Case Studies in Wealth Management

Case Study 1: Approaching Retirement

Henry & Ann contacted Ten Wealth Management Limited after the death of
Henry's mother. They had been pleased with how Ten Wealth Management had
looked after Henry's parent's investments during their lifetime and now wanted
to review their own financial planning.
Henry & Ann own and manage a family retail business and have been saving
for their retirement for over 30 years, during which time they have established
five different pension contracts with three different providers.
They have also accumulated a number of different personal investments,
including a significant investment portfolio managed by a Stockbroker.
Our initial discussions were focused on understanding and helping to define
their financial objectives, as well as obtaining details regarding their various
pension and investment contracts.
We were soon able to establish that by transferring their existing investments
and pensions to an independent investment platform they could reduce their
overall costs, increase their investment options and become financially more
organised.
They also needed to adopt a more suitable and bespoke investment strategy, as
each plan was being managed independently of their other assets, leading to a
number of duplicate investments.
The transfer process was carefully managed, as some investments could be
transferred 'in-specie' allowing the underlying funds to remain invested; other
contracts needed to be surrendered and transferred as cash.
We also established that the five different pension contracts all had slightly
different contract terms, especially in relation to the amount of tax-free cash that
they could provide at retirement. Therefore, additional investigations were
required to ensure that a transfer would not remove any favourable terms and
this resulted in one plan being left in-situ, but continued to be monitored by Ten
Wealth Management.
The whole process took around six months to complete, but has resulted in all
their investments and savings (except for two contracts) being held on an
independent investment platform and invested according to their investment risk
profile. The platform provides access to online valuations whenever required,
the ability to invest in any listed investment and their annual ongoing costs have
been reduced.
Following the initial organisation of their pensions and investments we have
begun to widen the areas for discussion to include

 How to organise their estate efficiently to reduce any potential

Inheritance Tax liability
 Whether to transfer their existing business premises into their pension
fund
 Increasing their company pension contributions to allow them to become
financially independent of their business

Henry & Ann now benefit from six monthly review meetings, with telephone
and email communications whenever required between meeting dates.

Case Study 2: Wealth Management & Estate Planning

We were asked to speak to Mr & Mrs Bell by their accountant in 2012, as their
previous adviser had retired and they were unimpressed by his replacement.
Mr & Mrs Bell had recently invested around £250,000 into an investment
portfolio via their local bank; but had yet to receive any ongoing advice from
them.
Mr Bell had previously sold his engineering business and had now retired; he
had a Personal Pension valued at around £1 million but had yet to commence
withdrawing any income.
We commenced by establishing their need for additional income and their
desire to provide financial security for their family. We also spent some time
discussing investment risk and understanding both the level of risk they were
comfortable with and the level of risk they needed to take.
It was soon obvious that Mr Bell's pension fund was invested in relatively high-
risk funds, so a fund switch to reduce the possibility of short-term capital losses
was swiftly implemented. Further investigations established that the plan's
charges were relatively high and therefore a pension transfer was recommended
to provide three advantages:

 Immediate access to both income and capital

 Lower ongoing costs
 Access to a wider range of investment options
A staggered approach to withdrawing pension benefits was recommended, with
£180,000 of the pension fund initially moved into Income Drawdown. This
released a tax-free lump sum of £45,000; which was subsequently gifted into a
Family Trust for the future benefit of their children and grandchildren.
The Family Trust was established on a Discretionary Trust basis, with Mr &
Mrs Bell as the sole trustees, providing them with control over the Trust's
investments during their lifetime.
We also established a 'By-Pass Trust' so that any death benefits from Mr Bell's
pension fund would be paid into this Trust and be used to support Mrs Bell
without forming part of her taxable estate.
Since our initial financial planning advice, we have continued to meet with Mr
& Mrs Bell every six months and gradually moved further pension funds into
Income Drawdown; allowing Mr & Mrs Bell to benefit from additional income
and make further gifts into Trust for their family.
Due to the successful investment management of Mr Bell's pension fund, we
were asked in 2014 to take over the management of the investment portfolio
that they had established with their local bank. This was achieved whilst
retaining the tax efficiency of their NISA investments and using their Capital
Gains Tax allowances to release profits from their non-NISA investments.
Following the 2015 Summer Budget changes to pension legislation, it was
agreed to release the remaining tax-free lump sum from Mr Bell's pension fund
and this was used to provide direct gifts of cash to their children and
grandchildren; for which they were all very grateful.
Since being appointed by Mr & Mrs Bell, we have delivered an investment
return of 7.09% per annum (net of all charges) in respect of Mr Bell's pension
fund (June 2012 to May 2018).
We have organised their pensions and investments so that their total portfolio
costs are all less than 1.40% per annum; this figure includes all ongoing service
and advice fees, investment management charges and custody fees.
Advantages of Wealth Management

 Wealth management plans are tailored to client-specific needs. The

financial products are combined to effectively reach the financial
goals of the client.

 The advisory services entail the handling of client sensitive

information. Investment advisors have to maintain the
confidentiality of information obtained during the course
of financial planning and advisory services.

 A wealth management advisor utilizes the diverse financial

disciplines such as financial and accounting, and tax services,
investment advice, legal or estate planning, and retirement
planning, to manage an affluent client's wealth as a bundle of
services.

 Wealth management practices and the corresponding services may

differ from one location to another, depending on the state of the
economy, per capita income and saving habits of the people.

 Wealth management is different from investment advice. The

former is a more holistic approach in which a single manager
coordinates all the services needed to manage their money and plan
for the client's needs, including the current and future needs of the
client's family.

 While most wealth managers provide services in any financial

field, certain wealth managers specialize in specific areas of
finance. The specialisation would be based on the area of expertise
of the wealth manager.

 Wealth management services are usually appropriate for wealthy

individuals who have a broad array of diverse needs. The advisors
are high-level professionals and experts.

 Wealth managers may work individually as a single person, or as

part of a small-scale business or as part of a larger firm. Based on
the nature of the business, wealth managers may function under
different titles, which include financial consultant or financial
adviser. A client may receive services from a single designated
wealth manager or may have access to the members of a specified
wealth management team.
Introduction

Wealth Management as a concept originated in year 1990’s in the US.

Essentially it is the investment advisory covering financial planning that
provides individuals with private banking/ asset management/ taxation advisory
& portfolio management. Warren Buffett is the most successful investor in
world. He says that “The basic ideas of investing are to look at stocks as
business, use the market's fluctuations to your advantage, and seek a margin of
safety. That's what Ben Graham taught us. A hundred years from now they will
still be the cornerstones of investing”. He is even called as wealth creator.

