Ameriprise Financial Launches Financial Planning Services in India
Ameriprise Financial has a 117-year heritage of offering a comprehensive range of financial services to clients in the U.S. and has a rich legacy of working with clients through generations.
“Helping people feel more confident about their financial future is the key principle upon which our company was founded more than a century ago and it endures as our mission today,” said James M. Cracchiolo, chairman and CEO, Ameriprise Financial. “With its trillion-dollar economy, India is not only an important market from a business perspective, but also one where our unique approach to planning could truly transform the way Indian consumers manage their finances.”
The launch was marked with the unveiling of a groundbreaking research study – Trends & Insights into Financial Goals of Indian Consumers – which examines the factors that influence professional, affluent Indian consumers’ financial decisions and their attitudes toward financial planning.
“Consumers want an advisor they can trust to provide unbiased advice, simplify their finances and ultimately help them feel more prepared and confident about the future,” added Bimal Gandhi, chairman, Ameriprise India Pvt. Ltd.; executive vice president – enterprise services, Ameriprise Financial, Inc. “Our distribution alliances with more than 70 leading Indian companies give us a great opportunity to meet this existing need, which has not been fulfilled by other financial services firms.”
Ameriprise offers a comprehensive range of financial planning services, based on its unique and holistic Dream > Plan > Track >® approach which entails:
- An ongoing relationship with an Ameriprise financial advisor, focused on a client’s individual goals and dreams
- A personalized financial plan that examines cash flow, liabilities, insurance and investment needs
- Implementation of the financial plan through investment solutions, including mutual funds, structured products and insurance
- Regular monitoring of the client’s investment portfolio
- Ongoing financial advice to address evolving needs through different stages of life
In addition to comprehensive financial planning advice, Ameriprise India offers products across asset classes and a transparent process of evaluation which helps ensure unbiased advice. The firm’s financial advisors undergo intensive training programs, are supported by CERTIFIED FINANCIAL PLANNERTM professionals, an experienced research team and have the backing of a strong and stable company.
Market Research – Trends & Insights into Financial Goals of Indian Consumers
This research, which was commissioned by Ameriprise, captures the attitudes and receptivity of urban affluent professionals (age 28-45 with an average household income of approximately $25,000 USD) toward financial planning, and examines their current investment behaviors and key decision-making factors. The study also highlights the gap that can be addressed by professional financial advisory services in India.
Some key trends from the study include:
- Financial goals revolve around the family. Irrespective of age, income or geography, affluent Indian consumers typically prioritize family-centric goals.
- People invest in what their neighbors invest. Purchase decisions are being influenced by geography rather than income, age or other demographics.
- Consumers are buying the right financial products for the wrong reasons. In many cases, financial products are being bought for reasons contradictory to the actual product benefits.
- Indians want an advisor. More than 80 percent of respondents view the benefits of financial planning favorably, but only a few have sought professional advice for a fee. Family and friends remain the most trusted sources of advice.
- Consumers are looking for professional services they can depend on. Consumers want a long-term and dedicated advisor who understands the complete product landscape and can provide a comprehensive suite of financial products and services to help meet their goals in a fully transparent manner.
Indian consumers currently rely on different financial professionals for recommendations on specific products, and feel that there is a lack of a single source who can serve their financial needs. While most acknowledge that financial planning is a complex and scientific process, their awareness of the planning process is limited. Many view financial planning as a means to achieving a financial return, tax-saving benefit or short-term goals; decisions to invest are typically triggered by specific life events instead of being proactive or strategic. Despite the plethora of financial players in the market today and easy access to information, most Indians are not thinking of financial planning as a roadmap to help them achieve their goals and the dreams they have for their families.
Ameriprise Financial is a pioneer in financial planning. Its comprehensive financial planning approach and stringent processes ensure that clients receive personalized advice aimed at helping them achieve individual goals and dreams. This approach differentiates Ameriprise significantly from existing financial services providers in India and makes it well equipped to provide unique benefits to Indian consumers – whether it is for their immediate needs or future goals.
Ameriprise in India
Ameriprise Financial has maintained operations in India since 2000 and has its India headquarters in Gurgaon. Our financial advisors deliver tailored solutions to clients through a personalized approach to financial planning and advice built on long-term relationships. For more information, visit ameriprise.co.in.
About Ameriprise Financial
At Ameriprise Financial, we have been helping people feel confident about their financial future for over 115 years. With outstanding asset management, advisory and insurance capabilities and a nationwide network of 10,000 financial advisors, we have the strength and expertise to serve the full range of individual and institutional investors' financial needs. For more information, or to find an Ameriprise financial advisor, visit ameriprise.com.
Brokerage, investment and financial advisory services in the U.S. are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.
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