60lac + salary - do you have a wealth manager?

Let me get to that salary first. Will let you know post that. 🥲

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.

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!

It might make more sense if one has 1 cr+ fairly liquid corpus

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.

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.

Using Dezerv PMS and exploring 1 finance as well

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.

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

Following.