Wealth Management Meaning

The term Wealth Management itself defines its meaning, it is a service that
gives you financial and investment advice, accounting and tax services,
retirement planning, legal and real estate planning for a specific fee. You get on
board a wealth manager who coordinates with financial experts, your own
attorneys, accountants and insurance agents to give you consolidated advice for
your long term goals.

Wealth management is the most advanced form of investment advisor services.

A wealth advisor typically creates a specially tailored investment strategy and
plan for their clients to help them manage their assets.

In others words, it is basically an investment advice or assistance to manage

person’s financial needs. These services are offered to investors in packages to
provide benefits with two main goals growth and safety of their existing
investments. Financial Planning Everyone has needs and aspirations.

Role of Wealth Managers/Financial Planner

A wealth manager is a high level professional who manages the finances of

High net worth individuals. The financial planner’s fundamental role is to
ensure that the investors have adequate money/ wealth for various financial
needs/ goals.

Wealth managers generally aim their services at the highly affluent and may
have expertise in the types of financial questions that affect the filthy rich, such
as how to avoid the estate tax. They often coordinate services among different
experts, such as working with a lawyer or an accountant on your behalf.

Financial planners offer some or all of the following services:

 Planning for smooth inheritance of wealth to the next generation

 Tax planning
 Insurance planning and risk management
 Management of loans and other liabilities
 Suggesting a suitable asset allocation based on risk profile of the
investors
 Advice on investment in mutual funds and other investment products
 Advice on investment in small savings schemes and other debt
instruments
 Advice on investment in share market
 Preparing a financial blue print for the investors future
 Life Cycle

Life Cycle People go through various stages in the life cycle, such as:

 Young and unmarried

 Young and married, with no children
 Married and having young children
 Married and having older children
 Retirement Position

Position on the life cycle determines the kinds of challenges the investors is
likely to face and therefore the approach to financial planning.

For instance, younger investors have the entire earning cycle ahead of them.
Their insurance needs will be high. Those with dependents need to have
adequate life insurance to protect the family against untimely demise.

At a young age, saving and spending habits are formed. Systematic Investment
Plans (SIPs) are a good way to ensure that the investor does not fritter away any
money. They need to be educated on how starting saving early ensures a
comfortable future.

Parents with young children need to prepare for sudden significant outflow,
for education or marriage or such other requirement of children. They also need
to plan for their retirement, not only in terms of financial assets, but also
corporate perks that may not be available in future, such as medical re-
imbursement, accommodation, car, club facilities etc.

On retirement, if salary or business earnings were to stop, then investors need

to be cautious in taking risks. At a younger age, the investors can take greater
risk. Asset Allocation is a key decision across the life cycle of the investors.
Wealth Cycle

Wealth Cycle As with life cycle, the position of the investor on the wealth-cycle
changes over time. The key stages are:

1. Accumulation
2. Distribution
3. Transition
4. Windfall Gain
5. Inter-generation Transfer

Systematic Approach to Investing

In the long term, equity share prices track corporate performance. More
profitable a company, higher is likely to be its share price. However, in shorter
time frames, the market is unpredictable. Market fluctuations are a source of
risk for investors. Over the period of time equity has given a better return than
any other source of investments. Hence it is the major investment avenue in
wealth management. Because of this reason investors are advised to take a
systematic approach to investing. This can take any of the following forms:

1. Systematic Investment Plan(SIP):- Systematic Investment Plan is an

investment strategy wherein an investor needs to invest the same amount of
money in a particular mutual fund at every stipulated time period. Though an
SIP, an investor commits to invest a constant amount periodically.

2. Systematic Withdrawal Plan (SWP):- SWP refers to Systematic

Withdrawal Plan which allows an investor to withdraw a fixed or variable
amount from his mutual fund

scheme on a preset date every month, quarterly, semi annually or annually as

per his needs.

3. Systematic Transfer Plan (STP):- STP refers to the Systematic Transfer

Plan whereby an investor is able to invest lump sum amount in a scheme and
regularly transfer a fixed or variable amount into another scheme.
Risk Profiling

In Risk Profiling Investor data analysis including positioning on the Life Cycle
and Wealth Cycle which will suggest the investor’s risk profile. Planners
classify their investors into groups, such as:

 Risk Neutral
 Moderately Risk Averse
 Extremely Risk Averse
 Extremely Risk Oriented
 Moderately Risk Oriented

The more risk oriented investor is having greater risk so the exposure that can
be suggested to risky assets. In general, equity is viewed as the risky asset,
while debt is considered the safer asset. Gold protects the portfolio in extremely
adverse situations, where both debt and equity under-perform. Real estate is an
illiquid asset that can grow over time, and also give rental income. Debt, Equity,
Gold and Real Estate are asset classes.

Asset Allocation

Different asset classes perform well in varied economic and market scenarios.
The analyst seeks to interpret the leading indicators and anticipate likely market
trajectory. However, it is not possible to predict the market with certainty. An
approach to balance the uncertainty is to invest in a mix of asset classes. This
ensures that some asset classes in the portfolio perform well, when others don’t.
Such distribution of investment portfolio between asset classes is “asset
allocation”.

Types of Asset allocation

1. Strategic Asset Allocation:- Distribution between asset classes based on

risk profile of investor is called Strategic asset allocation’. Let us consider
a few examples:

 A senior citizen is exposed to inflation too. However, the exposure

is for a shorter time period determined by life expectancy. Besides,
the senior citizen may not have a future earnings stream to make up
 for losses. The physical health of the person too may or may not be
in a position to handle the shock of investment losses. These
factors mandate a significantly lower exposure to risky assets.
Equity-Debt mix of 20:80 is quite common for such investors.

 A young investor, who is in the accumulation phase, can afford to

take more risk. Even if he were to lose money, he can recover it
from future earnings. Besides, he is exposed to inflation over a
long period. His portfolio needs to have risky growth assets that are
likely to protect him from inflation. Such an investor may be
advised to have an equity-debt mix of 80:20.

2. Tactical Asset Allocation:- Investors who are oriented to take risk do

take asset allocation calls based on their views of the market. When they
fell the market is undervalued they increase their exposure to equity. They
exit their equity investment when the view is that the market is
overheated. Such an approach to investment is called ‘Tactical Asset
Allocation’.

3. Fixed Asset Allocation:- An investor who practices fixed asset allocation

will seek to maintain the allocation even when the market moves.

