Growing Importance of Wealth Managers
Wealth Management is becoming a specialized area of the financial sector in India due to the increase in the country's High Net-worth Individuals (HNIs). In India, the field of wealth management is now comparatively established. According to a report that appeared in the Mint, there were 3.57 lakh HNIs in India as of 2021. Given that India is expected to have one of the largest economies by 2031, this number is estimated to grow to 6.42 Lakhs. Who is a High Net-worth Individual? High Net-worth Individuals are those who have liquid assets between Rs 5 lakh and Rs 5 crore. Liquid assets are those which are either in the form of cash or can be uncashed immediately with little or no loss in their value. Your savings in your bank account, fixed deposits, investments in stocks, etc., qualify as liquid assets. When this becomes clear we realize that most of us either qualify as High Net-worth Individuals or at least are on the fringes. Now one needs to ask this pertinent ...