“A STUDY ON THE AWARENESS AND KNOWLEDGE ABOUT WEALTH MANAGEMENT IN THE COMMON MAN”

Wealth management services have historically been reserved for the ultra-wealthy who require assistance with managing vast fortunes. Managing wealth is a skill and a science. Knowing the client inside and out is essential. However, the Internet has made financial management accessible to a much larger group of people, and one no longer needs a million dollars to take advantage of these services. A wealth manager's services extend beyond just stock and share management to include advising clients on the best collective funds to engage in. In addition, he can advise the investor on the best asset management strategy to pursue based on his or her unique circumstances. One can spend solely for the purpose of growing one's nest egg or strike a balance between long-term growth and short-term profits. A wealth manager's services may include providing impartial financial guidance on a wide variety of personal finance goods in addition to advising investors on the management of individual portfolios. In addition, he could aid in tax preparation, reducing expenses and obligations like capital gains tax. With their eyes on the breadth and direction of the markets, wealth managers can help their clients make swifter changes to their financial portfolios, freeing up previously unrealized capital. To further assist their clients, some wealth managers offer web resources such as research tools, investment calculators, and access to wealth management reports. For wealthy investors, whether they be individuals or organizations, wealth management is all about maximizing returns while minimizing losses. A wealth manager needs extensive understanding of the financial markets, their instruments, participants, and the overall landscape.


INTRODUCTION
The term "wealth management" first appeared in the United States sometime in the 1990s.
The financial planning and investment advice service that handles private banking, asset management, tax advisory, and portfolio management for individuals. When it comes to investing, nobody has had more success than Warren Buffett. According to him, the three most important principles of successful investing are treating stocks like a company, taking advantage of market volatility, and looking for a buffer zone. We learned this from Ben Graham. They are the foundations of business today and will be 100 years from now. Some even refer to him as a "wealth creator."

MEANING:
1. First, wealth management integrates financial planning with specialized financial services like estate planning, tax and legal guidance, and investment management for high net worth individuals.
2. Second, wealth management's ultimate purpose is to protect and expand financial resources over time. 3. Third, a wealth manager offers his customers a "one stop solution" for all their financial needs. It requires an in-depth familiarity with a person's background, history, family, health-related company, estate, and potential line of succession. 4. Fourth, a wealth manager is sought out by business owners, HNWIs, and wealthy families to help them transfer their wealth to the next generation in a tax-effective way. 5. Investment advice + long-term planning + people management equals wealth

MEANINGOFWEALTHMANAGERS:
Any businessperson who signs an agreement with a customer is considered a wealth manager. In accordance with the terms of the agreement, he provides investment advice, handles the client's securities portfolio, and/or invests and manages the client's money.
When discussing portfolio managers, the term "discretionary" refers to a manager who has some leeway in how they invest or handle their client's money or securities. He will handle each client's money separately, tailoring his strategies to their specific goals in a way that is unlike a mutual fund. The money will be managed by a nondiscretionary portfolio manager based on the client's instructions.
Using his or her education, training, and experience, a portfolio manager is tasked with researching the many financial opportunities open to their clients so that they can provide sound advice for growing and protecting their wealth.

NEED FORWEALTHMANAGEMENT:
Investing in various forms of capital is just one part of the wealth management process. It's not a static idea; rather, it requires consistent and methodical evaluation, decision-making, and implementation. The aim of this service is to provide investors and the uninitiated with access to the knowledge and skills of investment portfolio management specialists. It entails building a portfolio that takes into account the investor's goals, constraints, risk and return choices, and tax liability. The portfolio is monitored and modified on a regular basis to reflect changes in the market. Portfolio performance should be analyzed in light of predetermined goals for both risk and yield. The inventory must be adjusted to fit the new circumstances.
The term "portfolio construction" is used to describe the process of deciding how to spend available capital among various financial instruments. Principles guiding such allocation are the focus of portfolio theory. The contemporary perspective on investing emphasizes the importance of assembling a diversified portfolio of securities.
If the securities are pooled in such a way as to secure higher returns after taking into account the risk factors, the result will be positive.