Suppose an investor’s portfolio is structured with equity to debt mix of

30:70. In a short period, if the equity market were to go up by 70%, 30
will become 51. During this phase, if debt gave a 5% return, 70 would
have become 73.5. Thus, the equity- debt mix has now become 51: 73.5,
which can be re-written as 41:59. The complexion of the portfolio has
changed.

Most mutual fund schemes operate with a fixed asset allocation, though
within a wide investment range defined in the Offer Document. For
instance, the proposed investment distribution may be defined in the Offer
Document as follows:

Equity and equity related securities 70 – 90%

Debt and debt related securities 10 – 30%

4. Flexible Asset Allocation:-Let us continue with the previous example of

investor with Equity: Debt mix of 30:70, which changed to 41:59 when
the market changed. We saw that an investor adopting fixed asset
allocation will re-balance his portfolio to arrive at the targeted equity: debt
mix. An investor who adopts flexible asset allocation will
allow the equity: debt ratio to drift. There will be no re-balancing in line
with the market; this kind of lazy approach to investment is not desirable.
 Wealth Management in India

India’s wealthy are relatively young compared with their international

counterparts and, hence, take a different approach to wealth management. The
demographic difference presents an opportunity to create new products to
address the needs of a young population and leverage new technologies, such as
social- and mobile-enabling investing applications as a key differentiator.
India’s wealth management services sector is largely fragmented, which isn’t
surprising given the industry is still in its early days. Hence, it is recommended
that firms take a long-term view while evaluating potential return on
investment. Given the market and a demographic and regulatory environment
that is significantly different from elsewhere in the world, we recommend
wealth managers consider the following to succeed in the Indian Market.

 Evaluate a partnership-based model, coupled with innovative use of

technology, to increase reach.
 Invest in advisor technology to improve advisor productivity and
retention.
 Build your brand and focus on overcoming the trust barrier.
 Focus on transparency and compliance, while targeting customers with
attractive, segment focused products.

Though wealth management is a new concept for India, some companies are
started working in this direction. Here is list of some companies:

1. ICICI Asset Management Company:- ICICI group is the third largest fund
based asset management company in India. This financial company was
founded in 1954 and currently K V Kamath is the chairman of the firm.

 Market Capitalization: Total revenue of the ICICI financial services is

around Rs 2000 Crores to Rs 4000 Crores. The profit of the company is
around Rs 80 Crores to 90 Crores and growing at the rate of 25% every year.
 Business and Services: Core Banking, Financing, Asset Management.
 Employees: 8000 to 15000.
 Headquarters: The bank is based in Mumbai with offices and operations all
over the country.
 Website: www.icicibank.com
2. HDFC Asset Management Company:- HDFC asset management company
was formed in the year 1990 HDFC has over 318 outlets including 77 offices
across India and it covers over 90 locations.

 Market Capitalization: Market value of the HDFC is around $3.5 billion,

for asset management services profit is around Rs 400 Crores approx.
 Business and Services: Banking, Wealth Management Services, Loans,
Financial Security Services.
 Employees: 1700 to 2000 for various operations.
 Headquarters: Corporate Office is in Mumbai and Deepak Parekh is the
chairman.
 Website: www.hdfc.com

3. Reliance Asset Management Company:- Reliance Capital was founded in

year 1986 and currently Anil Ambani is the chairman.

 Market Capitalization: Total revenue is over $1 billion and average asset

managed by 44 fund houses is Rs 6,60,000+ Crores
 Business and Services: Asset management, Mutual funds, Life and general
insurance, Private equity and proprietary investments, Stock broking,
Reliance PMS, Depository services and financial products, Consumer finance
and other activities in financial services.
 Employees: 12,500+
 Headquarters: The company is based in Mumbai and Sundeep Sikka is the
CEO of the firm
 Website: www.reliancecapital.co.in

4. UTI Asset Management Company:- UTI asset Management Company was

established in the year 2003 and incorporated on the date Nov 14 2002.

 Market Capitalization: Asset managed until this date is around Rs

74233.29 Crores
 Business and Services: Mutual Funds, Wealth Management services
 Employees: 3000 to 4000, company has a network of 149 UTI financial
Centers and UTI international offices in London, Dubai and Singapore
 Headquarters: Headquarter of UTI is in Mumbai and Mr. Leo Puri is CEO
and Managing Director
 Website: www.utimf.com

5. Birla Sun Life Asset Management Company:- The company is joint

venture between Aditya Birla Group and Sun Life Financials.

 Market Capitalization: Total revenue of the firm is around Rs 1000 Crores

to Rs 2000 Crores.
 Business and Services: capital market, corporate finance, wealth
management services, commercial real estate and mortgage and structured
finance.
 Employees: 10,000 to 15000 for various sectors.
 Headquarters: Corporate office is in Mumbai.
 Website: www.adityabirlafinance.com

 6. Kotak Mahindra Asset Management:- Kotak Mahindra has over 7

million loyal customers. It stated its operation in the year 1998
 Market Capitalization: The Net worth of the company is over Rs 7911
Crores
 Business and Services: Asset management services and various bonds &
funds
 Employees: 20,000+
 Headquarters: Headquarter is in Mumbai and the Company has over 76
branches in 79 cities
 Website: www.kotakmutual.com

7. Religare Asset Management Company:- Religare Mutual fund is the sole

product developed and marketed by Religare asset management company. The
company was registered in National Stock Exchange in the Year 1994. The firm
has over 1 million customers around the world.

 Market Capitalization: Total revenue is around Rs 120 Crores and average

asset is Rs 126 Billion
 Business and Services: brokerage, health & life insurance, asset
management, Small and medium enterprises (SME) lending, wealth
management, institutional equities and investment banking services.
 Employees: 8000 to 10000 across the country.
 Headquarters: headquarter of the company is in New Delhi with 2200
offices in 550 cities around the world.
 Website: www.religareinvesco.com

8. Tata Asset Management Company:- Tata Group wealth or asset

management company is subsidiary of Tata Group, it was established in the
year 1995. It fully enjoys the support of Tata Group. There are around 5 to 10
Lakhs investors that Tata AMC caters to.

 Market Capitalization: Total Assets worth around Rs 20,000 Crores to Rs

22,000 Crores until now
 Business and Services: Fund Management, Asset Management, Mutual
Funds etc
 Employees: 8000 to 10,000
 Headquarters: Mumbai, Maharashtra
 Website: www.tatamutualfund.com

9. Franklin Templeton:- Company was founded in 1947 in New York and it

has presence in India also.

