| | JUNE 20168Consultants ReviewBy Ganesh Murthy, CFO, Dell ServicesThe Indian Wealth Management market is on a sustained path of growth, given India's long-term economic prospects, positive demographics, rising income levels and current low penetration. India is currently ranked among the Top 10 nations in terms of total private wealth held as per Capgemini's World Wealth report. The aggregate wealth held by Indian High Net worth Individuals (HNI) (i.e. individuals with investable Wealth Management Industry in IndiaDell Services is a business unit of Dell Inc, providing pure play IT services to third party customers. Dell Inc. is one of the world's largest technological corporations, employing more than 103,300 people worldwide. Ganesh has over 30 years of experience working in finance across diverse industries like FMCG industry, consumer durable industry and IT industry.IN MY OPINIONassets of $ 1 million or more) is expected to grow at a CAGR of 27 percent over next five years to approximately Rs. 400 Trillion. This, combined with robust GDP estimate by IMF of 7.5 percent in 2016 and 2017 and growing allocation to financial assets by HNIs, augurs well for the Indian Wealth management industry.Importance of Wealth Management in India:Although 8 percent of the total population in India represent 45 percent of the total wealth, only 20 percent wealthy families take advice from wealth managers. However, this number is growing steadily as more and more client seek advice for: 1) Asset Management 2) Financial Planning (specific short term and long term goals) 3) Tax Planning 4) Estate Planning Around 69 percent of total HNI population in India is below the age of 55 years. This population seek a wealth manager as they neither have the expertise nor the time to monitor their investments.The thrust on customization, technology dependence, need for lending solutions and rising awareness and thrust on financial assets as against physical assets is creating large opportunities for the Wealth Management industry in India
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