PROJECT REPORT

ON

WEALTH MANAGEMENT OF HNWI AND UHNWI

BACHELOR OF MANAGEMENT STUDIES

SEMESTER V
(2017-2018)

SUBMITTED
IN PARTIAL FULFILLMENT OF REQUIREMENT FOR THE
AWARD OF DEGREE OF
B.M.S

BY

KALPESH VIJAY CHAVAN

ROLL NO. - 166

BIRLA COLLEGE OF ARTS, SCIENCE &COMMERCE

MURBAD ROAD KALYAN (W)
ii
 LAXMI ENTERPRISES

CERTIFICATE

This is to certify that KALPESH VIJAY CHAVAN of T.Y B.M.S. Semester

V (2017-18) of Birla College, Kalyan has successfully completed internship in
our organization.
The training was Full time during the period 24.04.2017 to 12.06.2017 for a
total duration of 100 hours. During the tenure we found him/her very sincere
and hard working.
Based on the training outcome the student has prepared the project with title
WEALTH MANAGEMENT OF HNWI AND UHNWI. The project report
prepared is found very interesting, informative and useful.
We wish him good luck for future career prospects.

___________________________

iii
 BIRLACOLLEGE OF ARTS, SCIENCE, & COMMERCE, KALYAN
(Conducted by Kalyan Citizens Education Society)
(Affiliated by University of Mumbai)

BACHELOR OF COMMERCE (BANKING& INSURANCE)

CERTIFICATE
This is to certify that KALPESH VIJAY CHAVAN of T.Y B.M.S Semester
V (2017-2018) has successfully completed the project on WEALTH
MANAGEMENT OF HNWI AND UHNWI under the guidance of DR.
CHANDRA IYER.

PROJECT SUPERVISOR:

COURSE CO-ORDINATOR:

INTERNAL EXAMINER

EXTERNAL EXAMINER

PRINCIPAL

iv
 DECLARATION

I, KALPESH VIJAY CHAVAN student of T.Y B.M.S. semester V (2017-2018)

hereby declare that I have completed the project on WEALTH MANAGEMENT OF

HNWI AND UHNWI. I further declare that the information imparted is true and fair to

the best of my knowledge.

SIGNATURE

Name: KALPESH VIJAY CHAVAN

ROLL NO. 166

v
vi
 ACKNOWLEDGEMENT

I hereby express my heartiest thanks to all sources who have contributed to

the making of this project. I oblige thanks to all who supported, provided their

valuable guidance and helped for the accomplishment of this project.

I am thankful to Mumbai University for giving me such a challenging task to

explore the urbanization which includes not only thinking and analyzing various

facts and updates about real work, our principal Dr. (Mr.) NARESH

CHANDRA and the course coordinatorfor having such wonderful course.

I am very much grateful to my project guide Dr. CHANDRA IYER who in spite

of busy schedule spent valuable time to guide me and helped in completion of

this project.

I also extent my hearty thanks to all my family, friends and all the well-

wisher.

vii
 Project synopsis

BACKGROUND OF THE STUDY

This project is fully based on the wealth management condition and HNWI
and Wealth management as an investment-advisory discipline which incorporates
financial planning, investment portfolio management and a number of aggregated
financial services. High-net-worth individuals (HNWIs), small-business owners and
families who desire the assistance of a credentialed financial advisory specialist call upon
wealth managers to coordinate retail banking, estate planning, legal resources, tax
professionals and investment management

SIGNIFICANCE OF THE STUDY

The study is important as to gain the knowledge about how the investment
sector that How does one investor invest his money in different sector to gain profit .
And also this study is important to get an corporate experience in investment sector.

RESEARCH PROBLEMS

Flow of Currency all over the Country.

Implementation of Monetary Policy.

Criteria of issuing IPO.

OBJECTIVE OF THE STUDY

To study various methods to manage the wealth.

To understand concept of wealth management.

viii
 To know importance of wealth management on various levels.

SAMPLING MEHTOD

Random Sampling method is used for collection of data as primary data. Out
of total 30 samples collected 20 were males and 10 were females.

INTERNSHIP SUMMARY

I urged to intern in Co-Operative sectors because a lot of knowledge was

understand and executed by me excepting the academic knowledge. The exciting also helped
me for well being academically and professionally. According to me it as my best decision to
join as an intern as I learnt about the co-operative working. As an intern it is my pleasure to
work with such corporates. During the internship time I used to observe my manager working
style.

ANALYSIS OF DATA

At first the necessary requirements of data was analyzed. Data collection was
done in the form of set questionnaire which was distributed among 20 male respondents and
10 female respondents. After the collection the data was processed and organized according
to the requirement of study. The various techniques to convert data into easy format was
applied like converging to analysis charts. The actual data was then considered to find out the
right conclusion for the study.

KEY FINDINGS

The key findings highlights the specific area of the project. The accomplishment of the
study objectives states that the wealth management is necessary to control portfolio
management which can increase the performance of the income of the investors.

ix
 SUGGESTIONS

Implementing what you understand is as important, not only accepting and

agreeing with what you learn but also taking action on it is too important. Wealth
manager processing and functioning is totally a practical part. It also states according to
the companies effective work for providing better service facilities to its customers. A
particular age group needs a different kind of investments, similar as according to age
wise.

CONCLUSION

This chapter spotlights on broad explanation made by the study against each
objective are specified here. The suggestion for future research and for the sample public
of that area is deeply stated here. This section might be called as conclusion. The purpose
of this section is to highlight the major statistical findings from the results section and
interpret them.

x
Contents
1 Chapter 1: Introduction ( 8-10 Pages) ................................................................................ 1

1.1 Introduction: Meaning and definition ......................................................................... 1

1.2 Features/Characteristics .............................................................................................. 2

1.3 Origin and growth ....................................................................................................... 2

1.4 Advantages/Disadvantages/Benefits/Limitations........................................................ 3

1.5 Recent trends and growing importance ....................................................................... 4

1.6 Key challenges ............................................................................................................ 5

1.7 Statement of research problems .................................................................................. 7

1.8 Objective of the study ................................................................................................. 7

1.9 Chapterisation scheme................................................................................................. 7

2 Chapter 2: Review of literature (5-10 Pages) .................................................................... 8

2.1 STUDY FACTOR ....................................................................................................... 8

2.1.1.................................................................................................................................... 8

2.1.2.................................................................................................................................... 9

2.1.3.................................................................................................................................... 9

2.1.4.................................................................................................................................... 9

2.1.5.................................................................................................................................. 10