 Market Capitalization: Revenue is $7.14 Billion

 Business and Services: Investments and Wealth Management Services
 Employees: Around 8000 to 9000 employees
 Headquarters: Headquarter is in Mumbai.
 Website: www.franklintempletonindia.com

10. L & T Finance Limited:- L & T finance limited is very young financial
company founded by A M Naik in the year 2006.
 Market Capitalization: The net Sales of L & T Finance is around Rs 172
Crores this year.
 Business and Services: debt & equity products, wealth management, loans,
general insurance, financial advisory services that focus on power, roads,
Telecom etc.
 Employees: 3000 to 4000 for various financial services.
 Headquarters: Corporate Office of the company is in Mumbai and A M
Naik is the chairman.
 Website: www.ltfinance.com

11. BNP Paribas Asset Management Company Limited:- BNP Paribas is

Europe’s sixth largest asset management firm with revenue of well over 478
billion EURO in 40 different countries. It is present in India also as a mutual
fund company.

 Market Capitalization: Rs 127 Crores to Rs 150 Crores

 Business and Services: Fund Type, Investment Plan and Minimum
Investment
 Employees: 2000 to 3000
 Headquarters: Mumbai
 Website: www.bnpparibasmf.in

12. Morgan Stanley STBF:- Morgan Stanley has over 1200 offices in 36
different countries. It was founded in the year 1935

 Total Revenue: Rs 259 Crores to Rs 265 Crores

 Business and Services: Mutual Funds and Wealth Management services
 Employees: 800 t0 1000
 Headquarters: Corporate office is in Mumbai
 Website: www.msgfindia.com
13. SBI Capital Markets:- The SBI Capital Markets or SBI Mutual Funds is a
joint venture with French company AMUNDI.

 Market Capitalization: The total revenue of SBI Capital Markets is around

Rs 3000 Crores to Rs 4000 Crores. Profits are around Rs 6,051 Lakhs.
 Business and Services: The core service given by SBI Capital Markets is
Corporate Financing, wealth management services, Mutual funds etc.
 Employees: 8000 to 9000.
 Headquarters: The Corporate office is in Mumbai and it has over 222
acceptance points in India. V G Kannan is the MD and CEO of the company.
 Website: www.sbicaps.com

14. Sundaram Asset Management Company:- Sundaram Asset Management

Company was founded in the year 1996.

 Total Revenue: Rs 74 Crores to Rs 80 Crores

 Business and Services: Various asset management services
 Employees: 400 to 600
 Headquarters: Chennai, 600014
 Website: www.sundarammutual.com

15. Axis Asset Management Company:- Axis asset Management Company

was established in the year October 2009. The company has over 32 schemes
and 5 Lakhs customers

 Total Revenue: Rs 634 Crores to Rs 650 Crores

 Business and Services: Mutual Funds and Asset management services
 Employees: 1200 to 1500
 Headquarters: Mumbai, 400025 with presence of 75 cities
 Website: www.axismf.com

16. Motilal Oswal Asset Management Company:- MotilalOswal Asset

Management Company was founded in year 1987 with over 7 Lakhs customers
 Market Capitalization: Revenue is over Rs 2900 Crore
 Business and Services: Equity, Depository Services, Derivatives, Insurance,
Commodities, Mutual Funds, Portfolio Management Services, Currencies,
Private Wealth Management, Investment Banking, Loan Against Shares
 Employees: 1500 to 2000
 Headquarters: Corporate office is in Mumbai with operations in 520 cities
and 1500+ locations
 Website: www.motilaloswal.com

17. Bajaj Holdings or Bajaj Capital:- Bajaj Holdings is subsidiary of Bajaj

Group. The Bajaj Group was established in the Year 1926 by Jamnalal Bajaj.

 Market Capitalization: The total revenue generated by Bajaj Holdings is

over Rs 750 Crores this year(2020).
 Business and Services: Advisory and Financial planning services.
 Employees: 4000 to 6000
 Headquarters: Headquarter of the company is in Mumbai and their clients
are spread worldwide.
 Website: www.bajajgroup.org

18. Muthoot Asset Management Company:- The last but not the least is
Muthoot Asset Management Company. Muthoot Asset Management Company
has grown substantially under the leadership of M G George Muthoot. The
company was founded in Kerala in 1939.

 Market Capitalization: The net sales of Muthoot Finance in 2013 is around

Rs 4536 Crores to Rs 5000 Crores.
 Business and Services: The core business of the company is financing and
wealth management.
 Employees: 30,000 employees working for financing sector
 Headquarters: The corporate office is based in Kerala and it has overseas
branches in UK, US and UAE also.
 Website: www.muthootfinance.com
19. Edelweiss Asset Management Limited:- Edelweiss Asset Management
Limited has over 450,000+ clients.

 Market Capitalization: Rs 1000 Crores

 Business and Services: Mutual Funds, Brokerage and Wealth Management
 Employees: 3900 to 4000
 Headquarters: Mumbai, 211 offices in 106 cities in India
 Website: www.edelweissfin.com

20. Reliance Mutual Fund:- Reliance Mutual fund is subsidiary of Reliance

group. Reliance Mutual fund has over 6 million to 7 million investors

 Market Capitalization: Total assets worth Rs 86,327 Crores

 Business and Services: Mutual Funds and Asset Management services
 Employees: 10,000 to 15,000
 Headquarters: Corporate office is in Mumbai with presence in over 179
cities
 Website: www.reliancemutual.com
Investment Avenues

Investment Avenues are different ways that you can invest your money.
Following investment avenues that are considered in this report are as follows:

1. Saving Account
2. Bank Fixed Deposit
3. Public Provident Fund
4. National Saving Certificate
5. Post Office Saving
6. Government Securities
7. Mutual Funds
8. Life Insurance
9. Debentures and Bonds
10. Equity Share Market
11. Commodity Share Market
12. FOREX Market
13. Real Estate (Property)
14. Gold
15.Chit funds

They are explained below:

1. Mutual Funds:- A mutual fund is an investment vehicle that is made up of a

pool of funds collected from many investors for the purpose of investing in
securities such as stocks, bonds, money market instruments and similar assets.
Mutual funds are operated by money managers, who invest the fund's capital
and attempt to produce capital gains and income for the fund's investors. A
mutual fund's portfolio is structured and maintained to match the investment
objectives stated in its prospectus.

2. LifeInsurance:- Life insurance is a protection against the loss of income that

would result if the insured passed away. The named beneficiary receives the
proceeds and is thereby safeguarded from the financial impact of the death of
the insured. The goal of life insurance is to provide a measure of financial
security for your family after you die. So, before purchasing a life insurance
policy, you should consider your financial situation and the standard of living
you want to maintain for your dependents or survivors.

