Wealth managers, who develop an in-depth understanding of their customers, will be well-positioned to retain and grow business by deploying distinct strategies for marketing, pricing and servicing.

In India, there has been a significant growth in income and wealth levels over the past few years. Financial services industry players have begun to recognize the potential of wealth management as a profitable business.

The wealth management industry, though in a nascent stage, is experiencing rapid growth in terms of the number of providers, clients and assets under management. IBM Business Consulting Services undertook IBM’s second Indian Wealth Management and Private Banking Survey in the period between November 2003 and February 2004. IBM is of the view that the wealth management industry is poised for tremendous growth in India. We have developed a few key themes that we believe will prevail in the future.

The wealth management industry in India will continue to grow rapidly in the next few years. We believe that more financial services players will enter this industry and provide distinct and structured services. Financial institutions are increasingly looking at private banking and wealth management to augment their revenues, for they are regarded as profitable, less risky and not overly competitive. In addition to banks, asset management companies and brokering houses, the other entrants into the wealth management arena include independent financial advisors and investment banks.

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