Wealth Management Industry Future Bright: IBM Study

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Mumbai: The consulting services organisation IBM Business Consulting Services, in its study Indian Wealth Management and Private Banking Survey 2003-04, has stated that the wealth management industry in India is poised for tremendous growth.

According to a company release, the study reveals that successful wealth managers with a clear vision and strategy and equipped with supporting people, processes and systems, will reap significant gains. The increased customer demand for sophisticated products will drive wealth managers to offer a wider array of more complex products and services. Technology tools will be critical for both enabling revenue generation as well as achieving operational effectiveness. Furthermore, increasing deregulation will enable customers to diversify their wealth locally and globally.

In response to the competition for key wealth management resources, the release adds, wealth managers will need to address staff satisfaction, compensation and retention strategies. Wealth managers will introduce profitability models and tools to measure and enhance their performance.

IBM Business Consulting Services, India Partner, financial services, strategy and technology consulting, Ravi Trivedy said in the release, “In India, there has been significant growth in income and wealth levels over the past few years. Financial services industry players have begun to recognize the potential of wealth management as a profitable business.”

He further added that the wealth management industry, though at a nascent phase, is experiencing rapid growth in terms of the number of providers, clients and assets under management.