Perceived Service Quality: A Comparative Analysis Between Mass Affluent And High Net Worth Investors Availing Wealth Management Services

Abstract

India has the potential to become a high-growth Wealth Management Services (WMS) market supported by its mass affluent and High Net worth (HNW) investor base, improving wealth levels among global Indians, strengthening regulatory environment and an increasing share of organized players, including relationship managers who act as financial advisors. The purpose of this paper is to examine the major objectives set besides investors mind while availing WMS along with major sources of information affecting their decision while availing WMS. The data used to test the hypothesis has been collected from 290 Mass affluent and 210 HNW investors availing WMS from various service providers in Punjab. The findings serve as a valuable reference for WMS Providers to understand challenges disturbing service quality with respect to objectives behind availing WMS and sources of information. WMS providers in terms of their communication with the investors should set up, design and develop their sources of information in such a way that it should be more understandable to both set of investors. Mass affluent investors in comparison to HNW investors are more sensitive as they demand more personal touch and clear processing of funds. Therefore, the study strongly recommends that WMS providers should function in such a way as to send great contents to the prospects and ensure disclosure of pertinent way and means of wealth creation on a regular basis both congenial to mass affluent and HNW investors.