Wealth Advisors opens second outlet in Kerala

Investment advisory firm Wealth Advisors (India ), a fully-owned subsidiary of the Chennai-based Rs 1,000-crore J V Gokal Group, has entered the Kerala capital by opening its second WealthZone retail outlet here.

Talking to Business Standard, V Mahadevan, chief executive officer, Wealth Advisors ( India), said the company targeted to managing assets up to Rs 100 crore in 18 to 24 months in the state.

WAI, which operates a retail outlet in Kochi, apart from the new Thiruvananthapuram centre, also has plans to open more of its WealthZone outlets in Kottayam, Kollam, Thrissur, Kozhikode and Palakkad.

Elaborating on the activities of WealthZone, Mahadevan said that "the retail division is built around the concept of a friendly neighbourhood supermarket, and offers a wide range of financial products and services".

According to the CEO, "the WealthZone product suite is designed to address the varied requirements of the retail segment, which includes mutual funds, life and non-life insurance, IPOs, secondary market equities, postal schemes and corporate deposits." Commodity exchange activity is another important area the company is looking at, he added.

Pointing out that the Kerala financial scene is witnessing a sea change, Mahadevan said that the large investing population and the opening up of job and business opportunities, thanks to the boom in technology and tourism sectors, are making the state a focus area for the company.

"This apart, the scope of servicing a vast majority of non-resident Indians, particularly the NRKs in the Middle East, is another reason for us to focus on Kerala," he added.

WAI, set up in 1952, is a leading wealth management advisory in the country with assets under advise (AUA) exceeding Rs 1,500 crore. The Thiruvananthapuram WealthZone outlet is the 30th in India and the 12th in South India, Mahadevan said.