Today I am going to tell you how the Wealth Industry has a great future. Seriously.
The Wealth industry is now to big to be just shut down or wished away. So they will have to find a way of surviving. Sorry, thriving.
So they will do the following (and the client will comply with their requirements):
1. The number of banks and wealth advisory business providers are GROWING not shrinking.
2. The HNI / super HNI / Ultra HNI – is more than happy to buy from a ‘brand’ , or as a sense of achievement, or as a trophy. This will ensure excellent surroundings in which the sale will be made.
3. The MF industry is very profitable for the manufacturer and the banks peddling them. This will ensure that bank sales of 3rd party products will go up and go up fast.
4. Banks are now going into the interiors of the country – which will ensure excellent penetration of mutual funds and tied life insurance products (read endowment and pension plans) .
5. Most jobs are being created in the BFSI space – for the software industry, banking and ancillaries….So there will be a greater number of people selling financially toxic products. More power to them!
6. A slow down in the US, Europe, Japan will mean that the banks (by the way did u know that most of Indian banking is OWNED by foreigners? ) will do more aggressive sales in India. Like a foreign banker friend said ‘far easier to sell in India’s legal environment rather than Singapore or Hongkong.
7. So many wealth management companies, newsletter creators, training agencies, …are now operating in India that they will surely expand the market….
…good enough right?
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