In addition to planning for succession, the two trends we have been seeing off late is geographical diversification of investments and obtaining residency by investment of a foreign country. With the changing times, the needs of the UHNIs are no longer plain and simple planning for succession. While that remains at the forefront, UHNIs are exploring setting up structures outside India to make investments in foreign markets. Also, with geographical diversification of assets and intending to have a Plan B for themselves, we have seen UHNIs exploring obtaining residency of a foreign country by making investments in that country with which they can travel hassle free any number of times in a year or settle in that country, if need arises. Some clients are also exploring getting citizenship of another country. Since India doesn’t allow dual citizenship, this trend is slow as compared to residency by investment abroad.

As 2024 draws to a close, India’s private wealth management industry stands at the crossroads of significant evolution. Alok Saigal, President & Head Nuvama Private, reflects on a year marked by the rap expansion of wealth into Tier 2 and Tier 3 cities, a growing demand for offshore investments, and the rising complexity of client needs.

Leading Wealth Managers are upbeat about the India Story, albeit with some hiccups. The need of the hour for investors: Disciplined asset allocation. In a volatile market environment where outflows by foreign institutional investors have  crossed 1 Lakh crore- surpassing the 2008 crisis levels- investors face a challenging yet opportunity laden landscape.

A top-tier panel convened at the Hubbis Wealth Management Forum in Mumbai on 28th August 2024 to examine the evolving landscape of portfolio management for HNW and UHNW clients in India. The discussion centred on how professionals had identified and capitalised on growth opportunities for private banking clients in the current market, recommended strategies for constructing resilient, diversified portfolios, and balanced risk management with the pursuit of high returns. The panel also explored how India’s substantial wealth growth had influenced investment approaches and addressed the rising integration of global investment assets and structures into client portfolios. Additionally, the conversation highlighted the key challenges faced in managing portfolios, the evolving role of technology in portfolio management, and emerging trends in asset allocation preferences.

In an era of unprecedented wealth transfer and evolving family dynamics, preparing the next generation for leadership and stewardship is more critical than ever. In this comprehensive discussion, industry experts from leading wealth management firms share their insights on succession planning, family governance, and the strategic role of private wealth advisors in navigating these complex transitions. Discover the opportunities presented by this generational shift and how to ensure a sustainable legacy for your clients in the latest Hubbis report.

Wills and trusts: How blended families can navigate succession planning