Research Article
The prevailing view in contemporary economics is that risk can be mitigated through diversification. An investor can diversify their portfolio in a number of ways, including by purchasing stock in a variety of companies located in various geographical areas, operating in different market segments, or manufacturing a wide range of products. The modern theoretical view is to combine securities within certain risk and yield parameters.

HOW DOES WEALTH MANAGEMENT WORK?
By analyzing and making choices about one's wealth, one can ensure that their financial objectives are met. Take charge of your financial situation and make moves to increase your fortune or safeguard against its decline. A wealth manager can do this by analyzing your situation, then developing a strategy for you to implement using a wide range of financial

CHANGING FACE OF WEALTH MANAGEMENT IN INDIA:
The customer determines the look and personality of the management techniques being followed in the very personal field of wealth management. A thorough examination of the wealth management industry reveals that customer segmentation has significantly changed over time. The ownership of the person or client that wealth managers work with has gradually changed, and they are the individuals who can make decisions when it comes to deciphering portfolio strategies. A few decades ago, a male family member, often the patriarch in the 60 to 70-year-old age range, would have been the customer and the driving force behind wealth management portfolios. Today, managers meet with people in their 30s and 40s. Additionally, clients today are male and female and have equal decision-making authority, indicating that men no longer dominate wealth management.

Research Article
The shifting age factor The rising average age of asset managers is a major trend in the industry. Wealth managers are seeing a dramatic change as the millennial generation takes over from their parents and breathes new life and fresh ideas into the world. Similarly, the IIFL Wealth Hurun India Rich List 2013 demonstrates the wealth transfer between generations. The list's youngest member is now an adolescent; ten years ago, the youngest member was 37. Rich people today, being in the prime of their lives, are more willing than they were, say, ten years ago, to take on greater risk in chase of higher returns. Because of this, the wealth management business has become more risky.
Wealth managers have also seen a major shift in the form of a growing number of female clients at the forefront of the ecosystem. Women now have as much or more authority as males do when it comes to making financial decisions, and these choices reflect their unique identities and needs. Gone are the days when a lady had to rely on her husband, brother, or father for support. These days, women decide for themselves about their futures in terms of schooling, employment, and economic security. Women's participation in wealth management is on the rise, and they are gaining a better grasp on the intricacies of the industry.

GEN Z HAS AN IMPACT:
Wealth managers are now noticing young people who belong to the late millennial and early Gen Z tribe coming in and playing a leading role in managing at least a portion of the portfolio themselves. This segment of the clientele is playing a bigger role in making this a reality because the average age of decision-makers is trending downward. Gen Z makes a mark. As evidenced by the steady rise in demat accounts, retail investments in India have increased steadily. Some of today's younger people are extremely knowledgeable about finances and actively manage their investment portfolios. Even though they seek advice from wealth managers in this scenario, these individuals are building a portfolio that reflects their distinct personas and focuses areas by themselves.

THE WHOLE WAY FORWARD:
Being India-centric is now the most important competitive advantage for managers in the rapidly evolving Indian wealth management ecosystem. With unrestricted access to the majority of the landscape, having a large number of expert professionals on the ground Research Article provides savvy wealth managers with a significant advantage and places them in the core position. Additionally, these businesses can better serve Indian institutional, NRI, and domestic retail clients while securing untapped opportunities thanks to the presence of a large team. While developing a product or platform is not difficult, wealth management companies today need to concentrate on gaining and maintaining their clients' trust. This can only be accomplished by providing a holistic perspective and making the client the unwavering focus of the entire wealth management process. Equally crucial is comprehending that wealth managers must participate holistically in their clients' journeys, and those support boundaries frequently shift. As a result, you must adopt a "Performance Plus" mentality.

