Salaries soaring, yet seasoned RMs hard to come by

Growing wealth management industry creates demand for relationship managers

- NESIL STANEY

INDIA'S $1.1-TRILLION (%88 lakh crore) wealth management industry, which is expected to more than double to $2.3 trillion (around =200 lakh crore) by FY29, is witnessing an unparalleled high demand for experienced relationship managers (RMs).

Sample this: Bhupinder Singh, founder of InCred Group, says he wants 300 RMs in the near term. The demand is similar at 360One and ASK Wealth, while Gautam Kalia, head of investment solutions and distribution at Mirae Asset Sharekhan, wants to hire 400 RMs immediately. “Wealth management is more profitable than mutual funds’ specialised investment funds (SIFs), growing significantly faster and no firm in the business is able to get enough RMs,’ laments Kalia.