealth managers is their bespoke approach to HNIs and UHNWIs. Most wealthy families take the help of a dedicated wealth manager after their wealth crosses a threshold. Beyond this threshold managing your financial assets becomes a job in its own right.
But how to find the right wealth manager in India? Here is a guide to help you.
Need for Wealth Manager in India
As your wealth grows, managing it gets harder. Most of us are busy with work and family and don’t have time to keep up with all the investment options, tax rules, and financial news.
Wealth managers in India can be your personal money guide. Think of a wealth manager as an investment and wealth expert who helps you make smart choices with your income streams and assets.
They help you:
- Make sense of all the investment choices out there
- Plan for big expenses like your children’s education abroad
- Make sure you’ll have enough money for a comfortable retirement and create a legacy
- Managing risk with proper insurance coverage
Even if you are good with money, wealth management services bring exceptional knowledge and tools to help your money grow faster and safer.
Some providers also offer wealth management apps in India to facilitate better interaction.
An individual may hold degrees such as CFP, CWM, or CFA, but only those registered with SEBI as Investment Advisers (RIAs) are authorised to provide personalised investment advice on securities for a fee in India. Always verify SEBI registration in addition to credentials.
Services Provided by Wealth Management Companies in India
A wealth management company in India gives different services to meet the needs of its clients.
1. Investment Advisory
The best wealth management firms in India typically start with investment planning. They inspect your risk profile and goals to create a custom portfolio. They propose a mix of stocks, bonds, mutual funds, and alternative investments customised to your needs.
Wealth management companies in India keep up with market trends and adjust your portfolio when needed. They look for tax-efficient investment options and may offer access to exclusive opportunities not available to regular investors.
Note: Only SEBI-registered RIAs can provide personalised investment advice on securities.
2. Tax Planning
Wealth management in India goes beyond investment planning. It helps minimise tax burden while remaining fully compliant with Indian tax laws.
This includes advice on:
- Tax-saving investment options
- Capital gains tax management
- Income splitting strategies
- Tax implications of inheritance
Top wealth managers in India collaborate with Chartered Accountants (CAs) or tax professionals to provide tailored tax strategies for their clients.
Note: A CA (Chartered Accountant) can better assist you with tax planning.
3. Retirement Planning
Planning for retirement requires attentive consideration of inflation, life expectancy, and future expenses. Wealth management firms in India create retirement blueprints that ensure financial security after your working years.
They calculate how much you need to save, recommend suitable pension plans, and suggest investments that provide steady income during retirement.
4. Estate Planning
Wealth management in India also includes estate planning. Wealth managers can coordinate with credentialed legal professionals to help clients create wills, set up trusts, and plan succession for family businesses. Execution of legal documents must be done by qualified advocates or trust professionals.. This service is very useful for wealthy individuals with complex asset structures.
5. Insurance Planning
Top wealth management firms in India review your insurance needs and recommend suitable coverage in coordination with IRDAI-licensed insurance agents or brokers. They ensure you are neither under-insured nor paying for unnecessary policies.
How to Choose the Best Wealth Manager in India?
Check these six points before you choose the best wealth management company in India:
1. Identify Your Goals
Figure out your financial goals before choosing wealth advisory firms in India. Do you wish to grow wealth, preserve assets, or plan for retirement? This assessment will help you find the best wealth management company.
2. Check Qualification and Expertise
You need to check whether wealth managers in India have strong credentials and relevant experience. Wealth managers in India need to register with SEBI as RIAs to offer investment advice. You can verify the registration by checking the SEBI website.
3. Assess Range of Services
Wealth management services in India include many services under one roof. Check if the wealth manager in India provides all the services you need—investment management, tax planning, retirement advice, estate planning, and insurance solutions. This method makes sure all aspects of your financial life work together.
4. Fee Structure
Wealth managers must ideally disclose all fees up front. Under SEBI’s RIA regulations, fee structures are capped and can be based on either a fixed annual amount or as a percentage of assets under advice (AUA). Clients should receive a fully transparent fee schedule and service agreement.The best wealth management companies in India are very transparent about their fees and provide a clear breakdown of all the charges.
5. Understand Investment Philosophy
Companies engaged in private wealth management in India can take different approaches to investing. Some focus on aggressive growth, while others prioritise wealth preservation. Make sure their investment philosophy aligns with your risk tolerance and goals.
Ask about their process for selecting investments and how they measure performance. The best wealth managers can clearly explain their strategy without using confusing jargon.
Conclusion
Finding the right wealth manager is important, as this is your hard-earned money. You deserve a wealth manager who puts your interests first. Choosing the best among the top wealth management companies in India can be tough, but don’t rush this decision.
Take your time to meet a few wealth managers in India. Ask tough questions. Trust your gut feeling. Some providers also offer wealth management apps in India for better interaction. With the right wealth manager by your side, you can achieve financial security.
FAQs
Start by checking their qualifications and credentials. Then, assess their fee structures, experience, range of services offered, and investment philosophy.
The wealth manager should put your interests first. You can check for their regulatory registrations, disciplinary history and ask for client references.
Yes, high and ultra-high net worth individuals often benefit most from professional wealth management. This is because they have complex financial situations and larger asset bases.
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