Wealth Industry business has a great future? Part 2
Today I am going to tell you how the Wealth Industry has a great future. Seriously.
The Wealth industry is now to big to be just shut down or wished away. So they will have to find a way of surviving. Sorry, thriving.
So they will do the following (and the client will comply with their requirements):
1. The number of banks and wealth advisory business providers are GROWING not shrinking.
2. The HNI / super HNI / Ultra HNI – is more than happy to buy from a ‘brand’ , or as a sense of achievement, or as a trophy. This will ensure excellent surroundings in which the sale will be made.
3. The MF industry is very profitable for the manufacturer and the banks peddling them. This will ensure that bank sales of 3rd party products will go up and go up fast.
4. Banks are now going into the interiors of the country – which will ensure excellent penetration of mutual funds and tied life insurance products (read endowment and pension plans) .
5. Most jobs are being created in the BFSI space – for the software industry, banking and ancillaries….So there will be a greater number of people selling financially toxic products. More power to them!
6. A slow down in the US, Europe, Japan will mean that the banks (by the way did u know that most of Indian banking is OWNED by foreigners? ) will do more aggressive sales in India. Like a foreign banker friend said ‘far easier to sell in India’s legal environment rather than Singapore or Hongkong.
7. So many wealth management companies, newsletter creators, training agencies, …are now operating in India that they will surely expand the market….
…good enough right?
ElectroV
The whole idea of “business” is to make money, either by charging extra, churning portfolios, etc.. because everyone is number driven, target driven which leads to growth *that which is appreciated by the markets*.
If the customer has the ability to prevent this extra charge, then he/she should do so.
I just see people who are good at convincing others *even when they are wrong*, make money. That is how bubbles are made, RE boom, CDOs, Madoff, etc.
The Wealth industry is here to stay, and is not something that can fail as an industry, because if its fail, there will be no more “wealthy”.
rohit
subra sir , one quick query
you used to recommend some stories book ( actually teachings in form of stories) some how I forget the same -something like jatak kathayien or some thing can you please help on same , I want same to my kid ,
regards
Ramesh
@Rohit
Amar chitra katha box.
rohit
thanks Ramesh ji , in additon to same tehre was one more –
I vaguely remember one story out of same one sadhu was having one kutiyaa outside village ,people were happy and giving him good food for his work and preaching ,suddenly a more experience sadhu arrives , initially ok ,but later the previous sadhu start jealousy him and created schemes for him to move , which the new sadhu accepts and move on , but later previous sadhu realizes his mistake and so on
sorry for being so vague , some how I lost the bookmarks , but it was very good collection of inspiring stories
regards