In the past, wealth management in India was mostly done informally, frequently utilizing customary methods and emphasizing material possessions like gold and real estate. But the recent landscape has changed dramatically. India’s economy has been among the fastest growing in the world in recent years, and this economic boom has resulted in significant changes to the private wealth sector.
In India, the notion of private wealth management is evolving to meet the demands of ultra-high-net-worth individuals (UHNWIs) and high-net-worth individuals (HNWIs). Knight Frank’s flagship report, The Wealth Report 2024, projects that the number of UHNWIs in India will rise from 13,263 in 2023 to 19,908 by 2028. This represents a 50.1% growth in UHNWIs, the highest growth in UHNWI numbers for any country, over the next five years.
90% of UHNWIs in India anticipate a rise in their fortune by 2024. Nearly 63% anticipate a notable rise in their wealth value of more than 10%. Globally, the number of affluent people is predicted to rise by 28.1% by 2028. The percentage of UHNWIs worldwide increased to 626,619 in 2023 from 601,300 in 2022, a 4.2% increase. India’s UHNWI population increased by 6.1% annually in 2023 compared to 13,263 in the previous year.
As a result of the emergence of a new generation of affluent individuals, there has been a shift towards more structured and professional wealth management services.
Making the most of your investments through diversification and risk management requires HNIs to be able to negotiate opportunities and obstacles. By obtaining skilled financial planning from an expert, you may optimize your assets and accomplish your intended objectives.
Geojit Private wealth is designed to cater to the diverse and complex financial needs of wealthy individuals. Our Private Wealth business was instituted to cater to the tailored needs of Corporates/ Institutions, High Net Worth and Ultra High Net Worth Individuals, Family offices and C-suite professionals. We apply our expertise to determine the ideal combination of fund managers across asset classes in order to produce a profitable portfolio. The cornerstone for our business is the 3 P’s: People, Product and Platform.
The Private Wealth RMs at Geojit offer customized investment solutions based on your investment objectives and milestones. The group’s driving principle is a client-centric approach. To create a customized investment plan that meets your objectives, our team takes the time to understand your level of risk tolerance, timeline and financial aspirations. You can minimise risks, make the most of your investments, and work toward long-term financial success with this customized strategy. We offer a wide range of products and services, including, PMS, Mutual funds, Credit Solutions, Alternative Investments Funds, and Succession & Estate Planning.
Secondly, the Investment & Research team stays abreast of market trends, financial news, and investment opportunities, making them experts at providing the right suggestions. Through quarterly portfolio reviews, their knowledge aids in the exploration of further investment options.
Thirdly, by diversifying your investment portfolio with an eye toward the long term, Geojit aids in prudent Asset Allocation. This is an indication of astute wealth management and can aid in reducing overall risk.
Furthermore, Geojit recognizes the need for technical innovation and concentrates its efforts on building cutting-edge platforms for customer demands such as Flip, Wealth Spectrum, TraderX, and Smart folios, which increase accessibility to complex financial services.
Finally, we will contribute to giving you peace of mind. We will closely monitor your investments and suggest modifications if the market or your financial circumstances shift. By being proactive with your management, you can keep your financial plan moving toward your objectives and prevent costly mistakes.
In conclusion, Geojit private wealth management provides a broad spectrum of services designed for your personal goal attainment under one roof. In a transformative era of wealth creation, sectors continue to evolve. Geojit Private Wealth will adapt to the changing needs of India’s affluent population, ensuring that they can navigate the complexities of wealth with confidence and expertise.
Author is CEO of Private Wealth Services, Geojit
