Hot property: Anand Khatau, Financial Advisor; and Vrinda Mahadevia, Senior Financial Advisor, DSP Merrill Lynch

How about being up close and personal with some of the richest in the land? How close, did you say? Well, there is a possibility that you may be asked to play the matchmaker for your client's children! Or chalk down the holiday itinerary right down to the drink on the menu. Well, before you surmise it's a religious guru's or a psycho-mate's job, here's the catch: as a hardcore finance professional with experience in portfolio management, India Inc.'s super-rich and hugely famous are looking at you to man their private purses, become their private wealth managers (PWMs) of sorts.

Recently, the richest man in the country, Azim Premji, Chairman of Wipro, handed over the management of part of his personal wealth (the portfolio size is an estimated Rs 1,000-1,500 crore) into the hands of a team of PWMs at DSP Merrill Lynch. "Earlier, the business was conducted on a more informal basis," says Anand Khatau, Financial Advisor, DSP Merrill Lynch, an investment bank that also manages the portfolio of some other super-rich in India. "As advisors to the client's company, they would ask us (for tips) on how to mange their personal wealth. But now things have become institutionalised."

A surging stock market (the Bombay Stock Exchange's benchmark index, Sensex, is well over 8,500 points) has boosted the value of promoter holdings immensely over the past one year, and that coupled with a mindset change is making PWMs hot property. "Indian business families have realised that corporate wealth and personal wealth are two separate things," says Vrinda Mahadevia, Senior Financial Advisor, DSP Merrill Lynch. With greater emphasis on corporate governance, promoters are increasingly looking at an arms-length distance between management of their personal wealth and the company's, and hence the scramble for PWMs. And everyone, from Infosys' Nandan Nilekani and S.D. Shibulal to the Singhs of Ranbaxy, the Burmans of Dabur and the Munjals of the Hero Group, has one (given that several promoters are part of large families-the entire family wealth is handled by a PWM).

Not Just Any Portfolio Job

But isn't PWM akin to portfolio management services (PMS) that banks offer to their high net-worth clients? Well yes, in a way, but then a PWM comes in only for the ultra-rich-anyone with potential to put Rs 5 crore under management (having a net worth at least 10 times that). "We offer holistic wealth management services that are completely customised to the risk profile and investment horizon of our clients," says Sutapa Banerjee, Sr VP & Head (Private Banking), ABN Amro Bank, India. So, whilst any bank's PMS deals with typically 250-odd clients, the personal wealth division rarely exceeds 30-40 clients per bank.

A PWM career is as much about finance as relationship and service. "It is not about being just a great salesperson or a financial advisor. Being a PWM is all about faith and trust," says Rohit Sarin of Capital Associates, a Delhi-based investment firm, which services some of North India's prominent business families. A different kettle of fish from perhaps most other finance jobs, a PWM has to not only produce investment results for clients, but dovetail it closely with their interests, needs and the pecularity of the industries they come from.

What It Takes (And Gives)

With clients almost paranoid about secrecy, you can forget about being a PWM if instant fame is what you're looking for. But if you're one of those who don't mind being a well-fed back-room boy, the opportunities in a PWM career can be immense. There are several new players such as Citigroup, ICICI Bank and HSBC (the latter two are about to tee off their Indian PWM operations) who have entered the field, but there is a very limited pool of experienced people, simply because the industry itself is barely three years old. "This is a long-term game; you have to spend three-four-five years before you gain the confidence of a client," says Sarin. There are no magic recipes to becoming a good PWM, but it helps if you're a good banker as well as a good people person. A grounding in finance, like what Sarin (Grindlays mf), Khatau (ca with Ernst & Young) and Mahadevia (almost 10 years with Merrill Lynch) have, is necessary, but not sufficient to become a PWM.

You have to know not just a client's risk appetite, but his or her investment psyche as well. Why, even their family's history too, for sometimes it determines how they will invest. "It is not easy to advise a family to invest in equities if it has had bad experiences in it before," says Mahadevia. And it is important to know what drives a PWM client-not so much the opportunity to make a fast buck in a buoyant market (though no one minds that too), but capital preservation and growth.

With PWM fees varying from 0.3 per cent to as high as 1 per cent of the total assets under management, the lucre here is as good as it gets in the world of high finance. And, of course, once a relationship is built, more money (to manage) and personal intimacy is just part of the job. "So every time the Sensex or the NASDAQ crashes (Indians can now invest up to $25,000 or Rs 11 lakh in foreign equities), expect a call from your 'friendly' client," says Khatau. There is no escaping random client calls. For, this is a 24X7 job.

COUNSELLING
Help, Tarun!

I am a 35-year-old accounts executive with 12 years of work experience. Besides a post-graduate degree in commerce, I have also specialised in systems analysis and design. However, of late, I've started feeling that in order to grow further, I need a professional qualification like a CA or an MBA. Also, since I have always been inclined towards software, I have enrolled myself for a course in Oracle. Can I change my career path (from accounts to software) at this stage? Will a good opportunity in software come my way in view of my present qualifications and work experience?

