The company said it will offer holistic and tailor-made financial planning for individuals having annual income of over INR2 million.
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James Cracchiolo, chairman and CEO of Ameriprise Financial said, "With its trillion-dollar economy, India is not only an important market from a business perspective, but also one where our unique approach to planning could truly transform the way Indian consumers manage their finances."
Ameriprise will be the first international brand to offer financial planning and wealth management services in Indian distribution and advice market, whose size is estimated to be roughly around US$4.4 billion.
Ameriprise has rolled out its operations from Mumbai and Delhi-NCR regions and plans to extend services to the other metros soon and subsequently have a pan-India presence.
With rapid surge of HNWI population, India has emerged as an attractive market for wealth management.
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By GlobalDataTill now, majority of the large companies that are operating in the financial planning space are either banks, life insurance companies or mutual funds.
This market space has been marred by conflict-of-interest issues with advisers and distributors pushing products to maximize sales commissions. With the entry of cash-rich firm like Ameriprise Financial, which will work on an advisory model, many market watchers believe that it will pave the way for a more developed advisory market in India.
Livemint.com, a business news website partly held by The Wall Street Journal , quoted Ranjeet Mudholkar, CEO, Financial Planning Standards Board (FPSB) in India saying, "Currently it is hard to distinguish advisors from distributors, as both have similar roles. We have been lobbying for separate roles and to bring in a financial advisors regulator. The launch of Ameripirse in India is just at the right time when the market is moving towards maturity."
