The Hindu Business Line : Wealthzone hopes to double assets under advice

With income levels rising and the number of wealthy young people growing, the need for professional wealth management advisors at the retail level is being strongly felt in the country, according to Mr V. Mahadevan, CEO, Wealth Advisors (India) Pvt Ltd, Chennai.

He expected the Assets Under Advice (AUA) of Wealthzone, the retail division of his investment advisory company, to more than double in the next one year as more people seek professional guidance in managing their wealth.

Speaking to Business Line at Coimbatore, where an office of Wealthzone was opened at R.S. Puram today, he said since the launch of the retail division about 17 months ago, the company has established 30 retail offices in the country, 11 of which were in the South. It has planned to add another 70 Wealthzone offices across the country over a two- year period, 10 of which would be in Tamil Nadu.

He said the Wealthzone offices dealt with a basket of investment options like mutual funds, life and non-life insurance, equities (both primary and secondary markets to which it would add commodities trading), post office schemes and corporate FDs. He said since the launch of the retail arm of his company, the AUA of Wealthzones has grown to around Rs 185-190 crore and in the next one year, he expected the AUA to more than double to Rs 400-450 crore level.

Mr Mahadevan said the Coimbatore office would also service its clients in towns such as Karur, Tirupur, Tiruchi, Madurai and Dindigul which offered good investment potential.

In south India, after Chennai, Bangalore and Hyderabad, the potential of Coimbatore was the highest. With the software industry making Coimbatore its next destination, he anticipated substantial investment to be made by the people in the 25-35 years age group in Coimbatore and in the next one year, the retail business generated from Coimbatore region could be around Rs 20 crore - Rs 25 crore.

He said financial planning has emerged as the most important need of a retail customer. He said the emerging areas in Wealthzone space were the opportunities in life and general insurance and mutual fund investment, apart from equity broking. While some people have the ability to organise their wealth management effectively themselves, not all were investment-savvy despite their proven ability in their chosen profession and professional wealth advisors were needed to fill this gap.

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