Ameriprise Financial Inc, the US-based financial planning solutions provider, has begun operations in India.
Ameriprise India Private Ltd, Indian subsidiary of Ameriprise Financial, has set up offices in Delhi and Mumbai and plans to expand its reach to other metros in the future.
"With the 34% savings rate, India offers great opportunity in the space of financial planning," Ameriprise Financial president (financial planning and wealth strategies) Kim M Sharan said.
The company provides holistic and tailor-made financial planning for individuals having annual income of over Rs 20 lakh, she said.
The USP of the company is going to be comprehensive unbiased advise at competitive fee through the well-trained advisors, she added.
Ameriprise India Private Ltd Chairman Bimal I Gandhi said: "The company will provide a personalised financial plan that examines cash flow, liabilities, insurance and investment needs."
Also Read
The company has already got insurance brokerage licence from insurance regulator Irda.
"For other products such as equity, real estate and tax, we are in the process of tying up with distributors," he said.
"We have two revenue streams— fee and commissions. Our model is not transaction-based but advisory based. However, we do implement the financial plans and we make full disclosure regarding commissions that we get from products," he said.
Ameriprise Financial, a Fortune 500 company, manages assets of over $600 billion through its mutual funds and life insurance companies in US and Europe.