Handling the wealth of high net worth individuals (HNIs) is among the most in-demand skills currently amid a surge in the tally of rich Indians.
Wealth management firms are poaching private bankers, hoteliers, and senior employees from yacht firms, among others who are used to working with HNIs. The requirement is to act as relationship managers to rich people, including many in tier 2 and 3 cities in the country. Growing demand for female relationship managers is also pushing such wealth management firms to accelerate their hiring plans.
The demand-supply gap is further accentuated as HNIs in smaller towns are now looking for professionals based in those locations. This is pushing companies such as 360 ONE (formerly known as IIFL Wealth & Asset Management) to expand their presence to more cities.
“The ultra-high net worth (UHNI) clients that we want to cater to today are not just restricted to the top cities. We see 40-50 locations in the country, where we can have a presence. So, we need to also hire people who have a good understanding of their local markets," said Anshuman Maheshwary, chief operating officer, 360 ONE. He highlighted that female RMs comprised 41% of the firm’s new hires so far this financial year.
Maheshwary estimated that if the Indian economy expands at 6-7% annually, the wealth of HNIs and UHNIs can grow at 12-13%.