2.1.6.................................................................................................................................. 10

2.1.7.................................................................................................................................. 10

xi
 2.1.8.................................................................................................................................. 11

2.1.9.................................................................................................................................. 11

2.2 Internship Overview .................................................................................................. 12

2.2.1 Short profile of organization .............................................................................. 12

2.2.2 Name of Organization ........................................................................................ 12

2.2.3 Location ............................................................................................................. 12

2.2.4 Organization objectives, vision, mission ........................................................... 12

2.2.5 Brief history ....................................................................................................... 12

2.2.6 Nature of organization ....................................................................................... 13

2.2.7 Business volume ................................................................................................ 13

2.2.8 Number of employees ........................................................................................ 13

2.3 Organization structure ............................................................................................... 13

2.4 Administrative functions ........................................................................................... 13

2.5 Why internship in _____________ ........................................................................... 13

2.6 Relevance of internship as to objectives of the study ............................................... 14

2.7 Significance of internship.......................................................................................... 14

3 Chapter 3: Research methodology (3-5 pages) ................................................................ 14

3.1 Research design ......................................................................................................... 14

3.2 Sampling design ........................................................................................................ 15

3.2.1 Target population ............................................................................................... 15

3.2.2 Sampling frame .................................................................................................. 15

xii
 3.2.3 Period of study ................................................................................................... 15

3.3 Sample size................................................................................................................ 15

3.4 Data collection........................................................................................................... 15

3.5 Structure of questionnaire ......................................................................................... 16

3.6 Format of questionnaire designed ............................................................................. 17

3.7 Analytical Tools applied for the study ...................................................................... 18

3. Research ethics................................................................................................................. 18

4 Chapter 4: Data analysis (26- 36 pages) .......................................................................... 19

4.1 Internship summary ................................................................................................... 19

4.1.1 Introduction ........................................................................................................ 19

4.1.2 Learning during internship ................................................................................. 19

4.1.3 Data Gathering ................................................................................................... 19

4.1.4 System design .................................................................................................... 20

4.1.5 Implementation .................................................................................................. 20

4.1.6 Activities undertaken ......................................................................................... 20

4.2 Average score analysis .............................................................................................. 21

4.3 Percentage analysis ................................................................................................... 21

5 Chapter 5: Summary of findings (2-4 Pages) .................................................................. 30

5.1 Objective 1 ................................................................................................................ 30

5.2 Objective 2 ................................................................................................................ 30

5.3 Objective 3 ................................................................................................................ 30

xiii
 5.4 Objective 4 ................................................................................................................ 30

6 Chapter 6: Suggestions and conclusion (2-3 Pages) ........................................................ 31

6.1 Objective 1 ................................................................ Error! Bookmark not defined.

6.2 Objective 2 ................................................................ Error! Bookmark not defined.

6.3 Objective 3 ................................................................ Error! Bookmark not defined.

6.4 Objective 4 ................................................................ Error! Bookmark not defined.

List of figures

List of Tables

xiv
1 Chapter 1: Introduction

1.1 Introduction: Meaning and definition

Wealth management as an investment-advisory discipline which incorporates

financial planning, investment portfolio management and a number of aggregated financial
services. High-net-worth individuals (HNWIs), small-business owners and families who
desire the assistance of a credentialed financial advisory specialist call upon wealth managers
to coordinate retail banking, estate planning, legal resources, tax professionals and investment
management. Wealth managers can have backgrounds as independent Chartered Financial
Consultants, Certified Financial Planners or Chartered Financial Analysts (in the United
States), Chartered Strategic Wealth Professionals (in Canada), Chartered Financial Planners
(in the UK), or any credentialed (such as MBA) professional money managers who work to
enhance the income, growth and tax-favored treatment of long-term investors.

Wealth management is a practice that in its broadest sense describes the combining of
personal investment management, financial advisory, and planning disciplines directly for the
benefit of high-net-worth clients. But it also is an increasingly popular self-branding
reference that advisors and financial representatives of many different stripes adopt, often to
describe a wide range of possible functions and business models.

Wealth management is a practice that in its broadest sense describes the combining of
personal investment management, financial advisory, and planning disciplines directly for the
benefit of high-net-worth clients.

Wealth management as an investment-advisory discipline which

incorporates financial planning, investment portfolio management and a number of
aggregated financial services. High-net-worth individuals (HNWIs), small-business owners
and families who desire the assistance of a credentialed financial advisory specialist call upon

1
wealth managers to coordinate retail banking, estate planning, legal resources, tax
professionals and investment management.

1.2 Features/Characteristics

Features

1. Allows customer to review risk profiles.

2. Track holdings against model portfolios fro returns.
3. Captures Customers details and risk profile.
4. On approval by client they execute financial plans.
5. Based on the advanced algorithms they provide tax coverage, education and
insurance.
6. Interfaces with banks, portfolios management systems, price vendors and other
agencies.
7. Provides dynamic search.
8. Document Management.
9. Dynamic user access control.

1.3 Origin and growth

The term "wealth management" occurs at least as early as 1933. It came into more
general use in the elite retail (or "Private Client") divisions of firms such as Goldman
Sachs or Morgan Stanley (before the Dean Witter Reynolds merger of 1997), to distinguish
those divisions' services from mass-market offerings, but has since spread throughout the
financial-services industry. Family offices that had formerly served just one family opened
their doors to other families, and the term Multi-family office was coined. Accounting firms
and investment advisory boutiques created multi-family offices as well. Certain larger firms
(UBS, Morgan Stanley and Merrill Lynch) have "tiered" their platforms with separate
branch systems and advisor-training programs, distinguishing "Private Wealth Management"
from "Wealth Management", with the latter term denoting the same type of services but with
a lower degree of customization and delivered to mass affluent clients. At Morgan Stanley,

2
the "Private Wealth Management" retail division focuses on serving clients with greater than
$20 million in investment assets while "Global Wealth Management" focuses on accounts
smaller than $10 million.

1.4 Advantages/Disadvantages/Benefits/Limitations

Advantages

1. One of the largest benefits of private wealth management is that you can create a
formidable portfolio.

2. Clients also have the confidence that comes with having a financial future planned
out that includes their personal wishes and goals.

3. While there are templates available on how to plan for retirement and how to save
and spend your money, nothing can compare with having a financial plan tailored
specifically for your income, lifestyle, financial goals, and financial means.

4. A private wealth manager can also better educate you on the realities of your
current financial situation. Youll know under no uncertain terms how well or how
poorly you are doing when it comes to planning for your financial future and
investing your money.
5. Even individuals with a high net worth need a bit of professional assistance when
it comes to their retirement plans.

