India has registered tremendous growth in terms of the population of high net worth individuals and their wealth, especially after the recent economic crisis, a report from Research and Markets says.
Wealth management firms are now targeting this untapped market, offering HNWIs highly customised services and multiple investment opportunities.
The report says clients have now become more cautious about selecting their wealth managers, taking into consideration factors such as advisory capability, brand, image and reputation, and personal relationship before making a choice.
Equities and related investment once again leads various investment options available to HNWIs followed by debt related instruments.
The wealth management market in India is dominated by the domestic banking sector. Many new firms are realising the attractiveness of the Indian market and thus making huge inroads into the country. Although foreign banks have significant banking operations, their wealth management business is still at a nascent stage.