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Month: July 2021

wealth management
What is Wealth Management & How Does it Benefit?

What is Wealth Management & How Does it Benefit?

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Wealth management is one of the financial services that ensure an end-to-end financial advisory & management. The one who does it all is called a wealth manager. He guides on what to do for addressing the investment requirements in general and in specific situations. Once clarity is there, he customizes a personalised strategy that includes a range of financial products and services.

This is a matter concerned with consultation, including an advisory on NRI wealth management or of any layman while understanding financial needs and goals.

Advantages of Wealth Management

  • Effective Consultation

Managing funds is not easy when it’s an overwhelming amount. A person may not be able to effectively invest and prepare plans for investment, managing the entire money. But, a specialist can do it. He is the wealth management consultant who is high-level professionals and experts. One can easily contact them to strategically manage wealth.

  • Customisation

This kind of management plans requires a scope for changing strategies or advisory as per clients’ specific needs. So, the wealth management expert combines different financial products & strategies to effectively meet the purpose or end the financial/ investment struggle. This is how the NRIs or any other ones can get a confident and bold solution to carry out during the course of financial planning and advisory.

  • Location-based Services

The location of the customer makes a great impact on this management service. Let’s say-an NRI is in the USA. The investment strategy for that country will differ from India. With this facility, the residents and NRIs wealth management goes on smoothly because expert managers have the knowledge of every country’s economy dynamics.

  • Expert Advisory

The client can have services of different financial disciplines, such as financial and accounting or tax or property investment or legal planning and post-retirement strategies. It ensures managing wealth effectively from all aspects through the bundle of services.

  • Specialised Services

However, people seek for holistic financial services under it. But, there are some exceptional wealth managers as for NRIs to deliver specialised services in a particular area of finance. This specialization can help in sorting out any specific financial problems with expertise.

  • Secure Sensitive Info

These services providers swear on their compliance with data privacy and security. They agree to work according to regulations that are meant to regulate the best privacy policies for not compromising on the sensitive information. They maintain confidentiality also during the agreed tenure.

  • Holistic Management of Wealth

Managing wealth has an inclusive investment advisory. But, both differ from each other. It comes with a more holistic approach, which comprises all sorts of services related to managing money and strategies for fulfilling needs. It may have some existing and the future-based needs of the customer.

  • Availability for All

Wealth management services may be aligned for a single person or small scale business or large firm. What all it means is that it involves a wide range of services that can be customised according to different requirements under different titles, which include consulting to practically executing management ideas.

What does a wealth manager do?

A wealth manager strategises to invest and manage the worth of millions of dollars, which includes remote assistance to NRIs, entrepreneurs of small, medium and large businesses. They align full-proof plans to monetize physical assets. When the need arises, he works as a virtual private bank so that customer can access professional credit and investment banking services in no time.

There are many High Networth Individuals (HNIs) that may have millions to billions of worth to be managed. Such people can be professionals, lawyers, doctors and CAs or whosoever with high net worth. There are some cases of HNIs who need the assistance for inheritance management and preservation of wealth.

Now-a-days, digital innovations are all around. HNIs are also interested in hi-tech wealth managers who can connect with technology-driven tools to execute effective management strategies in no time. So, the professional and upskilled wealth manager often comes with digital offerings also to provide an end-to-end support, especially to NRIs.

Reference Letter
How Do You Write an Official Reference Letter?

How Do You Write an Official Reference Letter?

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A reference letter shows an assessment of an individual’s qualities, characteristics and capabilities being able to do a specialised task. Also called a letter of recommendation, it is typically required for employment as a job reference. NRIs or any citizen may require it. One can also put the details of higher education, scholarship eligibility or any other related things.

Why a reference letter?

This document carries all information related to skills, certifications, education and other features concerned with the work, character and achievements. So, many reputed companies ask for it at the time of job application submission, internship, volunteer positions, colleges or schooling programs.

Whatever is written on it explains why the candidate should be selected for a specific job role in a company or admission in an institute or school.

Types

Before moving towards how to write an official reference letter, let’s go through its types.

  • Professional

As it is for and about a job role, it is written by a team lead, manager, supervisor, colleague or client who has a complete knowledge of your achievements in a company. What it all reads is the description of the designation, responsibilities and the duration of time being spent there (tenure). Your abilities, qualifications and contribution to the organisation may be added there.

  • Character/Personal

This letter may be written by a family friend, mentor or neighbour who has witnessed your abilities, behavior and character. It is written in such a way that the candidate would appear an ideal one for the designation or position. The writer also explains his relation or how he knows about him.

  • Academic

As concerned with academy, this letter is drafted by a teacher, professor or faculty. It consists of educational background and academic achievements of the candidate.

Points to Consider

  • If you don’t know the candidate very well, it’s a good decision to give up on writing about him.
  • If you agree to write, ask for his CV or resume that should have a detailed description of every achievement, merits and qualification that need to be put there.
  • Start with the current pieces of information and go the history.
  • Define any specific job role with the reference to the appointment and relieving letter.
  • In case of academic reference letter, you need to ask about all certificates and provisional certificates about the schooling.
  • Do remember the person why it should be sent to and include everything that is specifically asked for.
  • Include contact information, the date and the hiring manager at the top of it.
  • If emailing, you should an email signature at first and then, the contact information.
  • Put a clear and concise subject line with the candidate’s name, the profile for which is applied and the purpose of the letter.

For instance-Reference for (Candidate Name) as a Data Scientist

How to Write a Reference Letter

  • Start with Salutation

Start writing with “Dear Mr./Mrs. (hiring person like Manager/ HR)” if it is for employment. Else, you may write as “Whom It May Concern” on the top of the letter.

  • Tell about your connection with candidate

The first paragraph should have the details of in what you are connected with the candidate and how long it has been to be with him. Besides, add how you are authorised to recommend him.

It should be like this- I have been his TL at XYZ organisation for 2 years. I am happy to refer him for the job role of a data scientist at (current company name) ABC company.

  • Brief about his qualification/ abilities and soft skills

In the next paragraphs, you may add some more vital details about what he did for the company and what he qualified for taking up that job responsibility. About communication skills, you may add a few things like an excellent speaker, leadership qualities and outperformer. Make these all details relevant to the specific role or designation.

  • Share contact number

For the closing of this letter, you may provide your contact details like email id and phone number.  Ensure giving a verbal recommendation. However, the company asks for some specific details. If such requirement is there, answer each question accurately.

  • Put signature

Last but not the least, you need to put your signature. Do it manually. Follow it with your name and designation. Wrap it up with the contact information.

Once you are done with writing, ensure that the letter has been proofread. It avoids any space for typos. Edit if you find any mistake. Then again, recheck.

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