Disadvantages

1. To get a clear and balanced picture of what private wealth management is, its
a good idea to know just as much about the most common disadvantages of
private wealth management as you do about the most common advantages.

3
 2. The biggest disadvantage is that having a wealth manager whom you dont
trust can result in financial disaster and a major headache. Its best that you
take your time and do some research before deciding on a wealth manager.
Some may not be as forthcoming as youd like when it comes to telling you
how your money is being invested.

3. Theres also a certain amount of risk involved with private wealth

management. Before you decide on private wealth management in New York or
anywhere else, make sure you check out the companys reputation, hear from
past and present clients, and make sure the manager is familiar with working
with a client with your net worth.

4. Gaining a preliminary understanding of private wealth management can help

you better determine if a wealth manager is going to do you more harm than
good.

5. Rather than let your money manage you, learn how to manage your money
and make it work for you and your financial goals. If you dont already have a
private wealth manager, look into hiring one. Your future self and your future
finances are sure to appreciate it.

1.5 Recent trends and growing importance

Having a plan can make a big difference to your financial worth and wellbeing. A
financial plan can help you to:

accumulate and preserve wealth

provide you with a more comfortable retirement
Pass on wealth to your loved ones after you die.

Decisions about your financial future are among the most important you will ever
make. Unless you are extremely confident in your level of knowledge, making those

4
decisions without professional advice can be risky. Your plans are much more likely to be
realistic and achievable when they are based on knowledge and expertise.

A qualified financial adviser can use their years of experience to help you make well-
informed choices, balancing your short-term priorities with your long-term goals.

Click on the links on the navigation bar of this page to find out more about wealth
planning, including understanding your needs and goals.

1.6 Key challenges

Investment management:
In todays investment environment, it is easy for clients to be overwhelmed by the
amount of information available. Without professional advice, taking action could be
detrimental to ones investment goals. The team's advisors can help clients thoroughly assess
their entire portfolio before helping them build a long-term investment strategy, diversify
their assets*, and even deal with tax implications.

Cash flow and debt management:

Everyone knows they should spend less than they earn, but not everyone actually does
this. Working together, the firm can identify where the clients cash is going each month and
evaluate potential opportunities to improve their cash flow through proper debt management.
They can help clients determine if certain strategies such as refinancing, debt consolidation,
or changing their tax withholding could be advantageous to their situation. Clients may
discover they have more resources than they might have thought to help them pursue their
other wealth management goals.

Family risk management:

5
 A key component of financial planning is mitigating risk. Everyone needs peace of
mind and having the right insurance is central to making this happen. Regular reviews of
insurance policies protecting life, property, health, disability, long-term care, and other
programs can ensure against losing income, savings, retirement and even your home. The
FFC team can evaluate a clients current risk plans to determine if they adequately meet their
needs at whatever stage they are in life

Retirement planning:

People entering retirement are facing concerns retirees simply did not face 20 and 30
years ago. As healthcare is improving and life expectancies rise, people are likely to live
longer during retirement than past generations. In addition to the existing concerns, it is
important to first establish a clear vision of what a successful retirement looks like. Does it
include working part-time? Traveling the world? Taking on new hobbies and interests?
Everyones vision of the retirement dream is different. They can help clients form a clear
vision of what they want from retirement and develop a financial strategy to help them pursue
their goal

Education planning:

Every child dreams about what they will be when they grow up. Whether your childs
aspiration is college, technical school or graduate school, saving for a specific higher
education goal is an important factor in making their dream a reality. The available education
planning choices can be confusing, and it is important for a family to have help from
someone who understands how their savings will affect their childs or grandchilds ability to
qualify for financial aid, as well as the implications for their income, gift, and estate tax
situation. The team can help clients identify how much money they will need to send their
children or grandchildren to college or provide for an accredited alternative education by
determining how much they need to save, and how this dedicated investment fits with their
overall investment management plan.

6
1.7 Statement of research problems

1. Lack of knowledge.
2. Lack of security.
3. Lack of awareness.

1.8 Objective of the study

1. To study various methods to manage the wealth.

2. To understand concept of wealth management.
3. To know importance of wealth management on various levels.

1.9 Chapterisation scheme

1. Introduction:
It contains the introduction part of the chapter , gives information about what
are skills and what is a concept of skills management. It aims to understand the reader to
know what skills management is and its nature.

2. Review of literature:
It contains certain areas under the study , used in order to gain a basic information
about the topic. Such information is reviewed through various journals, articles, etc., which
helped to study some of the key points related to topic.

3. Research methodology:
Under this chapter, information regarding objective of the study , methodologies used
to find out answers sample selection, research design, period of study, source of data, tools
for data collection , statistical analysis , and broad hypothesis put for testing.

4. Data analysis:

7
 This chapter has a logical appearance of empirical results after completing data
analysis. This contains tabulated results, results of hypotheses tested, graphs and figures if
any.

5. Summary of findings:
In this chapter all the findings that are derived from the research and that are
suggested or calculated from the sample are stated here.

6. Suggestion and calculation:

This chapter spotlights on broad explanation made by the study against each objective are

specified here. The suggestion for future research and for sample public of area is deeply stated

here.

2 Chapter 2: Review of literature

2.1 STUDY FACTOR

2.1.1
(Chan, 1983) A cross sectional study of 227 Taiwanese nationals based in the PRC indicated
that Feeling of trustworthiness is the most crucial among the ten factors related to their
intentions and decision making about choice of WMS providers.
From the above literature for the purpose of this project study the variable identified
isFeeling of trustworthiness. Based on the above review of literature the perception analysis
can be done based on the below question.

8
 Do you agree that Feeling of trustworthiness is the most crucial among the ten factors
related to their intentions?

2.1.2
(Yeh, 1983) Relationship quality and value are positively related to customer loyalty, and
customer advocacy is positively related to both relationship quality and value. In addition,
CSR and service innovation are positively related to customer advocacy.
From the above literature for the purpose of this project study the variable identified is
Relationship quality and value. Based on the above review of literature the perception
analysis can be done based on the below question.
Do you agree that Relationship quality and value are positively related to customer
loyalty?

2.1.3
(Mendoza, 2003) There is a mixed picture on the link between extractive industries and
inclusive growth. The authors find that, on the one hand, significant risks are commonly
associated with the natural resource curse faced by countries that wish to tap this wealth for
development.
From the above literature for the purpose of this project study the variable identified isrisk.
Based on the above review of literature the perception analysis can be done based on the
below question.
Do you think significant risks are commonly associated with the natural resource curse
faced by countries that wish to tap this wealth for development?

