PREFERENCES FOR WEALTH MANAGEMENT SERVICES: AN EMPIRICAL STUDY IN UDAIPUR, RAJASTHAN
Keywords:
Wealth management, Portfolio, financial planning, bank financial servicesAbstract
Money has its own importance for everyone in this world. People work hard throughout their life and most of their daily activities are ultimately circled around money making. But wealth is more than money and it means a lot to everyone. The problem comes when people are not well aware with financial tools and options and hence are confused when it comes to manage their own wealth, and then it becomes mandatory to choose wealth management services provided by banks or other financial institutions. The accumulation of wealth has prompted the development of wealth management services today mostly provided by private banking which optimize, protect and manage the financial goal of the investors. Wealth management is equally important as money making. This study proposes to outline the concept of ‘Wealth Management’ and traces its growth and future in India. The main objective of this study is to identify the preference for wealth management services and to study the relation between various demographic determinants and the preference for wealth management services. A survey was been carried out by using questionnaire distributed among 100 respondents in Udaipur district. The results were analyzed using. The study found that there was a significant correlation between various demographic determinants in determining wealth management services preference.
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