A systematic approach to Investments:
A systematic approach to investing is a disciplined and structured approach to managing money and building wealth. This approach involves setting specific investment goals, developing a well-researched investment plan, and regularly monitoring and adjusting investments to ensure that they are aligned with the individual's goals and objectives.
The systematic approach to investing is based on the idea that by making informed and wellthought-out decisions about investments, individuals can increase their chances of success and reduce the risks associated with investing. This approach involves several key steps, including: 1. Setting investment goals: The first step in a systematic approach to investing is to set specific, measurable, and attainable investment goals. This might include a target retirement date, a specific target amount of wealth, or a desired annual return on investment.
2. Developing a well-researched investment plan: Once investment goals have been established, the next step is to develop a well-researched investment plan that takes into account the individual's risk tolerance, investment timeline, and financial situation.
3. Regularly monitoring and adjusting investments: The systematic approach to investing also involves regularly monitoring and adjusting investments to ensure that they are aligned with the individual's goals and objectives. This may involve rebalancing portfolios, adjusting asset allocations, or making changes to the investment strategy based on market conditions or other factors.

Research Article
For the common man, a systematic approach to investing can provide a framework for making informed decisions about their finances and achieving financial goals. By following a structured and disciplined approach to investing, individuals can increase their chances of success, reduce the risks associated with investing, and build wealth over time.
In the context of the study on "wealth management and the public," a systematic approach to investing can also provide insight into the financial knowledge and habits of the common man, and inform strategies to improve financial literacy and access to investment resources and education. By adopting a systematic approach to investing, individuals can make informed decisions about their finances, achieve their financial goals, and build wealth over time.

NEED FORWEALTHMANAGEMENT:
Investing in various forms of capital is just one part of the wealth management process. It's not a static idea; rather, it requires consistent and methodical evaluation, decision-making, and implementation. The aim of this service is to provide investors and the uninitiated with access to the knowledge and skills of investment portfolio management specialists. It entails building a portfolio that takes into account the investor's goals, constraints, risk and return choices, and tax liability. The portfolio is monitored and modified on a regular basis to reflect changes in the market. Portfolio performance should be analyzed in light of predetermined goals for both risk and yield. The inventory must be adjusted to fit the new circumstances.
The term "portfolio construction" is used to describe the process of deciding how to spend available capital among various financial instruments. Principles guiding such allocation are the focus of portfolio theory. The contemporary perspective on investing emphasizes the importance of assembling a diversified portfolio of securities.
If the securities are pooled in such a way as to secure higher returns after taking into account the risk factors, the result will be positive.
The prevailing view in contemporary economics is that risk can be mitigated through diversification. An investor can diversify their portfolio in a number of ways, including by purchasing stock in a variety of companies located in various geographical areas, operating in different market segments, or manufacturing a wide range of products. The modern III. The wealth manager collects sufficient information that is to be analysedinorderto arrive atclear goals andobjectivesof theclient.
IV. Some of the areas to be considered that help the wealth manager to prepare abalancesheet fortheassets andliabilitiesoftheclientare.
Step2: Definethe termsof engagement  advice to their clientele. The market risk exposure of their clients' assets is often the sole concern of many professionals. Most investors' asset allocations fail to take into account factors like human capital, future spending plans, and investment time span, despite the fact that these factors have been emphasized by academic research.

PROBLEM DEFINITION & OBJECTIVES
The purpose of this research was to assess the general public's level of understanding and familiarity with asset management. The average person can use wealth management services to get a plan for investing his or her money. Financial planning advice from a wealth manager can help you allocate your resources so that you can accomplish nearly all of your financial goals. Through careful investment strategy and careful tax preparation, the advisory guarantees that the invested funds keep compounding.
Achieving objectives in the absence of wealth management and sound financial planning is next to impossible. The first step in developing sound financial plans is to take an honest assessment of your current financial situation. Effective financial planning facilitates the development of assets and the detection of challenges. Experts in wealth management not only assist with putting the plan into motion but also regularly check in to see how things are going. The counsel also provides assistance in formulating plans to safeguard family assets.

OBJECTIVES OF THE STUDY
1. To study the awareness and acknowledgment of wealth management 2. To assess the current level of awareness and understanding of wealth management among the general public.
3. To identify the factors that contribute to a lack of knowledge about wealth management among the general public.

RESEARCH METHODOLOGY
Research Methodology is the systematic and theoretical analysis of the methodsapplied to afield of study. It involves qualitative and quantities techniques. Inother words, it is a process used to collect information and data for the purpose ofthemakingbusinessdecisions.
This part aims to understand the research methodology establishing a framework ofevaluation andrevaluation ofprimaryandsecondaryresearch.