2.1.4
(Christopher Balding, 2011) Sovereign wealth funds by failing to invest for the national
wealth portfolio are overlooking a major source of volatility. To reduce the level of volatility
associated with yearly national wealth returns, allocating a higher percentage of fixed assets
to high-quality fixed income and low-risk equities will maximize the risk-adjusted returns of
national wealth for sovereign wealth fund states.

9
From the above literature for the purpose of this project study the variable identified
isvolatility. Based on the above review of literature the perception analysis can be done based
on the below question.
Do you agree Sovereign wealth funds by failing to invest for the national wealth portfolio
are overlooking a major source of volatility?

2.1.5
(Sahi, 1974) Research showed that factors such as age, marital status, occupation,
workexperience, income, saving rate, nature of household accommodation and investment
tenure, impact the individual's financial satisfaction levels.
From the above literature for the purpose of this project study the variable identified is
factors. Based on the above review of literature the perception analysis can be done based
on the below question.
Do you agree that various factors impact the individual's financial satisfaction levels?

2.1.6
(Frid, 1995) Receipt of outside financing during business formation is largely determined by
the business founders personal finances. A higher household net worth results in larger
amounts of external funding received. Low-wealth business founders, therefore, are less
likely to get external funds, and they receive lower amounts when they do. The disparity
between low-and high-wealth business founders is more pronounced for formal, monitored
sources of external financing such as bank loans.
From the above literature for the purpose of this project study the variable identified is
personal finances. Based on the above review of literature the perception analysis can be
done based on the below question.
Do you agree that Receipt of outside financing during business formation is largely
determined by the business founders personal finances?

2.1.7
(Chan, Attitude toward wealth management services: Implications for international banks in
China, 1983)A cross sectional study of 227 Taiwanese nationals based in the PRC indicated

10
that Provision of flexible services is the most crucial among the ten factors related to their
intentions and decision making about choice of WMS providers.
From the above literature for the purpose of this project study the variable identified is
Provision of flexible services. Based on the above review of literature the perception analysis
can be done based on the below question.
Do you agree that Provision of flexible services is the most crucial among the ten factors
related to their intentions and decision making about choice of WMS providers?

2.1.8
(Searle, 2009)Housing wealth is increasingly being used as a financial safety net across the
life course. Homeowners are equally likely to have engaged in equityborrowing episodes
during periods of economic prosperity as they are during periods of decline; particularly, lone
parents with nondependent children and unemployed people. Housing tends to be used as a
last resort once other forms of credit have been exhausted.
From the above literature for the purpose of this project study the variable identified is
Housing wealth. Based on the above review of literature the perception analysis can be done
based on the below question.
Do you agree Housing wealth is increasingly being used as a financial safety net
across the life course?

2.1.9
(Edmunds, 1983)Over the next 20 years the value of financial assets may exceed five times
the value of world output. Its power to reward and punish corporate managers and
governments is unprecedented. The financial wealth accumulation dynamic is now
entrenched, and will continue. Managers can assess its implications, and adjust their plans
accordingly.
From the above literature for the purpose of this project study the variable identified is
financial wealth accumulation. Based on the above review of literature the perception
analysis can be done based on the below question.
Do you agree the financial wealth accumulation dynamic is now entrenched, and will
continue?

11
2.2 Internship Overview

2.2.1 Short profile of organization

Laxmi enterprises is pharmaceutical company, wholesales all medicines and drugs in

kalyan east and west area . This company is now wholly and solely managed by Mr.
Jagannath shinde,the all India chemist and druggist association president .under this company
medicines like cipla , byer zudus ,manforce ,mankind, etc medicines are sold to retail
medicals .this company also provide their supply in some other parts in Maharashtra.

2.2.2 Name of Organization

Laxmi enterprises (pharmaceutical distributers)

2.2.3 Location

2/A , raymonds building ,Ramdev hotel ,kalyan west

2.2.4 Organization objectives, vision, mission

Vision : vision to deliver medicines at lower cost to all the needy people

2.2.5 Brief history

Laxmi enterprises was founded by Mr. jagganath shinde ( president of all India
chemist and druggists as so president ) , this company is work by three partners and started
in near 90s . the work of that company is to provide medicines to nearby all chemist.

12
2.2.6 Nature of organization

Wholesale of pharmaceutical products.

2.2.7 Business volume

SR NO PARTICULARS YEAR TURNOVER IN

CRORES

1 SALES TURNOVER 2016-2017 40

2.2.8 Number of employees

30 employees.

2.3 Organization structure

Owner managers employees labors

2.4 Administrative functions

Vendor management, inventory management, customer service, statutory

compliances, staff facility management ,delivering products ,receiving new products
,marketing of new products etc.

2.5 Why internship in laxmi internship

Laxmi enterprises is small pharmaceutical distributers company ,where accounts and

financial statement us get updated day by day ,I get opportunity to work on their financial

13
software and also work like petty cash book ,bank transactions , muster records etc . I got
great opportunity to learn there , I learn work related to finance .

2.6 Relevance of internship as to objectives of the study

1. In laxmi enterprises I learned how to handle every situation related to employees queries,

any questions on their work or facilities, etc.

2. To satisfy the customers with right decision and with positive attitude is the duty.

2.7 Significance of internship

During internship, I have learned many new and useful things which can help us in
further career.
It helped us to understand know to behave in the organization.
To learn others behavior or mentality towards their work or any other things.
To handle every situations with positive attitude.
To understand employees problems and act accordingly

3 Chapter 3: Research methodology

This Chapter concentrates on the research methodology. The research design,

sampling design, data collection method, tools applied for the study geographical coverage
and Research Ethics are detailed.

3.1 Research design

The research design is defined by Fouche (2002) as the plan or blue print of the study. This
research is Qualitative research which allows the researcher to gather information and do an

14
in-depth exploration of issues, and therefore follows a less structured format with fewer
respondents than quantitative methods.

3.2 Sampling design

A closed ended questionnaire was made as a sample to collect data.

3.2.1 Target population

30

3.2.2 Sampling frame

Simple random sampling was adopted by researcher.

3.2.3 Period of study

The period of study was from _December 2016__The study is mainly based on primary data
collected by __June 2017__. The secondary data were collected from various sources
throughout the period of this study.

3.3 Sample size

30 samples were collected .

