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Managing & Selling to India’s wealthy by Bhushan Desai On 31. October 2011 09:50

Congratulations to India for making a mark in F1 racing. With all the discussion on whether we need such an expensive sport in the country, one thing that stands out is the number of High Networth Individuals or HNI in our country. There are many surveys and research done in trying to understand the psychology of India’s richest. For e.g. this study classifies HNIs into three categories http://luxurysociety.com/articles/2011/08/understanding-the-indian-ultra-high-net-worth-individual. As compared to other parts of the world, India shows one of the fastest growth rates in the number of HNIs growing at the rate of 50% Y-o-Y. With the GDP on the rise, this growth rate will surely be high for some time to come.

HNIs are a huge market for many products esp for luxury brands and wealth management. Lets take a look at wealth management and the role of Relationship Manager.

The role of Relationship Manager is quite critical in this competitive space. With the kind of relationships being managed, there is a great need for having the right people doing this job. There are several questions for the financial services industry when it comes to relationship management

·         Are your relationship managers having the right drive to manage HNI individuals

·         Do you know what is their skill level when it comes to relationship & sales management

·         Are you looking at succession planning so that you can stand up to future market needs

 

The figure below tries to point out the several factors that might determine the performance of relationship managers

With competitive scenario heating up, companies need an objective process to hire & develop these relationship managers. Predictive Index can help you do that. 


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Categories: Predictive Index System | Selling Skills Assessments

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