3. Debentures &Bonds:- A debenture is a type of debt instrument that is not

secured by physical assets or collateral. Debentures are backed only by the
general creditworthiness and reputation of the issuer. Both corporations and
governments frequently issue this type of bond to secure capital. Like other
types of bonds, debentures are documented in an indenture. There are 2 types of
debentures:

Convertible and Nonconvertible. A bond is a debt investment in which an

investor loans money to an entity (typically corporate or governmental) which
borrows the funds for a defined period of time at a variable or fixed interest rate.
Bonds are used by companies, municipalities, states and sovereign governments
to raise money and finance a variety of projects and activities.

4. Equity Market:- Equity market one of the most vital areas of a market
economy because it gives companies access to capital and investors a slice of
ownership in a company with thepotential to realize gains based on its future
performance. The securities traded in the equity market can be either public
stocks, which are those listed on the stock exchange, or privately traded stocks.

5. Commodity Market:- A physical or virtual marketplace for buying, selling

and trading raw or primary products. For investors' purposes there are currently
about 50 major commodity markets worldwide that facilitate investment trade in
nearly 100 primary commodities. Commodities are split into two types: hard
and soft commodities. Hard commodities are typically natural resources that
must be mined or extracted (gold, rubber, oil, etc.), whereas soft commodities
are agricultural products or livestock (corn, wheat, coffee, sugar, soybeans, etc.)

6. FOREX Market:- FOREX is the market in which currencies are traded. The
FOREX market is the largest, most liquid market in the world, with average
traded values that can be trillions of dollars per day. It includes all of the
currencies in the world. There is no central marketplace for currency exchange;
trade is conducted over the counter. FOREX transactions take place on either a
spot or a forward basis

7. Chit Fund:- A Chit fund is a kind of savings scheme practiced in India. A

chit fund company is a company that manages, conducts, or supervises such a
chit fund, such chit fund schemes may be conducted by organized financial
institutions, or may be unorganized schemes conducted between friends or
relatives. In some variations of chit funds, the savings are for a specific purpose.

8. Saving Account:-A savings account is an interest-bearing deposit account

held at a bank or other financial institution. Though these accounts typically
pay a modest interest rate, their safety and reliability make them a great option
for parking cash you want available for short-term needs.
Savings accounts have some limitations on how often you can withdraw funds,
but generally offer exceptional flexibility that’s ideal for building
an emergency fund, saving for a short-term goal like buying a car or going on
vacation, or simply sweeping surplus cash you don’t need in your checking
account so it can earn more interest.

9. Bank Fixed Deposit:-A fixed deposit, also known as an FD, is an investment

instrument offered by banks, as well as non-banking financial companies
(NBFC) to their customers to help them save money. With an FD account, you
can invest a sizeable amount of money at a predetermined rate of interest for a
fixed period. At the end of the tenure, you receive the lump sum, along with an
interest, which is a good money-saving plan. Banks offers different rates of
interest for a fixed deposit account.

You can choose a fixed deposit for a period ranging from minimum 7-14 days
to maximum 10 years. This is why an FD is sometimes called a term deposit.
When you open a fixed deposit account at a specific interest rate, it is
guaranteed, for the rate of interest remains the same, irrespective of any
changes, which happen due to market fluctuations.

The interest you earn is either paid at maturity or on periodic basis depending
on your choice. You are not allowed to withdraw the money before the
maturity. If you want to, you have to pay a penalty.

10. Public Provident Fund(PPF):-The Public Provident Fund (PPF) is a

savings-cum-tax-saving instrument in India, introduced by the National Savings
Institute of the Ministry of Finance in 1968. The main objective of the scheme
is to mobilize small savings by offering an investment with reasonable returns
combined with income tax benefits. The scheme is fully guaranteed by
the Central Government. When a PPF scheme is opened, the PPF account is
scheduled for the applicant where the money deposited every month and interest
is compounded.

11. National Saving Certificate:- In a Government of India Initiative, the

National savings certificate is a fixed income investment that you can open
easily with any post office. It is a savings bank scheme that encourages
subscribers primarily small to mid-income investors to invest while saving on
income tax under section 80C. You can invest as small as Rs.100 as an initial
investment with no maximum limit. Interest earned gets compounded annually
and reinvested by default but will be payable only at maturity. Investor can
nominate every family member (even a minor) so that they can inherit it in the
case of an unfortunate event of the investor’s demise.
 12. Post Office Saving:-Post office is one of the oldest organizations in India
which started way back during the British era in October 1854, initially
focusing on delivering mail(Post) and later started providing an array of other
financial services i.e., Banking, Insurance and Investments. The bigger
advantage of these schemes is their sovereign guarantee i.e., it is backed by the
Government. Some of the post office savings schemes also offer tax-savings
benefits under section 80C of the Income Tax Act.

13. Government Securities:-In the investing world, "government security"

applies to a range of investment products offered by a governmental body. For
most readers, the most common types of government securities are those items
issued by the U.S. Treasury in the form of Treasury bonds, Bills and Notes.
However, the governments of many nations will issue these debt instruments to
fund necessary ongoing operations.

Government securities come with a promise of the full repayment of invested

principal at maturity of the security. Some government securities may also pay
periodic coupon or interest payments. These securities are considered
conservative investments with low risk since they have the backing of the
government that issued them.

14. Real Estate (Property):- Real estate is the land along with any permanent
improvements attached to the land, whether natural or man-made—including
water, trees, minerals, buildings, homes, fences, and bridges. Real estate is a
form of real property. It differs from personal property, which are things not
permanently attached to the land, such as vehicles, boats, jewellery, furniture,
and farm equipment.

15. Gold:- Gold is one of the most popular precious metals for investment
today. It can be passed on from one generation to the other by way of
inheritance, bought for consumption purpose or as an investment avenue.
Thus, we can attach following 3 values to Gold:
o Emotional Value: Gold in the form of Inheritance / gift on special occasions
like marriage, birthdays, etc.
o Consumption Value: For self consumption or for future generations for their
consumption or gifts.
o Investment Value: As a hedge against inflation & during economic
uncertainties as a medium of exchange.
What is Wealth?

The ultimate goal of working hard and earning money is so that we can have a
peaceful and wealthy lifestyle later. But a lot of times we don’t know how to
grow our wealth to achieve those goals. It requires a lot of planning, investment,
right information and discipline. This is where wealth management comes in
handy and makes your life easier. It is a long term process that helps your
money grow over a period of time.

Adam Smith, in his seminal work The Wealth Of Nations, described wealth as
"the annual produce of the land and labour of the society". This "produce" is, at
its simplest, that which satisfies human needs and wants of utility.