3.4 Data collection

This section discusses the techniques of gathering primary data for the testing of the research
propositions that were crafted in Chapter I and II. The choice of the data instruments depends
on the availability of facilities, time, costs, the degree of accuracy required, the expertise of
the researcher, and other resources associated with the gathering of the data.
The questionnaire was given to the respondent directly by the students and was collected later
as per respondents preference as to giving filling the preprinted form.

15
3.5 Structure of questionnaire

The structured questionnaire was divided into different sections as felt suitable. The first
section covers personal variables, which are independent based on the assumption that there
were measurable differences amount the levels with regard to the perception of dependent
variables. The second to study factors section of questionnaire covers the factors of study
with dependent variables viz:

16
3.6 Format of questionnaire designed

Title: WEALTH MANAGEMENT OF HNWI AND UHNWI

Researcher :KALPESH VIJAY CHAVAN
Personal details
Respondents Name: _________________________________________
Gender: Male Female
Age Below 20 20-30 30-40 40-50 Above 50
Education Below graduate graduate Post graduate Professional Others
Experience: Below 5 years 05-10 years 10-15 years 15-20 years Above 20 years
Study factor:
1. Do you agree that Feeling of trustworthiness is the most crucial among the ten factors
related to their intentions?
Highly Agree Agree Neutral Disagree Highly disagree
2. Does level of trust matters among customer and wealth manager?
Highly Agree Agree Neutral Disagree Highly disagree
3. Do you agree that Relationship quality and value are positively related to customer
loyalty?
Highly Agree Agree Neutral Disagree Highly disagree
4. Do you think significant risks are commonly associated with the natural resource curse
faced by countries that wish to tap this wealth for development?

Highly Agree Agree Neutral Disagree Highly disagree

5. Do you agree Sovereign wealth funds by failing to invest for the national wealth portfolio
are overlooking a major source of volatility?
Highly AgreeAgreeNeutralDisagreeHighly disagree

6. Does the long term and shot term impact matters on wealth management?

Highly Agree Agree Neutral Disagree Highly disagree

17
7. Shareholder with high share income needs wealth managers?
Highly Agree Agree Neutral Disagree Highly disagree

8. Factors like age, marital status, occupation, workexperience, income, saving rate, nature
of household accommodation and investment tenure, impact the individual's financial
satisfaction levels?
Highly Agree Agree Neutral Disagree Highly disagree

9. Low wealth entrepreneurs are suffering from low funding?

Highly Agree Agree Neutral Disagree Highly disagree

3.7 Analytical Tools applied for the study

Data analysis gives meaning to the data that has been collected. More than ____ respondents
were given questionnaire. After verification as to completeness of collected questionnaire,
samples were finalized. The data corresponding to the values in the Likert Scale were entered
for each statement in the questionnaire. It was then checked for accuracy, through three
rounds of visual and hardcopy inspections. The MS Excel data analysis tool was used for
statistical data analysis. The statistical analytical tools applied include:
The Average score analysis is mainly used in any study is to assess the level of
opinion/awareness/satisfaction of the different category of respondents on the various
aspects relating to the study. First the opinion of the respondents are assessed through a
scaling technique and then based on the consolidated opinion of the respondents, the
average score is calculated.
It is the simple and common method to represent raw streams of data as a percentage for
better understanding of collected data. Percentages are used in making comparison
between two or more variables to find the efficacy of each variable.

3.Research ethics

Research ethics refer to the "appropriate" behavior of the researcher in relation to the norms
of the society. It relates to the three parties involved in this research: the researcher, the

18
respondents and Research supervisor. Researcher assured Confidentiality to the respondents
and secrecy will be maintained. The researcher, on her/his part maintained objectivity,
presented the true research findings.

4 Chapter 4: Data analysis (26- 36 pages)

4.1 Internship summary

4.1.1 Introduction

Laxmi enterprises is pharmaceutical company, wholesales all medicines and drugs in kalyan
east and west area . This company is now wholly and solely managed by Mr. Jagannath
shinde,the all India chemist and druggist association president .under this company medicines
like cipla , byer zudus ,manforce ,mankind, etc medicines are sold to retail medicals .this
company also provide their supply in some other parts in Maharashtra.

4.1.2 Learning during internship

Petty cash book ,muster handling , banking work ,order receiving and sending .
Also I get to learn lots of office work rather than academic knowledge it was also great
experience to joint that enterprises

4.1.3 Data Gathering

As an intern my pleasure to work in such reputed organization .as after the complitation the
work of half term of my internship my manager work in professionalism and different
approach towards customer on the basis of customers approach towers customer. I prepare
questionnaire for the selected areas of respondent to solve my issue, within 3-4 days I
completed my open ended questions for easy reference of my questions .
I am very thankful towards my organization for helping me in my survey and provide me
a information for my survey

19
4.1.4 System design

Owner managers employees labors

4.1.5 Implementation

Implementation of activities taken by the RBI is all about the Monetary Operations.
Monetary Operations involve monetary techniques which operate on monetary
magnitudes such as money supply, interest rates and availability of credit aimed to
maintain Price Stability, Stable Exchange Rate, Healthy Balance of Payment, Financial
Stability, and Economic Growth. RBI, the apex institute of India which monitors and
regulates the Monetary Policy of the country stabilizes the price by controlling
Inflation.

4.1.6 Activities undertaken

In laxmi enterprises I undertake all the auditing and accounting activities

20
4.2 Average score analysis

The Average score analysis is mainly used in any study to assess the level of
opinion/awareness of the different category of respondents on the various aspects relating to
the study. First the opinion of the respondents are assessed through a scaling technique and
then based on the consolidated opinion of the respondent, the average score is calculated
Variable Highly Agree Neutral Disagree Highly total Grant Grant Avera Low Lower Middle High Quotient Scale remark
Agree score score score disagree score Mac Min ge score HL HL score
score score score score Score

V01 55 60 9 2 0 126 150 30 2.52 1 2.5 3.75 5

V02 70 44 12 0 1 127 150 30 2.54 1 2.5 3.75 5
V03 40 64 15 0 1 120 150 30 2.4 1 2.5 3.75 5
V04 25 64 24 2 0 115 150 30 2.3 1 2.5 3.75 5
V05 15 32 45 6 1 99 150 30 1.98 1 2.5 3.75 5
V06 85 48 3 0 0 136 150 30 2.72 1 2.5 3.75 5
V07 70 48 6 0 2 126 150 30 2.52 1 2.5 3.75 5
V08 35 76 12 0 0 123 150 30 2.46 1 2.5 3.75 5
V09 20 16 54 8 0 98 150 30 1.96 1 2.5 3.75 5
(Table 1, Source: primary data)
From the above table following data was found:
1. High Average Scores:
In case of variable V02, Average Score is highest i.e. 2.27.
Variable V02 is the next highest average score i.e. 2.52.
The 3rd highest average score is variable V01 and V07 i.e. 2.52.
2. Low Average Scores:
In case of variable V05, Average score is lowest i.e. 1.96
Variable V93 is the next lowest average score i.e. 1.98
The 3rd lowest average score is variable V04 i.e. 2.3

