Wealth creation refers to the process of growing your money by investing in various financial instruments. It helps create a significant financial corpus that you can use to fulfill your goals and rely on during emergencies. The earlier you focus on wealth creation, the more significant the financial corpus will be.
Leading banks have curated a wide range of products and services that let you experience a superior banking and Wealth Management experience. A bank extends wealth management solutions to you on opening a Preferred Bank Account. Besides accessing sophisticated wealth solutions, the account extends beyond banking services that are very beneficial.
Banks have the best professionals on boards who promise to assist you throughout your wealth creation journey. They adopt a scientific approach towards Wealth Management that includes three important steps. The steps are described as follows: Understanding your profile
Every individual has a different profile. Given this, the suitability of wealth options will vary. Investment options that may work for an individual may not work for you, and vice-versa. The Wealth Management professionals first understand your or your family's profile.
They ask you about your investment goals. They gauge your risk appetite by conducting risk analysis. They also inquire about your immediate liquidity requirements and preferred investment horizon. They will recommend the most suitable Wealth Management services based on their understanding. Execution
Once the bank professionals recommend the wealth management services, the final choice is left to you. After that investing in the investment option is all that is left to do. The banks have simplified the investment process. Hence, you need not worry about a thing.
For instance, you plan to invest in Mutual Funds. There are more than 21 leading asset management companies you can invest through. You can invest investment via lump sum investment or the Systematic Investment Plan. Furthermore, banks have created an investment dashboard that keeps you up to speed with your Mutual Funds performance. This equips you to make sound investment decisions.
Your Mutual Funds dividend and capital gains are credited to your Premium Savings Account whenever due. This assures the safekeeping of your hard-earned money. Review
Wealth creation is a long-term process. Once you make an investment, you should not simply sit back and relax. You should keep a close eye on your investment's performance. This is necessary to ensure that your investment is earning desired returns.
The Wealth Management Investment professionals assist you here. They dedicate time and effort to monitor and review your investments continuously. Based on the review, if they think a modification is required, they will recommend you do so.
Now, the modifications can be any. Let us consider the Mutual Fund's investment example here again. The professionals may recommend you change your Equity and Debt proportion to earn desirable returns or manage risk. If the Mutual Fund has consistently performed poorly, they may suggest you switch to a new fund altogether.
