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livemint.com / 2 months ago
India's wealth boom sparks a talent war for relationship managers
Subscribe to enjoy similar stories. The fight for India’s fast-growing wealth pool has led to a battle for frontline talent. Relationship managers (RMs), as they are popularly called in banking parlance, are among the most sought-after professionals in the financial sector.
Both private lenders and wealth management firms on an expansion spree want a larger number of high-net-worth clients on their books. To cater to this frenzied demand, a severe poaching war has engulfed the sector, with RM attrition at banks often rising to as high as 40% over the past couple of years. “We have around 2,000–3,000 RMs, and this base has been growing steadily.
Demand for RMs remains strong as the number of high-net-worth individuals (HNIs) continues to rise. RMs remain integral to our business, as relationship-building with clients is a nuanced skill that cannot be replaced by AI (artificial intelligence)," said Rajkamal Vempati, group executive and head – human resources at Axis Bank. “Given the competitive talent landscape for client-facing roles, we continue to invest in building a strong and sustainable RM pool." Numbers tell the story of India's affluence surge.
As per Waterfield Advisors, HNIs in India—those with assets of over $1 million—crossed 8.5 lakhs in 2024 and is set to nearly double to 16.5 lakhs by 2027. While UHNIs—those with assets above $30 million—is around 13,600 and is expected to increase by 50% by 2028. It is in this context that relationship managers at banks and wealth management firms step in.
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21.05 / 10:17
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21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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21.05 / 09:47
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Secured credit cards: Unlocking credit and building a credit score for millions
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
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21.05 / 08:45
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