60lac + salary - do you have a wealth manager?
Tomatwo
Student
8 months ago
60 lakh - wealth manager. Wealth manager is assigned or needed if you run into crores not lakhs. You can't even open a private account in big banks with 60 lakh salary. Usually people take CFP help not wealth managers for that kind of salary.
Not really. Wealth management client is anyone who has an investinle income of 50 lacs
Who said wealth managers don't have cfa, caia, cfp certification? They also have nims and others that they take every 2 years or less mandatory
See more comments
It all depends on your personal finance knowledge and interest. If you don’t enjoy, outsourcing is better. If you are disciplined, understand finance, best is to handle it yourself. Even if you don’t want a direct exposure to stocks, get an exposure via MFs.
Nobody loves your money more than you!
No.
If you can afford the time, DIY >> Wealth managers.
I don't think I'll get one until I reach 2cr+ comp. Until then it's fairly easy.
Using a wealth manager from a bank is the perfect way to lose your wealth.
DIY works for most people.
Invest in index, take health and term insurance is good advice for most in this bracket.
Once your assets cross couple of crores, you can hire a fee only financial advisor.
Hmm, I think in India this is the general mentality. Several fee only financial advisors have hence given up their license because everyone has this DIY attitude in India. The basics part is too simplistic. Health index term. These will come in very early in the journey and not when you start accumulating money so it is not relavent at that stage as most will already have it. Those who don't have it will be DIYs I guess
Absolutely. I like to outsource all such activities that require a special expertise which I do not possess. Though I don’t have like a professional wealth manager, just 2 friends who do this for a living. I think to get a PWM, you need to have a corpus of 50 lakhs minimum as per SEBI rules.
Don't understand this... Why would there be a govt body involved ? It's just me and some other guy I hired to be an advisor.
Or wealth manager means something entirely different ???
Minimum 50 lakhs is required for PMS - portfolio management services. Imo, MFs are better than PMS.
Wealth managers are not needed if you are very smart with money and have ~10 hours a month to manage money.
But wealth managers are good if you are lazy which I am
So you can define your own goals and rebalance or get access to premium products on your own
Namkeen
Stealth
8 months ago
Using Dezerv PMS and exploring 1 finance as well
Spoileralert
Stealth
8 months ago
I did, then I married her!
