Wealth Management-3

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This is the last article about Wealth Management wherein in the previous articles I have mentioned about the various segments in a wealth management division and also that a relationship manager is assigned to each account for personalized attention to customers and also to provide a one point contact to customers for all their banking needs.

Also, customers are offered investment and insurance products based on their needs and are provided priority services in terms of charges, cheque book delivery and also preferential currency exchange rates. The relationship manager along with the support team provides the services required to customers on a priority basis. For eg: if a normal transfer within the Bank takes 1 day for a branch banking customer, it is processed in 2-3 hours for a priority customer.

Further preferential rates are offered in terms of forex, buying and selling rates are provided based on the overall relationship maintained by customers (in depth information about a relationship has been provided in my earlier post). The rate offered is based on the average balances maintained by clients as the best rate is offered to customers who have the maximum number of transactions in foreign currency. Investment options and also child's future protection plan are provided to customers on a need basis and the investment details are provided to customers over a recorded call by majority of the Banks to ensure that the investment and insurance details are provided correctly by the relationship manager.

To avoid mis-selling which is prevalent in cases of insurance and investments and these are 3 party products and the Bank is not responsible for any future loss as the product is owned by an insurance company and these are only referred to its customers by Banks. A word of caution while signing any investment or insurance related product is to read the policy terms and conditions in detail (which is generally lengthy) as the information provided by Relationship Managers about the returns from a particular product may not be true.