I deal with certain HNI – the salaried HNI behaves very very differently from the business HNI. A business HNI considers himself a HNI only when he reaches say Rs. 70 crores of Net worth in real terms and this without including his house. However, the salaried HNI will accept the tag even when his cashflow reaches say Rs. 8L per month – I mean post tax cash flow of Rs. 1 cr a year. Mostly it is the salaried HNI to falls for the ‘wealth management’ bait. Even though HNI and UHNI understand that wealth managers have SALES targets and not WEALTH targets…they fall for it. Many of my friends have bought ULIP – real big ones, and real long ones. I could enough blogs on them…but the need was not felt…here is a HNI story…

https://www.bloombergquint.com/opinion/children-of-a-lesser-god-do-hnis-have-a-regulator

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