Titleofstudy
"A study on the awareness and knowledge about wealth management in the common man"

TOOLS FOR DATA COLLECTION:
A well-structured questionnaire is used for collecting primary data.

INTERPRETATION
The above graph shows that 38% of respondent belongs a to joint family and of 62%of respondentbelongsto anuclear family.

INTERPRETATION:
The above data shows that 56% of surveyed respondents have proper financialplanning of their income; the remaining 35% respondents do not have properfinancial planning whichisanissuein thisfast growingeconomy.

Interpretation:
By the above data shows that around32% of respondents consult financial plannerwhereas 68% proportion of respondents do not consult any financial planner whichmight leadtoinefficientwealthmanagement.

Q9. Whatkindof financialplanyou opt for?
Interpretation: This graph can be interpreted as 52% of respondents preferred goal based This chart displays the extent to which respondents are familiar with the systematic investment strategy. While 32% of respondents said yes, and 24% said no, 44% of respondents were unsure or unfamiliar with the systematic investment strategy.

Data Analysis
The above interpretation of data awakens an analysis with the main objectives of the research paper. Here it is as follows: 1. Here we've seen the respondents gender is most of male who have opted for their interest and knowledge in maintaining their wealth management at the right pace. They come mostly from joint families. 0 yes no notsure series1 20 15 28 2. Providing knowledge and seeking the right inputs for financial wealth management is really needed as the basic income of the respondents is between 2LPA to 5LA. The amount of savings is very low here, and people have no idea how to maintain and address their challenges in correct wealth management procedures.\ 3. Most married people then realized before they have their children that wealth/Financial management plays a major role in how to take good care of their finances and maintain the needful things well. Awareness of different financial schemes might help them have a correct idea.
4. Most private employees are the ones who have a good level of income as well as more tax benefits and more taxpayers here. Helping them understand with right tax pieces of advice might help here. Investment is a great key to bypassing this.

5.
Lack of education is one of the biggest barriers to understanding the right impact on financial literacy is observed.
6. Bring up awareness of the simplification of different financial terms and concepts so that they are easier to the public to understand. Many people are intimidated by complex financial terminology and this can discourage them from learning more about managing their finances.
7. Using technology to provide easy access to financial information and tools. This can include mobile apps, online calculators, and interactive websites that help people to understand financial concepts and manage their money more effectively is really needed is observed.
8. Encouraging people to seek advice from financial professionals when making financial decisions. This can help to reduce the risk of making costly mistakes and improve their overall financial well-being is being observed.
By implementing these strategies, we can help to bridge the gap between financial literacy and the general public, and improve the overall financial well-being of individuals and communities.

RECOMMENDATION AND SUGGESTION
Given the country's favorable market climate and anticipated regulatory boosts for the sector, India's wealth management industry is primed for substantial growth. As a result, the market is expected to expand rapidly, and the number of businesses operating in the sector will rise. Financial services firms can only realize this promise by adopting a strategy that is uniquely tailored to the conditions of the Indian market. A cost-effective business strategy centered on enhanced transparency and compliance, partnerships, and effective technological solutions will be required to support this.

Research Article
The term "wealth management" is often misunderstood and used interchangeably with "financial planning," as evidenced by our poll results. Fifty-eight people out of 63 claim they are knowledgeable about wealth management.
 People who took the survey indicated that personal retirement accounts (PPFs), fixed-income investments (FDs), life insurance, precious metals, and other risk-free assets are among the most common ways to save money.
 A person's ability to take risk can be estimated based on their typical savings rate.
The risk is reduced with a low savings ratio, and it increases with a large one.
 Risk increases in proportion to expected yield. Even though mutual funds have a higher return in the long term than any other asset mix, many respondents still don't choose them. SIPs are becoming increasingly common in mutual funds.
Wealth management has become an increasingly desirable and lucrative service segment of the global financial industry due in large part to the proliferation of wealth management products and innovative financial services in recent years. The ever-accelerating development of technology is creating fresh opportunities in the asset management sector.
Professionals in the wealth management industry are facing new challenges as a result of factors such as the rapid development of new products, the evolving requirements of investors, and the globalization of businesses.