Best Wealth management firms/banks in India

[devine_mortal]

I have a wealth management account with Citi for a few years now. However, since Axis has taken over, their services have gone down the drain and I'm looking to move to another provider. Any suggestions on the best Wealth management solutions based on your experiences?

I had Kotak Mahindra in mind but their starting value seems to be ~5cr. My range would be around 1.

 

[OverdosingOnCopium]

You say wealth management firm in the title but seem to be talking about wealth management bank accounts. Which one is it?

And I feel like 1cr is a pretty easily manageable amount without a wealth management firm. I invest a little more than 10cr right now and I don't feel the need to hire a wealth management firm or even use one of those wealth management accounts, despite having one in ICICI.

 

[LIIT]

You say wealth management firm in the title but seem to be talking about wealth management bank accounts. Which one is it?

And I feel like 1cr is a pretty easily manageable amount without a wealth management firm. I invest a little more than 10cr right now and I don't feel the need to hire a wealth management firm or even use one of those wealth management accounts, despite having one in ICICI.

Fun to hear about your 10cr, but -
Stomach ulcers hojata hai logo ko in digesting 10-20L weekly jumps in their portfolio (1-2L in OP's case)

And then there's those jo Kiyosaki ki doomsday calling sunnke gold khareedne me lage hain 🤣

How about some show and tell?
Let's hear your portfolio strategy.

 

[devine_mortal]

You say wealth management firm in the title but seem to be talking about wealth management bank accounts. Which one is it?

And I feel like 1cr is a pretty easily manageable amount without a wealth management firm. I invest a little more than 10cr right now and I don't feel the need to hire a wealth management firm or even use one of those wealth management accounts, despite having one in ICICI.

Good to hear that (or not) but honestly, 1cr is big enough for me and I'm pretty new to this PMS kinda investments so very cautious.

About a bank or firm, either works for me as long as they are good with management stuff.

Also, if I wanna remove my banking distribution code from my pms, is there a benefit on management fee they charge?

 

[OverdosingOnCopium]

Fun to hear about your 10cr, but -
Stomach ulcers hojata hai logo ko in digesting 10-20L weekly jumps in their portfolio (1-2L in OP's case)

And then there's those jo Kiyosaki ki doomsday calling sunnke gold khareedne me lage hain 🤣

How about some show and tell?
Let's hear your portfolio strategy.

Here. Around 7cr is divided into:

Franklin India Savings fund
Parag Parikh Liquid

1cr in fd

Remaining is in my savings account to pay cc bill.

 

[LIIT]

Here. Around 7cr is divided into:

Franklin India Savings fund
Parag Parikh Liquid

1cr in fd

Remaining is in my savings account to pay cc bill.

No planning, rebalancing, hedging, spreading, RE, gold nothing?
Hmm. You were right. Pretty easy. FD me hi daalne boldo🤷
Not sure what the binance ss is for, but cool again!

 

[sxchzy]

I have a wealth management account with Citi for a few years now. However, since Axis has taken over, their services have gone down the drain and I'm looking to move to another provider. Any suggestions on the best Wealth management solutions based on your experiences?

I had Kotak Mahindra in mind but their starting value seems to be ~5cr. My range would be around 1.

icici ,it offers pms services from 50L via icici securities
dbs treasures also might be possible

 

[sxchzy]

Here. Around 7cr is divided into:

Franklin India Savings fund
Parag Parikh Liquid

1cr in fd

Remaining is in my savings account to pay cc bill.

the expense ratio of franklin fund must be crazy in eating your returns
why not mirror investments or index funds which have lesser expense ratio

 

[devine_mortal]

icici ,it offers pms services from 50L via icici securities
dbs treasures also might be possible

I did talk to their advisor once and all he said was how bad my existing portfolio was and how I should re-invest in a completly different strategy. That was a red flag for me bcoz, TBH, existing strategy has been doing above average if not best so it was obvious he wasn't really advising to the best of his ability. Plus he did not know about exit loads in PMSs. Kinda bummer!

I was also talking to SC advisor and honestly, he did a way better job and understood what he was talking about. Its wealth management account has some good benefits including a ltf SC Ultimate. My only concern is how good are they in their services in long term. Citi was quite good (until recently) and that's my benchmark so comparing to that only.

 

[sxchzy]

I did talk to their advisor once and all he said was how bad my existing portfolio was and how I should re-invest in a completly different strategy. That was a red flag for me bcoz, TBH, existing strategy has been doing above average if not best so it was obvious he wasn't really advising to the best of his ability. Plus he did not know about exit loads in PMSs. Kinda bummer!

I was also talking to SC advisor and honestly, he did a way better job and understood what he was talking about. Its wealth management account has some good benefits including a ltf SC Ultimate. My only concern is how good are they in their services in long term. Citi was quite good (until recently) and that's my benchmark so comparing to that only.

icici advisors are usually about over and mis selling
with the nrv you have you yourself can manage a etf portfolio i believe

 

[raviemailid]

What do we mean by a good Wealth management firm/bank? What benchmark we wish to meet?

