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What is Wealth Management?

What is Wealth Management?
February 09, 2023


Think wealth management and the first thing that probably comes to mind is a personal banker advising his high-end client on how to go about maximizing returns on his considerable wealth.

To be sure, wealth management or money management, when done correctly, has wide-ranging benefits for investors of all kinds - large and small.
The reason, why wealth management has come to be associated with the rich and wealthy is because wealth is associated with the rich and wealthy. However, investors with modest income / wealth are also candidates for money management solutions.

How investors benefit from wealth management?

Simply put, wealth management is about offering a solution to the client that helps him make the most of his money. The wealth manager (either individually or through his team) has the resources to deliver a full range of financial services and products to the client in an advisory capacity.
In theory, a wealth manager can provide almost every single financial product. In practice however, it is common to see wealth managers specialize in services and products. For instance, one wealth manager may specialize in recommending portfolio management services (PMS), while another may concentrate on offering life insurance solutions or different investment types.

True wealth management is client-centric

Since wealth management is meant to be client-centric, a competent and honest wealth manager begins with the client's needs. He analyzes what the client aims to achieve and why, the wealth at his disposal and the financial products or services that can best help him achieve those goals. Good wealth management is purely advisory; it does not compel the client to take a particular decision.
Typically, the wealth manager charges a fee for his services. Some even execute the transaction for the client, in which case they may charge a fee and/or collect the commission on the transaction.

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ARN: ED/12/19/17049

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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