4.3 Percentage analysis

The percentage analysis / descriptive analysis describe the distribution of respondents in each
classification as it is expressed in percentage. It facilitates comparison

21
 Variable 5 4 3 2 1 total "5"% "4"% "3"% "2"% "1"% total%
V01 11 15 3 1 0 30 37% 50% 10% 3% 0% 100%
V02 14 11 4 0 1 30 47% 37% 13% 0% 3% 100%
V03 8 16 5 0 1 30 27% 53% 17% 0% 3% 100%
V04 5 16 8 1 0 30 17% 53% 27% 3% 0% 100%
V05 3 8 15 3 1 30 10% 27% 50% 10% 3% 100%
V06 17 12 1 0 0 30 57% 40% 3% 0% 0% 100%
V07 14 12 2 0 2 30 47% 40% 7% 0% 7% 100%
V08 7 19 4 0 0 30 23% 63% 13% 0% 0% 100%
V09 4 4 18 4 0 30 13% 13% 60% 13% 0% 100%
(Table 2, Source: primary data)
It is found from the above table that the respondents are having following opinion
towards
Variables :-
1. Highly Agree Opinion:
Against variable V06 (different impact), 57% respondents replied Highly
Agree.
Against variable V02 and V07 (level of trust and wealth gain ), 47%
respondents replied Highly Agree.
Against variable V01 (feeling of trustworthiness), 37% respondents replied
Highly Agree.
2. Agree Opinion:
Against variable V08 (factors), 63% respondents replied Agree.
Against variable V03 and variable V04 (relationship quality and risk ),
53% respondents replied Agree.
Against variable V06 (different impact ), 40% respondents replied
Agree.
3. Neutral opinion:

Against variable V06 (different impacts), 60% respondents replied

Neutral.
Against variable V05 (volatility), 50% respondents replied Neutral
Against variable V04 (risk), 37% respondents replied Neutral.
4. Disagree opinion:
Against variable V09 (low funding), 13% respondents replied Disagree.
Against variable V05 (volatility), 10% respondents replied Disagree.

22
 5. Highly Disagree opinion:
Against variable V07 (wealth gain), 7% respondents replied Highly
Disagree.

4.3.1 Gender wise percentage analysis

The following table describe gender wise percentage analysis of opinion of

respondents as to the variable:-
Var code Total Female Male Total Female Male Total
PG1 54 3 2 1 5 4 3 2 1 5 4 3 2 1 5 4 3 2 1 5 4 3 2 1
V01 11 15 3 1 0 5 9 1 1 0 6 6 2 0 0 30 16.67% 30.00% 3.33% 3.33% 0.00% 20.00% 20.00% 6.67% 0.00% 0.00% 100.00%
V02 14 11 4 0 1 8 5 2 0 1 6 6 2 0 0 30 26.67% 16.67% 6.67% 0.00% 3.33% 20.00% 20.00% 6.67% 0.00% 0.00% 100.00%
V03 8 16 5 0 1 3 # 2 0 1 5 6 3 0 0 30 10.00% 33.33% 6.67% 0.00% 3.33% 16.67% 20.00% 10.00% 0.00% 0.00% 100.00%
V04 5 16 8 1 0 3 8 5 0 0 2 8 3 1 0 30 10.00% 26.67% 16.67% 0.00% 0.00% 6.67% 26.67% 10.00% 3.33% 0.00% 100.00%
V05 3 8 15 3 1 3 3 6 3 1 0 5 9 0 0 30 10.00% 10.00% 20.00% 10.00% 3.33% 0.00% 16.67% 30.00% 0.00% 0.00% 100.00%
V06 17 12 1 0 0 # 5 1 0 0 7 7 0 0 0 30 33.33% 16.67% 3.33% 0.00% 0.00% 23.33% 23.33% 0.00% 0.00% 0.00% 100.00%
V07 14 12 2 0 2 5 8 1 0 2 9 4 1 0 0 30 16.67% 26.67% 3.33% 0.00% 6.67% 30.00% 13.33% 3.33% 0.00% 0.00% 100.00%
V08 7 19 4 0 0 3 # 2 0 0 4 8 2 0 0 30 10.00% 36.67% 6.67% 0.00% 0.00% 13.33% 26.67% 6.67% 0.00% 0.00% 100.00%
V09 4 4 18 4 0 3 3 7 3 0 1 1# 1 0 30 10.00% 10.00% 23.33% 10.00% 0.00% 3.33% 3.33% 36.67% 3.33% 0.00% 100.00%

(Table 3: Source primary data )

It is found from the above table that,

In case of variable V01 (feeling of trustworthiness) 50% respondents
expressed their opinion as Agree. Out of which the Female respondents
expressed maximum percentage of 30% followed by 20% of Males.
In case of variable V02 (level of trust), 37.67% respondents expressed their
opinion as Agree. Out of which the Female respondents expressed
maximum percentage of 16.67% followed by 20% of Males.
In case of variable V03 (relationship quality), 53.33% respondents expressed
their opinion as Agree. Out of which the Female respondents expressed
maximum percentage of 23.33% followed by 30% of Males.
In case of variable V04 (risk), 53.34% respondents expressed their opinion as
Agree. Out of which the Female respondents expressed maximum
percentage of 26.67% followed by 26.67% of Males.
In case of variable V05 (volatility), 26.67% respondents expressed their
opinion as Agree. Out of which the Female respondents expressed
maximum percentage of 10% followed by 16.67% of Males.
In case of variable V06 (different impact), 40% respondents expressed their
opinion as Agree. Out of which the Female respondents expressed
maximum percentage of 16.67% followed by 23.33% of Males.

23
 In case of variable V07 (wealth gain), 40% respondents expressed their
opinion as Agree. Out of which the Female respondents expressed
maximum percentage of 13.33% followed by 26.67% of Males.
In case of variable V08 (factors), 63.34% respondents expressed their opinion
as Agree. Out of which the Female respondents expressed maximum
percentage of 36.67% followed by 26.67% of Males.
In case of variable V09 (low funding), 23.33% respondents expressed their
opinion as Agree. Out of which the Female respondents expressed
maximum percentage of 10% followed by 3.33% of Males.