If you ask me - it's return. I had spoken to HDFC on this they had suggested a mixed portfolio for my 50L. After much debate I preferred to give it to a firm (I had used them for SIP a while ago). It's been just 9 months with them and I am fairly happy. I am not a greedy type of investor.

Unlike a fellow member here, I am a strong advocate of getting a firm to do your work against a fee for 50L and above, but then I also know friends who are happy to manage their own portfolio based on paid advisor groups.

 

[devine_mortal]

Which firm have you hired and whats the fee structure like?

 

[raviemailid]

Sanyojit was my MF manager and for PMS, they have a tie-up with Agreya Capitals, a SEBI-registered PMS company. They have varying rates based on your preference, the one for me is roughly around 2%.

 

[OverdosingOnCopium]

No planning, rebalancing, hedging, spreading, RE, gold nothing?
Hmm. You were right. Pretty easy. FD me hi daalne boldo🤷
Not sure what the binance ss is for, but cool again!

Binance is the leading Crypto currency Exchange. And I believe that we should focus on what we're good at. I'm good at margin and options trading and have a lot of experience in it. I make the bulk of my profits that way. I just keep the rest of my money in funds suggested to me by the internet, friends and colleagues. Keep it simple and focus on what you're good at.

 

[CARDBITRAGE]

I have a wealth management account with Citi for a few years now. However, since Axis has taken over, their services have gone down the drain and I'm looking to move to another provider. Any suggestions on the best Wealth management solutions based on your experiences?

I had Kotak Mahindra in mind but their starting value seems to be ~5cr. My range would be around 1.

Stay away from the wealth managers that come with your HNI accounts. More often than not, they are inclined towards maximizing the return for the banks which is obviously not good if you're looking to grow your wealth. There are various PMS available with a minimum investment amount of 50L(which is stipulated by SEBI), so with 1 CR you have a lot of options. You can have a look at Marcellus. I track their portfolios and they've done some pretty solid investments and made handsome returns for their investors. Having said that, I do not invest with them or any PMS as I handle all my investments myself.

 

[devine_mortal]

Stay away from the wealth managers that come with your HNI accounts. More often than not, they are inclined towards maximizing the return for the banks which is obviously not good if you're looking to grow your wealth. There are various PMS available with a minimum investment amount of 50L(which is stipulated by SEBI), so with 1 CR you have a lot of options. You can have a look at Marcellus. I track their portfolios and they've done some pretty solid investments and made handsome returns for their investors. Having said that, I do not invest with them or any PMS as I handle all my investments myself.

Thanks. I'm already invested in ASK IEP and after 5 years, their performance is above average tbh. Since there's an exit load, trying to decide if still moving out wud make sense. Not getting enough help from citi RM and hence was thinking about switching.

I'm not very good with share markets so a little afraid of taking these decisions myself.

 

[CARDBITRAGE]

Thanks. I'm already invested in ASK IEP and after 5 years, their performance is above average tbh. Since there's an exit load, trying to decide if still moving out wud make sense. Not getting enough help from citi RM and hence was thinking about switching.

I'm not very good with share markets so a little afraid of taking these decisions myself.

Good that you are wary about putting money into the equity markets, but as long as you keep yourself well-informed there is nothing to fret about. There are very few avenues left to avoid(not evade) tax in India and for a layman, the stock market is their best bet.
Most PMS are out there to feed off their customers charging high portfolio fees while delivering fatuous returns. And they often turn out to be worse than mutual funds. So you should be careful with the fund house you choose next.

If you haven't already, you should find yourself a reputed financial advisor who will provide you with a proper insight into the various asset classes that would work for you. For instance, my current wealth distribution of liquid money is 55:35:10::Equity:.Debt:Gold. You will probably arrive at something like this after a discussion with your financial advisor based on your wealth, obligations, and requirements. But do a bit of due diligence on some of the technicalities before hiring someone so it will be easier for you to comprehend things.

 

[devine_mortal]

That's the thing. How do you find a "good" financial advisor? There are so many banks and firms providing financial advice. That was the whole reason for starting this thread.

 

[CARDBITRAGE]

That's the thing. How do you find a "good" financial advisor? There are so many banks and firms providing financial advice. That was the whole reason for starting this thread.

The best way to ask someone you know(family or peers). Otherwise, look for any long-standing CFP in your city and contact a few of them to enquire about their experience and charges.

 

[bsc0008]

For fee only advisors who work based on fixed fee or as a % of your AUM you may refer below link. The people listed in this page are some of the well reputed members of the RIA community in India.

List of Fee-only Financial Planners in India (SEBI RIAs)

Here is a list of SEBI-registered fee-only financial planners (investment advisors) in India. The advisors on this list charge a flat fee for financial

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