Savings forms an essential part of achieving wealth growth. However, it does not pertain to merely accumulating capital. You also need to know how to put it to good use based on your financial goals. Several investment instruments are available for this purpose. The key is to choose them carefully depending on your risk appetite, flexibility needs, and investment horizon.
Not all are equipped with adequate knowledge to make these decisions. Hence, several mediums help with Wealth Management. You get them in passive forms, like blogs, market insights, tutorials, books, etc. But if you need active assistance that addresses your investment concerns, a Wealth Account opening is a good idea. It provides you with bespoke wealth solutions. Check these aspects to begin the process smoothly:
Qualifying requirements:
Maintaining a high balance with the bank makes you eligible to open the account. This gets calculated through your Total Relationship Value (TRV), which typically amounts to Rs. 5 lakh. Additionally, you must build this TRV to Rs. 30 lakh over six months after opening the account. This makes you eligible to enjoy its benefits and access Premium Banking products.
Beneficial aspects
Managing wealth is an elaborate process that requires consideration of various aspects. Hence, you get to choose from a wide range of products after the Wealth Account opening. They include Mutual Funds, Remittances, Fixed Deposits, Insurance, Structured Products, etc. Assess how they fit into your portfolio to meet your financial goals for creating an apt combination. A balance of short- and long-term instruments is ideal for proper financial planning.
Charges
Like any other Bank Account, this account attracts maintenance changes. The amount is slightly higher than a Regular Savings Account as it offers Wealth Management services. Such charges may differ from bank to bank. Some of the standard ones include an annual fee for Debit Card usage, penalty on local currency cheque returns, transfer cost, etc. Look into them to set your expectations right.
Convenience
Today, you get to access almost everything at your fingertips. So much so that you expect it from every service you interact with. Banks understand this and offer the needed convenience for Wealth Account opening. They let you carry out the process through banking apps and web portals. This eliminates the need to visit the bank physically to complete the formalities. Moreover, the opening procedure gets done within a matter of minutes.
Management rules
Opening the account is the first step to getting started on your Wealth Management journey. Once done with the formalities, you need a calculated approach to manage your funds in it effectively. Thankfully, this is not a struggle as you get assigned a dedicated relationship manager. They regulate your investment decisions and account maintenance. Such expert opinions add value to your wealth growth journey.
No comments:
Post a Comment