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AUM : 900cr
Clients : 300 families (Top 10-15 account for bulk of the AUM)
Dhruv Mehta explains the expectations HNIs have from their advisors and how he delivers them. HNIs are very knowledgeable, successful and have a wide access to information so they expect Expertise. What gives an IFA an edge over big wealth management firms is the trust and confidence they can provide which proves to be more effective than big names and wide access to exotic products because HNIs simply want someone to fall back on regarding money decisions (like they have their family doctors for any health concerns). They often tend to have conversations around wealth where there is exchange of information rather than one-sided education which makes it important for IFAs to stay up-to-date on all products, whether or not they may offer it so they can give a balanced, unbiased view on what’s truly best for the client.
When asked whether “exotic” products serve better than a simplistic approach, he says a client’s portfolio often goes through a certain evolution as it grows and begins to include PMS, AIFs, structured products, etc. Over time it is often observed that these add complication and no incremental benefit to a portfolio proving that simplicity holds.
Discussing how he demonstrates advisory competence where options are plenty, he says understanding that asset allocation is often more important than researching and timing markets is the first step. It is important to convey conviction to a client and gain their trust that you will manage their portfolio as if it were your own, which will prove to be way more effective than discussing numbers and research. It is also extremely important to help your client solidify goals behind every investment, which will not only give them clarity but it will also help you tailor your strategies to best fit your client’s needs.
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