India is one of the major developing hives for HNIs (high net-worth individuals), every year there is a rise in the number of HNIs capitalizing and residing in this vivid country. And it is expected that the number of HNIs present will surge by 136% by 2025, reaching up to 5.54 lakhs.
Opening a vast market for financial advisors for making a profit out of HNIs rich portfolios.
But the opportunities open in the market are very limited. As the HNIs don’t look forward for financial advices regarding the fulfillment of regular needs and luxuries, because they have already attained all of their goals through their current reach. An HNI looks for advisory which will help him to expand his financial reach in an easy way. They expect financial advice to be tailor-made according to their specifications. Making the tempting opportunity a little more challenging.
To conduct neat business with HNI clients, a financial advisor needs to understand their client first. They need to understand their behavior towards investments, their economic goals, and their manner of dealing with people, etc.
What should you advise HNIs?
The advisor needs to explain to his HNI client that his achievement in business and his competent marketing may be somewhat worthless in the case of investments. It may be difficult to convince successful HNIs that their success in personal life can’t be carried forward to their investment strategy. However, financial advisors need to steer the investment wagon themselves. Being the expert, they need to show and apply their possessed expertise in this field to benefit the client’s portfolio.
The first advice given to the HNI should be –‘ to form a will’, and take the client through a will writing process. Without a will, lots of HNIs in India have suffered in making their business survive in the market. A will left behind after the demise of HNI will leave a secure business survival plan for his successor to work on. HNI needs to be convinced for forming a will, to avoid unrest in his family after he passes away.
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