Thanks jivraj this content is so knowledgeable and the way you host guests is incredible instead of interrupting them you help them to clear their point of view
*Secrets of a Billionaire Wealth Manager in India: Himanshu Kohli Reveals All* Main Idea: The video explores the journey and insights of Himanshu Kohli, co-founder of Client Associates, India’s largest multi-family office advisory firm, detailing the growth of wealth in India and the evolution of wealth management services catering to high-net-worth individuals (HNWIs). Detailed Summary: - **Podcast Preview**: The speaker discusses the rapid increase in millionaires and billionaires in India, emphasizing the societal benefits of doing good for clients, employees, and oneself. The speaker thanks the audience and mentions joining the Jarodia media network. - **Introduction**: Host Jivaraj introduces Himanshu Kohli, noting his role in mainstreaming private wealth management in India. Jivaraj expresses interest in understanding how Himanshu built Client Associates over 22 years. - **Emerging Indian Wealth**: The podcast highlights India’s rising affluence, with new millionaires born every 30 minutes and a billionaire every few days. The growth is driven by new-age businesses and technology, with cities like Mumbai and Delhi becoming top destinations for billionaires globally. - **Starting Private Wealth Management**: Himanshu’s journey began in banking, followed by entrepreneurship and a stint at DSP Merrill Lynch. He realized the significant opportunity in India’s wealth creation and focused on a client-centric approach rather than product sales. Despite challenges, he and his team launched a multi-family office, establishing trust and credibility through their advisory model. - **Evolution of Client Associates**: The firm expanded its services beyond investment management to include succession planning, immigration, and private investing. They introduced professionalization in advisory services and positioned themselves as ethical and professional alternatives in real estate advisory. - **Planning Succession Wealth**: The firm emphasizes the importance of succession planning to avoid family disputes and fragmentation of wealth. They take a holistic view of clients’ wealth, addressing comprehensive needs and managing significant portions of their clients’ assets. - **Building Capabilities**: Client Associates focuses on talent, trust, and transparency. They have invested in emerging sectors and developed innovative in-house platforms to enhance client experience. Their approach is driven by a passion for creating impact for clients rather than chasing capital. - **Building Trust**: Establishing trust with clients was initially challenging, but Kohli’s team built credibility through word-of-mouth and client-centric practices. They avoid commission-driven products and align interests with clients by investing their own capital alongside them. - **How the Rich in India Think**: Indian wealthy individuals are diversifying their portfolios, increasing financial asset holdings, and seeking global investment opportunities. There is a shift towards long-term, growth-oriented investment strategies and a move away from traditional family business models. - **Adapting to Change**: The wealthy in India have learned to be adaptable and resilient through various economic cycles. Strategic asset allocation, diversification, disciplined market timing, and extended investment horizons are key factors in navigating volatility and creating lasting wealth. . Notable Quotes: - “A new millionaire is born every 30 minutes in India, and there’s a billionaire born every few days.” - “Doing good for clients, employees, and oneself creates a win-win situation for everyone.” - “Our strength was the client-centric approach and focus on being trusted advisors, not just salespeople. . Key Takeaways: - The rapid growth of wealth in India is creating significant opportunities for wealth management services. - A client-centric, trusted advisory approach is crucial in building long-term relationships and credibility. - Succession planning is vital for preserving family wealth and avoiding disputes. - Diversification and long-term investment strategies are increasingly adopted by the wealthy in India. - Adapting to economic changes and maintaining a disciplined approach to investing are key to creating sustainable wealth.
