Seminar talk by Prof. Pankaj Chandra, Director, IIM BangaloreNovember 16, 2010
National Finance Conclave 2010November 27, 2010
Topic: Wealth Management
Date:December 16, 2010
Speaker Profile :
Mr. Patnaik is an alumnus of XIMB Bhubaneswar with specialization in Finance and Marketing. He has worked in various capacities in corporate like Ranbaxy, Tata Steel before switching over to Standard Chartered Bank in Kolkata to look after its wealth Management Dept. From there he moved on to work in ABN Amro Bank Dubai in Wealth Management Services Dept. At present he is a senior VP looking after the Wealth Management activities of the RAS-Al- Khaimah Bank in Dubai.
Mr. Patnaik spoke about the nuances of this particular market. Wealth Management is an investment advisory discipline that incorporates financial planning and Investment Portfolio management and a number of aggregated financial services.
Explaining Wealth Management further, he said that it is a service provided by financial institutions to help High Net worth Individuals (HNI) protect and grow their wealth. This advanced investment advisory discipline involves providing a diverse range of services, such as financial planning, investment Management, tax planning and cash flow and debt management, based on clients’ requirements.
He added that there are two aspects to the wealth management process; protecting assets from creditors, market crashes or slowdowns, taxes, lawsuits and, growing asset values through methods that actively manage risk and reward profiles to client needs.
Wealth Management Services includes both Basic and Advisory Services, explained as below:
- Basic : Banking requirements of customers
- Advisory : Handling customers Portfolio in market
The main component of Wealth management is Customer Relationship Management (CRM). CRM processes help identify and target a bank’s best customers, generate quality sales leads, plan and implement marketing campaigns with clear goals and objectives.
He concluded by stating the various steps in the CRM process which include identifying the customers, increasing client retention and lastly increasing revenue by managing referrals and relationships.