In popular usage, wealth can be described as an abundance of items of

economic value, or the state of controlling or possessing such items, usually in
the form of money, real estate and personal property. An individual who is
considered wealthy, affluent, or rich is someone who has accumulated
substantial wealth relative to others in their society or reference group.

Wealth measures the value of all the assets of worth owned by a person,
community, company, or country. Wealth is determined by taking the
total market value of all physical and intangible asset owned, then subtracting
all debts. Essentially, wealth is the accumulation of scarce resources.

Specific people, organizations, and nations are said to be wealthy when they
are able to accumulate many valuable resources or goods. Wealth can be
contrasted to income in that wealth is a stock and income is a flow, and it can
be seen in either absolute or relative terms.
Acknowledgement

“The satisfaction that accompanies on the successful completion of any work

would be incomplete unless we mention the name of the person, who made it
possible, whose constant guidance and encouragement crowned our efforts with
success.” I consider it a privilege to express a few words of my gratitude and
respect to those who guided and inspired me in the completion of this project. I
would like to thank the management of Faculty of B.Voc. Banking and Finance,
Lucknow with all depth of my heart for permitting me to undertake Major
Research project on such a relevant and significant topic as well as providing
me experts for guidance at various stages of the project. I owe the deep sense of
gratitude towards Ms. Priyanshi Ma’am(Banking Environment and Operations)
and Mrs. Shivani Kushwaha Ma’am (Essentials of Management and Business
Statistics) who has been instrumental in providing me the right environment so
that I proceed through the right direction of the completion of the major
research project.I also acknowledge with a deep sense of reverence, gratitude
towards my parents, my friends & all those who supported me in completing my
project report, they always supported me morally as well as economically for
successfully completion of my major research project report.
Objectives of Wealth Management

 Investment planning: Assists you in investing your money into various

investment markets, keeping in mind your investment goals.

 Insurance planning: Assists you in selecting from various types of

insurances, self insurance options and captive insurance companies.

 Retirement planning: Is critical to understand how much funds you

require in your old age.

 Asset protection: Begins with your financial advisor trying to understand

your preferred lifestyle and then helping you deal with threats, such as
taxes, volatility, inflation, creditors and lawsuits, to maintaining this
lifestyle.

 Tax planning: Helps in minimizing tax returns. This might include

planning for charity, supporting your favorite causes while also receiving
tax benefits.

 Estate planning: Helps in protecting you and your estate from creditors,
lawsuits and taxes. This service is critical for every person whose net
worth is high.

 Business planning: This service aims at optimizing the tax free

advantages of running your own business.

 Business succession planning: Assists in planning for the inevitable to

maximize returns.

 Wealth transfer: Helps you pass on your wealth to your dependents.

 Wealth Management Solutions

1. Financial Planning:- Everyone has needs and aspirations. Financial

Planning is an approach to assess the adequacy of income and assets of a person
to meet the financial requirements for fulfilment of these needs and aspirations.
The role of financial planning has been increasing in the market because:
 Needs and aspirations of people are ever-increasing. This increases the
financial challenge that people face. Investors need to be counselled on
the difference between needs (essentials) and wants (desires).
Prioritization of expenses is critical for people who are struggling to
make both ends meet.

 The period of earning for individuals is reducing, while the longevity (life
span) of people is increasing. This means that incomes earned over a
shorter time period need to finance the needs over a longer period of time.
Hence the need for retirement planning.

 In a nuclear family, the individual is responsible for his immediate

family. The extended family, staying under a different roof, cannot be
expected to support the regular financial needs of the individual.

 Joint families are giving way to nuclear families. The nuclear family stays
in a separate house. The rentals or the acquisition cost of a house, are an
important financial need to plan for.

 Increasing complexities in family structure can create problems while

transfer wealth to the next generation. Therefore, estate planning is
important.

 Tax provisions keep changing. People need to plan their taxes and ensure
that they take full benefit of the concessions available. This has opened
the doors for professional tax advisers.

 The financial assets and liabilities that are available in the market for
various needs are getting more and more complex. It is difficult for a
layman to have a comprehensive understanding of these financial
products.
  Income levels are going up. Higher investible surplus needs to be
invested prudently for the future. Hence the need for professional
financial planning advice.

A professional financial planner helping individuals navigate these challenges is

an important member of our society. The role and influence of financial
planners is bound to grow in India.
Kinds of Financial Planning
There are two approaches to financial plan:
1. Goal based Financial Plan:-The goal-based financial plan can get more
complex, when we provide for multiple goals, with a different asset allocation
for each goal, and different projected returns for each asset class. Goal-based
financial plans are a usual starting point for the investor- planner relationship.
2. Compressive Financial Plan:- A comprehensive addresses the above
limitations of a goal-based financial plan. It provides complete information on
the overall financial position of the investor, and how the financial goals will be
met periodically. Multiple formats of Comprehensive Financial Plan are
possible, for various situations.

Financial Planning in India

Mutual Fund distributors and others involved in selling or distributing mutual
funds need to pass the prescribed examination before they can start selling
mutual fund schemes. However, no such requirements have been set for
financial planners and wealth advisers.
Securities & Exchange Board of India (SEBI) has come out with a concept
paper on the proposed regulatory structure for investment advisers. The
highlights are as follows:
1. There is an inherent conflict of interest between a distributor earning a
commission as agent of a product manufacturer (such as a mutual fund) and
performing the role of financial adviser claiming to protect the investor’s
interests.
2. The proposed model to tackle this conflict of interest is as follows:

 They may act as advisor to investor for multiple financial products.

  Advisors should acquire higher level of qualifications.
 They should be subject to Investment Advisors Regulations.
 Advisers should be governed
 The person who interfaces with the customer should declare upfront
whether he is a financial advisor or an agent of the companies.
 They will receive all payments from the investor. There would be no
limits set on these payments.

2.Tax Planning:- Tax planning is the analysis of a financial situation or plan to

ensure that all elements work together to allow you to pay the lowest taxes
possible. A plan that minimizes how much you pay in taxes is referred to as tax
efficient. Tax planning should be an essential part of an individual investor's
financial plan. Reduction of tax liability and maximizing the ability to
contribute to retirement plans are crucial for success.
3. Insurance Advisory:- A professional who provides specialized guidance
and advice for investment in various insurance schemes is an insurance advisor
or insurance consultant.
Insurance agents are equally rewarded as their work helps people to build
assets, take care of child education, transferwealth from one generation to the
next, plan for retirement and much more. The insurance industry offers you a
golden opportunity to make a difference in people's lives and society.

