Though wealth management and financial planning are synonymously used in the investor fraternity, they are not exactly alike. Wealth management encompasses the broader areas of understanding the client requirements based on his/her risk appetite and risk tolerance level, which eventually culminates into advising products suitable to the client's requirement. Today the financial planning arena is attracting many investors and they are seeking expert advice to lure the market at the right time. In this issue of expert's column, we capture views of a practicing Wealth Manager pertaining to these related issues.

Have the people in India leveraged their savings potential completely? If not, why? What are the areas where savings could be channelized better and how can this be done more effectively.

I don't think so. Majority of Indians still prefer to spend rather than save. Even those who prefer to save intend to invest in bank fixed deposits or government—guaranteed products. Only a select breed of affluent Indians are concerned about growth of their savings at a higher pace in order to achieve future goals. To overcome this, more awareness about investment alternatives is required, especially in remote areas. Opening of branches in rural areas by Indian corporates involved in financial services can make a lot of difference.

Financial planners generally maintain a one-on-one relationship and work more closely with their clients. The possibility of long-term one-on-one relationship between the client and the individual financial planners is high as compared to banks and brokerage firms.

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