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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 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.
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.
Using Dezerv PMS and exploring 1 finance as well
How is the PMs performing. Would love to know. And why dezerv or 1finance vs 50 others who have a better track record. Would love some insights.
Chosen Dezerv because of visibility. Didn’t know other players in market. They took money in Nov last year. Invested all money chunks by Feb 24. 42% XIRR. Pretty satisfied
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
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
Following.
I did, then I married her!