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| Wealth managers in expansion mode |
| Vijay C Roy / New Delhi/ Chandigarh Dec 08, 2010, 00:22 IST |
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The northern region, comprising Chandigarh, Punjab, Haryana and Himachal Pradesh, has caught fancy of wealth managers. In order to provide independent, high quality and customised financial planning solutions to investors, wealth managers of national repute as well as the local players are in an expansion mode.
Investment advisors feel that the presence of a large number of NRIs, landlords, people with high disposable income alongwith high networth individuals (HNIs) gives an immense opportunity for wealth managers to expand. So, in order to service the potential clients, the wealth managers are opening physical branches or following the hub-and-spoke model.
Speaking to Business Standard, Innovative Financial Management’s Managing Director, Iqbal Singh said, “People are seeking services of wealth managers to optimise their returns. We have our branches in Chandigarh, Ludhiana, Amritsar and have been in the investment business for a considerable time. We enjoy the trust of over 3,000 HNIs, corporates, NRIs and salaried employees who have entrusted to us total assets close to Rs 300 crore for wealth management functions which is the highest for any player across Punjab, Haryana and Chandigarh. Further we are planning to open branches in Karnal, Panipat and Dehradun. We would also be operating through hub and spoke model to service the potential clients.”
Innovative Financial Management offers one-stop financial consulting outfit for solutions to all kinds of investment like wealth management, mutual funds, broking services etc.
Echoing similar sentiments, Bhavmit Tiger Chandoak, CEO & MD, Tiger Wealth Management, said, “The region has immense potential and there are so many factors which are driving force behind the wealth management services. What I personally feel, there is competition in the market but the local players offer more personalised and customised service to the clients.”
He added that 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.
The company has branches in Chandigarh, Ambala and Yamunanagar and have been in the investment solutions business since 2007. In Chandigarh alone, the company has over 1,500 clients including 500 HNIs, corporates, NRI etc. It is planning to expand its base in Punjab and plans to open branches in Ludhiana and Jalandhar.
The region comprising of Punjab, Haryana and Himachal Pradesh has over 600,000 active deemat account holders, and is also considered as one of the region having immense potential. According to experts, the northern market has huge activity going on even in the small districts.
Advisors mentioned that the compensation awarded to farmers on account of land acquisition turned many of them into millionaires. As a result, even the small cities especially Tier-II and Tier-III cities are bustling with activity, as the potential investors are seeking services of wealth managers to multiply their wealth.
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