4.3.2 Descriptive statics

Descriptive statistics are used to describe the basic features of the data in a study. They
provide simple summaries about the sample and the measures.
Some measures that are commonly used to describe a data set are measures of central
tendency and measures of variability or dispersion.
Measures of central tendency include the mean, median and mode, while measures of
variability include the standard deviation (or variance), the minimum and maximum values of
the variables, kurtosis, skewness, and many more.
The following table provides the descriptive statistics based on the data collected.
Variable Mean Median Mode Standard Sample Kurtosis Skewness Range Minimu Maximu Sum Count Confidence
Deviation Variance m m Level(95.0%)
V01 4.20 4.00 4.00 0.76 0.58 0.98 -0.86 4.00 1.00 5.00 126.00 30.00 0.27
V02 4.23 4.00 5.00 0.94 0.87 3.51 -1.59 4.00 1.00 5.00 127.00 30.00 0.33
V03 4.00 4.00 4.00 0.87 0.76 3.59 -1.34 4.00 1.00 5.00 120.00 30.00 0.31
V04 3.83 4.00 4.00 0.75 0.56 -0.00 -0.25 4.00 1.00 5.00 115.00 30.00 0.27
V05 3.30 3.00 3.00 0.92 0.84 0.51 -0.08 4.00 1.00 5.00 99.00 30.00 0.33
V06 4.53 5.00 5.00 0.57 0.33 -0.43 -0.73 4.00 1.00 5.00 136.00 30.00 0.20
V07 4.20 4.00 5.00 1.06 1.13 3.95 -1.90 4.00 1.00 5.00 126.00 30.00 0.38
V08 4.10 4.00 4.00 0.61 0.37 -0.08 -0.04 4.00 1.00 5.00 123.00 30.00 0.22
V09 3.27 3.00 3.00 0.87 0.75 0.22 0.79 4.00 1.00 5.00 98.00 30.00 0.31

(Table -1 Source Primary Data)

In case of Mean, variable V06 is ranked as the highest mean i.e.4.53 and 4.23 of variable
V02 and also 4.20 of variable of V01.
In case of Standard Deviation, variable V07 is ranked as the highest standard
deviation i.e.1.06; followed by 0.94 of variable V02 and 0.87 of variable V03.
In case of Sample Variance, variable V07 is ranked as the highest variance i.e.1.13;
followed by 0.87 of variable V02 and 0.84 of variable V05.
In case of Kurtosis, variable V07 is ranked as the highest positive kurtosis value i.e.

24
 3.95, followed by 3.59 of variable V03 and 3.51 of variable V02.
In case of Skewness, 0.79 is the only positive skewness value of variable V09
In case of confidence Level, variable V07 has the highest confidence
level i.e. .0.38

4.3.3 Anova
The Technique of analysis of variance is an extension of the test used to test the
equality of several means. In this section the results of analysis of variance is performed
between the different variables studied and the gender of the respondents. The results are
presented in suitable hypothesis with relevant interpretations. The Table presented describes
the results of ANOVA in terms of study factors, sources of variations, degrees of freedom,
sum of squares, mean sum of squares, F value, p value and its significance on the study
variables.
Gender wise single- factor ANOVA for variable V09( LOW FUNDING )

Anova: Single Factor

SUMMARY
Groups Count Sum Average Variance
Gender 30 44 1.466667 0.257471
V09 30 98 3.266667 0.754023

ANOVA
Source of VariationSS df MS F P-value F crit
Between Groups48.6 1 48.6 96.09545 0.00000000000006459 4.006873
Within Groups
29.33333 58 0.505747

Total 77.93333 59

p value is less than 0.05 hence

null hypothesis is rejacted
means gender does not affect
the study the variable
significantly

(Table 1, Source: Primary Data)

25
 It is found from the above table that Hypothesis is Rejected (Significant)
Hence, it is concluded that there exists a significant difference between the
Gender and Variable V09 (low funding)

Gender wise single- factor ANOVA for variable V08(factors)

Anova: Single Factor

SUMMARY
Groups Count Sum Average Variance
Gender 30 44 1.466667 0.257471
V08 30 123 4.1 0.368966

ANOVA
Source of VariationSS df MS F P-value F crit
Between Groups
104.0167 1 104.0167 332.0899 0.0000000000000000000000001116 4.006873
Within Groups
18.16667 58 0.313218

Total 122.1833 59
p value is less than 0.05 hence null
hypothesis is rejacted means
gender does not affect the study
the variable significantly

(Table 1, Source: Primary Data)

It is found from the above table that Hypothesis is Rejected (Significant)

Hence, it is concluded that there exists a significant difference between the
Gender and Variable V09 (factors)

Gender wise single- factor ANOVA for variable V07(wealth gain)

26
 Anova: Single Factor

SUMMARY
Groups Count Sum Average Variance
Gender 30 44 1.466667 0.257471
V07 30 126 4.2 1.131034

ANOVA
Source of VariationSS df MS F P-value F crit
Between Groups
112.0667 1 112.0667 161.4205 0.0000000000000000021126 4.006873
Within Groups
40.26667 58 0.694253

Total 152.3333 59
p value is less than 0.05
hence null hypothesis is
rejacted means gender does
not affect the study the
variable significantly
(Table 1, Source: Primary Data)

It is found from the above table that Hypothesis is Rejected (Significant)

Hence, it is concluded that there exists a significant difference between the
Gender and Variable V07 (wealth gain)

Gender wise single- factor ANOVA for variable V04(risk)

27
 Anova: Single Factor

SUMMARY
Groups Count Sum Average Variance
Gender 30 44 1.466667 0.257471
V04 30 115 3.833333 0.557471

ANOVA
Source of VariationSS df MS F P-value F crit
Between Groups
84.01667 1 84.01667 206.1904 0.00000000000000000000942 4.006873
Within Groups
23.63333 58 0.407471

Total 107.65 59

P value less than 0.05, hence null

hypothesis is rejected means
gander does not effect the study
variable significantly
(Table 1, Source: Primary Data)

It is found from the above table that Hypothesis is Rejected (Significant)

Hence, it is concluded that there exists a significant difference between the
Gender and Variable V04(risk)

4.3.4 Correlation

The correlation is the study of finding the relationship between the variables. If there are only

2 variables in the study of correlations there it is called simple correlation. Otherwise the

study is called as either partial or multiple correlations. If two variables are "positively

correlated," they move in the same direction. When one goes up, the other goes up as well.

