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RETAIL BANKING & WEALTH MANAGEMENT | JAIIB NEW SYLLABUS 2023 | WHAT IS WEALTH MANAGEMENT

WHAT IS WEALTH MANAGEMENT | JAIIB RBWM NEW SYLLABUS 2023

This post introduces the concepts of wealth management under the prescribed syllabus of JAIIB 2023.

JAIIB NEW SYLLABUS 2023

As the industry saw many changes in the recent few years, it was imperative that the institutes responsible for upgradation and providing skills to the people working in different industries also make some changes in their curriculum to step up their game. On that foot, the Indian Institute of Banking and Finance has also made revisions in the syllabus of Junior Associate of the Indian Institute of Bankers

A new paper has been introduced with the name – ‘Retail banking and Wealth Management

While this retail banking has been shifted from the syllabus of CAIIB to here, the concept of Wealth Management is altogether new for the banking personnel in the context of JAIIB. 

So, in this article, I will introduce you to the meaning of Wealth Management and how it is relevant and useful for you.

WEALTH MANAGEMENT

Generally speaking, wealth Management is one branch of financial services which deals with the investment requirements of affluent clients. Even though the term – wealth Management is used very casually whether it’s in the private companies, mainstream articles and by financial Advisors but still you would see that it is very hard for the most of the professionals who throw this term around – to  define the term precisely.

So, are you excited that you are going to learn about the Wealth Management and how it is done in your introductory syllabus of Junior Associate of the Indian Institute of Bankers?

It is pretty much having a straight forward meaning. If you look at it from the perspective of someone who has a lot of money, wealth Management would mean further enhancing his or her financial position for situation. 

If you look at it from the perspective of financial advisor, it would simply mean the ability of the advisor to provide all the financial services and products that are available in the market to search person having great amount of disposable money.

Although you yourself working in the field of banking would understand that it is not practically possible to list all the available products and services available at disposal. So, the concept of specialisation comes handy in this aspect. This specialisation is further characterized by the fact that it is (the service of Wealth Management) is delivered in consultative manner. A good wealth manager tries to meet his or her clients’ requirement without any presupposition about what financial product or services would be appropriate for him or her (client).

WHAT EXACTLY IS WEALTH MANAGEMENT?

But management is basically a process of consultation which involves providing consultation services, discussions on the financial need and objectives of the clients.

Wealth Management is very useful and provides much greater fruits of the money is lying idle with the people who have it in abundance. 

The advantages of Wealth Management are:

CLIENT SPECIFIC PLANS: Under Wealth Management, the plans are suggested as per the needs of the client in some times or you can say, more often than not, they are custom-made to meet the client specific needs. Here, combining the partnership products is very essential to meet the client goals. 

CONFIDENTIALITY OF SENSITIVE INFORMATION: These consultation services involve handling a very sensitive information about the client-hold. Investment Advisors are always under the application to maintain the confidentiality of information that they have obtained during their consultation services.

SPECIALISATION: Wealth Management is an like investment advice. While Wealth Management is an approach towards managing the money and planning to meet the needs of the clients of the current as well as the future, they are the investment advice could range from daily, weekly, monthly or yearly plans that may or may not require time to time revisions.

STUDY OF DIVERSE DISCIPLINES: Under the study of Wealth Management, one has to gain knowledge about in variable number of disciplines such as: Financial and accounting services, tax services, legal and estate planning, retirement planning etc. The services can also differ depending on the place where they are being delivered due to difference in laws, economy of the state, per capita income and the saving habits of the people. 

WEALTHY CLIENT HOLD: The services of Wealth Management are usually availed and are mostly appropriate for the hi profile individuals who have a why do array of diverse needs. And no doubt, advisers are high level professionals and exports themselves who understand the exact reason of the need of their services.

DIFFERENT TITLES: The Wealth Management services are given by the wealth managers who may or may not work individually. Wealth managers can work as a single person or as a small-scale business or even a part of the largest firm. And on the basis of the nature of the services they provide, they may be named differently and may why conduct different titles such as financial consultant or financial advisor. A client can receive services from a single wealth manager or he or she may go to other wealth managers or have the access to the members of a specialised Wealth Management team, as the case may be.

 

WEALTH MANAGEMENT & RETAIL BANKING: All those are the advantages of getting to study wealth Management. Although in the course of JAIIB, you wouldn’t be getting all the skills required for Wealth Management, but the basics that will help you to build a strong foundation if your interest falls in that category.

And as this subject has been consolidated with the retail banking, you can understand that how it is going to work out in the field of Banking. So, Retail Banking and Wealth Management go side by side, where you will be learning how to meet the clients’ expectations and needs with the help of the heater banking products.

 

To keep it simple, in wealth Management you will be learning how to sit down and take a look at the entire financial position or situation of your client (that is considering the fact that you cannot deliver a good service without knowing where your client is and where he wants to go). As wealth manager in your bank, you will be finding the current situation of your client as in: What he or she owe & what he or she own – kind of network statement.

So hopefully I will meet you in the next article, till then all the best for your upcoming exams and their preparations. If you need any help in regard to this study materials, questions, any query related to the exam material, you can contact us on WhatsApp number: 8360944207

You can also check out the study materials, online video lectures and mock test which will also include the memory record questions from the previous examinations here:

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