4. Retirement Solutions:-Retirement planning or solutions

determines retirement income goals and the actions and decisions necessary to
achieve those goals. Retirement Planning includes identifying sources of
income, sizing up expenses, implementing a savings program, and managing
assets and risk. Future cash flows are estimated to gauge whether the
retirement income goal will be achieved. Some retirement plans change
depending on whether you’re in, say, the United States or Canada, which has
its unique system of workplace-sponsored plans.

Retirement planning is ideally a lifelong process. You can start at any time, but
it works best if you factor it into your financial planning from the beginning.
That’s the best way to ensure a safe, secure and fun retirement. The fun part is
why it makes sense to pay attention to the serious and perhaps boring part:
planning how you’ll get there.

5. Estate Planning:-Estate planning involves determining how an individual’s

assets will be preserved, managed, and distributed after death. It also takes into
account the management of an individual’s properties and financial obligations
in the event that they become incapacitated.

Assets that could make up an individual’s estate include houses, cars, stocks,
artwork, life insurance, pensions, and debt. Individuals have various reasons for
planning an estate, such as preserving family wealth, providing for a surviving
spouse and children, funding children's or grandchildren’s education, or leaving
their legacy behind to a charitable cause.

6. Portfolio Management:-Portfolio management is an investment facility

offered by financial intermediaries to larger investors. The PMS provider keeps
receiving money from investors. Unlike mutual funds, which maintain their
investment portfolio at the scheme level, the PMS provider maintains a separate
portfolio for each investor. The cost structure for PMS, which is left to the PMS
provider, can be quite high. Besides a percentage on the assets under
management, the investor may also have to share a part of the gains on the PMS
portfolio; the losses are however borne entirely by the investor. PMS have an
unconstrained range of investments to choose from. The limits, if any, would be
as mentioned in the PMS agreement executed between the provider and the
investor.

7. Risk Management:-In the financial world, risk management is the process

of identification, analysis, and acceptance or mitigation of uncertainty in
investment decisions. Essentially, risk management occurs when an investor or
fund manager analyzes and attempts to quantify the potential for losses in an
investment, such as a moral hazard, and then takes the appropriate action (or
inaction) given the fund's investment objectives and risk tolerance.

Risk is inseparable from return. Every investment involves some degree of risk,
which is considered close to zero in the case of a U.S. T-bill or very high for
something such as emerging-market equities or real estate in highly inflationary
markets. Risk is quantifiable both in absolute and in relative terms. A solid
understanding of risk in its different forms can help investors to better
understand the opportunities, trade-offs, and costs involved with
different investment approaches.
Financial Planning to Wealth management

Financial planning seeks to ensure adequacy of assets and cash flows for
meeting the financial goals of the Investor. In the case of a wealth management
Investor, adequacy of assets is not an issue. The Investor will have the assets,
though cash flow (liquidity) can be an issue if not suitably invested.
A wealth manager seeks to understand what the Investor wants with the wealth
viz. grow the wealth with an openness to take risk; or consolidate the wealth
with a conservative approach to risk; or preserve the wealth while avoiding risk
to the extent possible. Different asset allocation mix would be appropriate for
each of these profiles. Wealth Management deals with creation, accumulation,
preservation and enjoyment of wealth.

The Firm which I’ve studied is

Motilal Oswal Financial Services Limited
Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Ltd (MOFSL) was set up by Motilal Oswal
and Raamdeo Agrawal as a broking house in 1987.

The company entered into investment banking in 2005, followed by private

equity fund in 2006.

In February 2006, Motila Oswal Financial Services Ltd. acquired Peninsular

Capital Markets, a Cochin, Kerala based broking company for Rs. 35
Crores. The company tied up with State Bank of India in 2006, Punjab National
Bank in 2007 and Axis Bank in 2013 to offer online trading to its customers.

In January 2010, Motilal Oswal Financial Services Ltd. set up Mutual

fund business named as Motilal Oswal Asset Management Company
(MOAMC).

In 2013, Motilal Oswal Financial Services Ltd. established Aspire Home

Finance Corporation Limited (AHFCL). The company offers loans for home,
construction, composite, improvement, and extension in India.

Motilal Oswal Financial Services Limited is an Indian financial services

company offering a range of financial products and services. The company was
founded by and Raamdeo Agrawal in 1987.

Services provided by MOFSL

1. Demat Account
2. Trading Account
3. Intraday Trading Account
4. IPO Account
5. Equity Trading Account
6. Currency Trading Account
7. Commodity Trading Account
8. Futures & Options Trading
9. Margin Trading
10. Dedicated advisory
11. SIP through WhatsApp
12. Portfolio restructuring
13. 24x7 Chat service
14. Flexi Loan
15. ICICI bank loan services
16. Financial Calculators
Investment Facilities
1. Equity/Derivatives
2. Commodities
3. Currency
4. Mutual Funds
5. IPO/Bonds/FD
6. US Equities
7. Small cases
8. Portfolio Management Services
Declaration by the Student

I Sidhid Khanna, student of B.VOC (Banking and Finance) Sem II, declare that
the Project report entitled “ Wealth Management” is my own work conducted
under the supervision of (Name of supervisor ) as a
part of my academic curriculum.

I further declare that to the best of my knowledge the report does not contain
any part of any work which has been submitted for any other project either in
this institute or in any other without proper citation.

Date: Candidate’s Signature

Content
First Page………………………………………………….
Acknowledgement…………………………………………
Content……………………………………………………..
Introduction………………………………………………...
 Wealth management meaning………………………
 Role of financial planner/financial advisor…………
 Life cycle……………………………………………
 Wealth cycle.………………………………………..
 Systematic approach to Investing…………………...
1. Systematic investment plan………………………
2. Systematic withdrawal plan………………………
3. Systematic transfer plan………………………….
 Risk profiling……………………………………….
 Asset allocation……………………………………..
1. Strategic asset allocation…………………………
2. Tactical asset allocation………………………….
3. Fixed asset allocation…………………………….
4. Flexible asset allocation………………………….
 Wealth management in India……………………….
 Investment Avenues………………………………..
 What is Wealth ?.......................................................
 Objectives of Wealth management…………………
 Advantages of Wealth management………………..
 Wealth management Solutions
1. Financial planning
2. Kinds of Financial planning
 Goal based financial plan
 Compressive financial plan
3. Financial planning in India
4. Tax planning
5. Insurance Advisory
6. Retirement Solution
7. Estate planning
 8. Portfolio management
9. Risk management
 Financial planning to Wealth management
 Motilal oswal financial services limited
1. Services provided by MOFSL
 Case study in wealth management
 Questionnaire
 Analysis and Interpretation
 Conclusion
 Bibliography
Questionnaire

Name:-

Gender:- Male Female

Family Structure:- Joint Nuclear

Annual Income (in Rs)

Up to 2,00,000 2,00,000 – 5,00,000 5,00,000-10,00,000

10,00,000 – 25,00,000 More than 25,00,000

Which stage of life you are?