Two variables that are positively correlated have a correlation coefficient that is between 0

and +1. The closer the correlation coefficient is to +1, the more exactly the two variables

move together. A correlation coefficient between two variables of exactly +1.00 means that

both variables move in lock-step with each other. A correlation coefficient between two
variables if 0 indicates that there is no relationship between the movement of one variable
and movement of the other variable. If two variables are "negatively correlated," they move

28
in opposite directions. When one goes up, the other goes down. When one variable goes
down, the other goes up. Two variables that are "negatively correlated" have a correlation
coefficient that is between -1 and 0. The closer the correlation coefficient is to -1, the more
exactly the two variables move in opposite directions.
A correlation coefficient between two variables of exactly -1.00 means that both variables
move lock-step with each other in opposite directions. A correlation coefficient between two
variables if 0 indicates that there is no relationship between the movement of one variable
and movement of the other variable.
A general way to interpret the calculated value is as follows:
-0.6 to -0.4 - Very weak to negligible correlation
-0.4 to 0 - Weak correlation
0 to 0.10 - Moderate correlation
0.10 to 0.20 - Strong correlation

The Table following describes the results of inter-correlation analysis in terms of

correlation co efficient & its significance at 5% level efficient & its significance at 5%
level.

Correlation Analysis based on Gender

Var code 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Correlation
PG1 1 2 2 2 2 2 2 2 1 2 1 2 1 2 2 1 1 1 2 1 1 1 1 2 1 1 1 1 2 1 coefficient
V01 4 5 5 4 4 5 4 4 2 3 4 5 4 4 5 4 5 4 3 5 5 5 5 5 4 4 4 4 4 3 0.11
V02 4 4 5 5 5 4 4 4 5 4 5 5 5 3 5 4 5 5 4 3 4 5 5 5 4 5 1 3 3 4 0.05
V03 5 5 5 3 3 3 4 5 4 5 4 4 4 4 4 5 4 4 4 1 3 4 5 4 4 4 4 4 5 3 0.16
V04 4 5 3 5 4 4 4 4 3 4 4 3 4 4 4 4 3 4 4 5 4 3 5 3 5 4 3 4 2 3 -0.06
V05 3 3 3 3 3 3 3 4 2 4 3 4 2 3 4 4 3 3 3 1 2 4 5 4 5 3 5 4 3 3 0.06
V06 4 5 5 5 4 5 4 4 5 4 4 4 4 4 5 5 3 5 4 5 5 4 5 5 5 5 5 4 5 5 -0.06
V07 4 5 5 4 5 5 4 5 4 5 4 5 4 3 5 4 4 5 4 5 1 5 1 4 4 5 3 4 5 5 0.33
V08 4 5 5 4 4 4 4 3 4 5 4 4 4 4 5 4 4 4 4 3 3 4 5 3 4 5 4 5 4 4 0.07
V09 3 3 5 3 3 3 2 4 4 3 3 3 3 3 3 4 3 2 3 5 2 3 5 3 5 4 3 3 3 2 -0.14

(Source: Primary data. Significant at 5% level) (0-0.5 low and 0.5-1-high).

From the above table it is found that,
Variable V07 is highly correlated, showing the value 0.33.
Variable V03 is highly correlated, showing the value 0.16.
Also variable V01 is moderately correlated showing the value 0.11.

29
5 Chapter 5: Summary of findings (2-4 Pages)

5.1 Objective 1

To study various methods to manage the wealth:

When it comes to managing your money it can quickly become a stressful situation
especially if you dont know when and where your money is coming or going.
Alternatively you might feel as though you have your finances locked down and know
exactly where your money is coming and going to .
Its always good to set goals for yourself , all aspects of your life . your finances are no
different at and its always beneficiary to plan for the future to be able to accomplish the
goals

5.2 Objective 2

To understand the concept of wealth management :

Wealth management combines both financial planning and specialized financial services
,including personal retail banking service ,estate planning , legal and tax advice ,and
investment management services.
The goal of wealth management is to sustain and grow long term wealth .the net worth
needed to qualify for wealth management services vary among institutions .

5.3 Objective 3

Importance of wealth management on various level:

It is important to develop a wealth management plan that matches your priorities. Your
most important planning objective is to maintain your current lifestyle and ensure your
financial independence. One of the major obstacles to effective planning is the gap
between the perception of wealth and reality of wealth.

5.4 Objective

To understand the types of wealth management

There are majorly three types of service providers for wealth management currently-
Banks, Brokerage firms and Boutique advisory firms. Banks have larger investment

30
 distribution model which means they concentrate on a larger investment portfolio. They
cater to mid-level segment clients as well as the HNWI.

6 Chapter 6: Suggestions and conclusion

The wealth management industry in India is poised for significant expansion ,given the
favorable market landscape and expected regulatory boost for the sector . this provides
exciting growth opportunities which will drive rapid market expansion coupled with an
increase in number of industry participants. To successful tap into this potential, financial
services organization must undertake a customize approach ,taking into account the specific
variables of Indian market this will need to be supported by cost effective business model
focused or improve transpherence and compliance , partnerships and efficient technology
solutions .

Chapter 7: Bibliography

Bibliography:

Chan, C. (1983). Attitude toward wealth management services: Implications for international

banks in China. International Journal of Bank Marketing .

Chan, C. (1983). Attitude toward wealth management services: Implications for international

banks in China. International Journal of Bank Marketing .

Christopher Balding, . (2011). Portfolio Allocation for Sovereign Wealth Funds in the

Shadow of Commodity-Based National Wealth. Book Series: International Finance Review .

Edmunds, J. C. (1983). Financial wealth and the distribution of income. Marketing

Intelligence & Planning .

Frid, C. J. (1995). Low-wealth entrepreneurs and access to external financing. International

Journal of Entrepreneurial Behavior & Research .

31
Mendoza, R. U. (2003). Devils excrement or manna from heaven?: A survey of strategies in

natural resource wealth management. International Journal of Development Issues .

Sahi, S. K. (1974). Demographic and socioeconomic determinants of financial satisfaction:

A study of SECA segment of individual investors in India. International Journal of Social

Economics .

Searle, B. (2009). Recession and housing wealth. Journal of Financial Economic Policy .

Yeh, Y.-P. (1983). Corporate social responsibility and service innovation on customer

loyalty: An empirical investigation in wealthmanagement services. International Journal of

Bank Marketing .

32