Equity ownership constitutes only under six per cent of the Indian household financial wealth, excluding real estate as against 45 per cent for the U.S., according to Axis Securities.
"Despite the benchmark Sensex having grown by over 26 times in the last two decades, it has been the FIIs who have made the most of the equity surge in India, rather than the Indians themselves, leaving aside a small minority," said Axis Securities Director Nilesh Shah highlighting the importance of financial advice.
He made the statement while launching AxisDirect Investment Kit and an investment book A Direct Take.Axis Securities is the retail broking and investment advisory services subsidiary of Axis Bank.
“We hope to raise the awareness among the large pool of retail customers on the need to have a trusted financial advisor and increase the equity ownership as a part of household financial savings with the launch of the AxisDirect Investment Kit," he added.
Presently dominant part of these savings is locked in fixed deposits, life insurance, precious metals like gold & silver and real estate, believed Shah.