With the growth of the Indian economy and the rise in the wealth of the people, there is a growing demand for Wealth Management functions. Wealth Management involves understanding the clients' financial and investment requirements and accordingly providing financial planning and portfolio management services. The practical experiences of Wealth Management professionals emphasize that customer behavior and psychology play a very prominent role in successfully building and sustaining a Wealth Management relationship. Behavioral finance is a nascent but growing discipline, which studies investor's psychology while making financial decisions. Demographic profile and investor personality can be the two determinants for making perception about the investor psychology, which if scientifically studied could help the Wealth Management professionals to advice their clients better. This paper aims to investigate the effect of demographic profile and personality type of the investor on investment choice. Such understanding could prove to be a boon for the burgeoning Wealth Management industry in India. This study is solely based on the information obtained through a survey process in India.

'Wealth Management' services in the area of personal financial planning has witnessed more attention during the last couple of years in India as it is one of the emerging economies of the world; rising stock prices and increase in incomes turned the spotlight on this sector.

"Wealth management industry in India today stands at $6 bn out of the total retail banking size of $10 bn. By FY2010, retail banking will grow to $20 bn and the share of wealth management at $10 bn," says Murali Natarajan, Regional Head for Consumer Banking, Standard Chartered Bank. Wealth Management services actually involves fiduciary tasks in providing professional investment advice and investment management services to High Networth Individuals. Depending upon the mandate of the services given to the Wealth Manager, Wealth Management services could be packaged at various levels.

'Behavioral finance', commonly defined as application of psychological aspects to financial planning decision-making, has become a much discussed topic in recent times. `Standard finance' is based on the notion of `Homo Economicus' or `Rational Economic Man'. Stemming from neoclassical economics, Homo Economicus is a simple model of human economic behavior, which assumes that the principles of perfect self-interest, perfect rationality, and perfect information govern economic decisions by individuals. But this is not true. People are neither perfectly rational nor perfectly irrational: they possess diverse combinations of rational and irrational characteristics. Behavioral finance attempts to identify and learn from the human psychological phenomenon at work in financial markets and within individual investors.

Wealth Management, Behavioral Finance, Indian Investors, Financial planning, Portfolio management, Financial decisions, Demographic profile, Wealth Management industry, Investment Decision-Making Process, Expected Utility Theory, EUT, National Saving Certificates, NSC, Public Provident Fund, PPF.