Young and Unmarried

Young and married, with no children
Married and having young children
Married and having older children
Retirement

In which sector you are employed?

Government Sector
Private sector
Business
Professionals
Home Maker
Others ___________
Please mention your current position where you employed
_________________________________

For how many years are you in this Profession?

Less than 2 Years 2-5 years

5-10 years 10-20 years
20-30 years More than 30 years

1. Which of the following avenues you have invested? (till date) (please rank
them in your preference)

a. Saving Account_____ b. Bank Fixed Deposit_____

c. Public Provident d. National Saving
fund_____ Certificate _____
e. Post Office Saving_____ f. Government
Securities_____
g. Mutual Funds_____ h. Life Insurance_____
i. Debentures_____ j. Bonds_____
k. Equity Share Market_____
l. Commodity Share Market_____
m. FOREX Market_____
n. Real Estate (Property)_____
o. Gold_____ p. Chit Funds_____
If Others (Please specify)

Q.No.2 Do you have Proper Financial Planning?

a. Yes b. No

Q.No.3 Do you Consult any Financial Planner?

a. Yes b. No

Q.No.4 What kind of Financial Planning you opt for?

a. Goal-based Financial Plan
b. Comprehensive Financial Plan

Q.No.5 Do you have Systematic approach to investing?

a. Yes b. No c. Not Sure
If yes, than in which plan you have invested
a. SIP b. SWP c. STP

Q.No.6 What percent of income you invest (save)?

a. Less than 5% b. 5% - 15%
c. 15% - 25% d. 25% - 30%
e. more than 30%

Q.No.7 What is your risk profiling?

a. Extremely Risk Averse
b. Moderately Risk Averse
c. Risk Neutral
d. Moderately Risk Oriented
e. Extremely Risk Oriented
Q

Q.No.8 Do you balance uncertainty with various asset mix investments?

a. Yes b. No

Q.No.9 What kind of Asset Allocation you will prefer?

a. Strategic Asset Allocation
b. Tactical Asset Allocation
c. Fixed Asset Allocation
d. Flexible Asset Allocation

Q.No.10 Duration you prefer for investment

a. Short Term b. Medium Term c. Long Term

Q.No.11 Are you aware of Wealth Management?

a. Yes b. No

Q.No.12 Do you know about Portfolio Management Services?

a. Yes b. No

Q.No.13 Have you read any material on Wealth Management?

a. Yes b. No

Q.No.14 What do you understand by Wealth Management?

________________________________________________________________
_______________________________________________________________
Analysis and Interpretation

The above data shows that 43.8% of surveyed respondents have proper financial
planning of their income; the remaining 56.3% respondents don’t have proper
financial planning which is an issue in this fast growing economy. As majority
of the people don’t know about wealth management and financial planning.
By the above data shows that around 26.7% of respondents consult financial
planner whereas 73.3% proportion of respondents do not consult any financial
planner which might lead to inefficient wealth management.

This graph can be interpreted 81.3as % of respondents preferred goal based

financial planning whereas 18.8% respondents opts for comprehensive plan as
their financial planning.
This chart show that how much respondent knows about systematic approach of
investment. 25% of respondents said that either they are not sure about it or they
don’t know anything on systematic investment approach, whereas 43.8%
respondents know about systematic investment approach.

In this chart only those respondent who said yes in previous question are
examined in this and 92.9% responses have SIP as their systematic approach to
investment and remaining 7.1% invested in STP, there is no responses in SWP
which means people either don’t know about it or not invest in this.
In this graph 37.5% respondent knows how to balancing uncertainty with
various asset mixes in investment whereas only 62.5% does not know how to
manage uncertainty.

This graph explains that 40% respondents prefer fixed asset allocation on the
same side flexible asset allocation is preferred by 30% of respondents. 29%
respondents prefer strategic asset allocation.
Horizon is very important will investing in any investment; here 37.5% of the
respondents prefer medium term investment, on same hand 50% investors
prefer long term investments but 12.5% investors invest for short term.

87.5% of respondents know about wealth management whereas only 12.5%

respondents are not aware about wealth management.
Conclusion

The wealth management industry in India is poised for significant expansion,

given the favourable market landscape and expected regulatory boosts for the
sector. This provides exciting growth opportunities which will drive rapid
market expansion, coupled with an increase in the number of industry
participants. To successfully tap into these potential, financial services
organizations must undertake a customized approach, taking into account the
specific variables of the Indian market. This will need to be supported by cost-
effective business model focused on improved transparency and compliance,
partnerships and efficient technology solutions.
 By survey we can say that many individual don’t know the real meaning of
wealth management as they interpret it as financial planning.
 Respondent prefer risk free asset to be in their portfolio like PPF, FD’s, Life
insurance, Gold etc. thus we can say that these are some popular sources other
than saving account.
 On an average saving percentage give an outlook of risk that person can beer.
Low saving ratio lead to lower risk & high saving ratio lead to high risk.
 Higher the return, higher the risk will be. Mutual funds though given the
higher return in long run than any other asset mix but yet not been preferred by
many of respondents, now a day SIP is more popularizing in mutual fund.

In recent years, the proliferation of wealth management products and innovative

financial services have contributed to the steady growth of wealth management
as an attractive and lucrative service sector within the financial industry around
the world. The constant forward march of technology is opening new markets in
wealth management. At the same time, rapid product development and changing
needs of the investors and globalization of businesses are posing new challenges
for the professionals in wealth management.
Assignment

PAPER NAME: BVB206

TOPIC: WEALTH MANAGEMENT
SUBJECT: BANKING OPERATIONS: LAWS AND REGULATONS

SUPERVISOR: SUBMITTED BY:

SIDHID KHANNA
21610
HEAD: B.VOC (B&F)
DR. DEEKSHA SHARMA SEM11

DEPARTMENT OF BANKING AND FINANCE

DEEN DAYAL UPADHYAY KAUSHAL KENDRA

NATIONAL POST GRADUATE COLLEGE

BIBLIOGRAPHY

1. www.slideshare.net
2. www.tenwealth.co.uk
3. en.wikipedia.org
4. www.motilaloswal.com
5. www.investopedia.com
6. groww.in
7. cleartax.in
8. www.news18.com