Considering the fact that software is an ever-growing field, a switch could turn out to be a good career move. However, if possible, get yourself enrolled for a course in enterprise resource planning (ERP). Also, if you want to focus solely on software, then you don't need a qualification like a ca or an MBA. If, on the other hand, you do decide to pursue either one or both of them full-time, just remember one thing-they will consume a lot of your resources as well as time. As such, it would be better if you go in for a part-time MBA. This way you will not only get a qualification under your belt, but also gain confidence in the process.

I am a 24-year-old trying to get a BTech degree for the last seven years, but without any success. I have been working full/part time in my father's engineering workshop for the last eight to nine years. My ultimate goal, however, is to get an MBA and then get into the management stream. In view of my poor academic background, should I forget about getting an MBA degree and instead take up a job with an MNC to gain some experience or should I continue as an entrepreneur?

First of all, you should learn to cherish what you have. Different people have different abilities and strengths. An engineering workshop, whether it is an automotive one or not, has some rather good prospects. So, why not continue working there and help it grow further? After all, it is your workshop too. So, focus on that and try consolidating the business. And also try attending courses for entrepreneurs run by Small Scale Industries Association or any other local body. Training in accounts as well as pricing will also prove useful.

I am a 23-year-old commerce graduate. I also possess a one-year diploma in computer applications. At present, I am pursuing a PGDBM with specialisation in HR from an autonomous college of the Allahabad University. I am also doing a course in German. Apart from all this, I have over a year's experience in customer care with a reputed telecom company. Now, I want to work in a BPO so that I get a "handsome salary". Are my qualifications adequate to land me a job that I want, or should I get an LLB or computer networking degree to improve my prospects?

Your plate is absolutely full. At 23, you seem to be pursuing too many academic labels. Nothing wrong with that. It's quite commendable, but hope you are not confused about your career path. Just ask yourself this question-What exactly do you plan to achieve with all this effort? In other words, is all this worthwhile? Take a deep breath, sit back and think about what you actually want to do. "Handsome salary" is a relative term and remember, all BPOs have different salary packages for different categories of jobs. And just how do you think getting an LLB or a computer networking degree will improve your prospects? Anyway, I do think that with the qualifications you have, landing a job with a BPO shouldn't be that much of a problem.

I am 36 years old and have worked with a publication house as a senior researcher for 12 years. In 2004, I took a year off, and I am now looking for a job. In the past two months, I have given three interviews (with publication houses), but despite the requisite experience and qualification, I have not got any job offer so far. I think that my age is going against me. Am I "over the hill" as far as the job market is concerned? What should I do?

I certainly do not think that at 36, after a year's furlough, one can consider you "over the hill". The fact is that research jobs in publication houses are limited and that must be the reason you are facing resistance in getting an assignment. Why don't you broaden your skill-base and look for related jobs? Equity research or market research comes to mind as alternate career options. And with your experience and background, how about getting into journalism?

Answers to your career concerns are contributed by Tarun Sheth (Senior Consultant) and Shilpa Sheth (Managing Partner, US practice) of HR firm, Shilputsi Consultants. Write to Help,Tarun! c/o Business Today, Videocon Tower, Fifth Floor, E-1, Jhandewalan Extn., New Delhi-110055..

Reaping A Rich Harvest
Now, commodities trading jobs for MBAs.

A foodgrains market: Can you spot new MBA jobs here?

Aggregate commodity trading at the national Commodity & Derivatives Exchange (NCDE) has zoomed to around Rs 5,000 crore a day from just around Rs 2,000 crore a year ago. And ncde's Chief Economist, Madan Sabnavis, expects trading to double by next year. This turbo-charged growth in commodities trading is having an unlikely impact-hundreds of MBAs are in demand, not just as analysts with 700-odd commodity brokers, but also at export houses and other agri-based businesses.

Just a couple of years ago there were not many big MNC players, and Indian players like the Adani Group were much smaller and their operations were largely family-run. All that has changed, with over 40 big players such as Olam Exports, Cargill, HLL and Bungee active in the commodities market now. "Unlike earlier, the profit heads at commodity export houses now command as much as a financial head in any blue-chip firm," says the CEO of a large commodity trading house. With no specialised commodity courses, graduates from institutions such as the Indian Institute of Foreign Trade and people with experience in FMCG distribution are in great demand.

-Kumarkaushalam

Small Clips, Big Jobs
Mobile VAS need sales and marketing execs.

Ringing in revenues: VAS like astro predictions mean big bucks

Value-added services (VAS) on mobile phones such as games, ringtones, wallpapers, astrology and movie ticket bookings are becoming a goldmine for not just telecom operators and content providers, but also people with a head for new media and technology. These services need to be marketed and sold, right?

At Rs 400 crore, just 5 to 7 per cent of any mobile operator's revenue, vas can grow almost four-fold in the next two years. The only limiting factor, though, is the lack of sufficient people, from sales and marketing professionals to sew in partnerships between telecom operators and content providers, and product managers, among others. "We don't have enough people pushing the envelope," says Kaustuv Ghosh, Country Manager (India) for Mobile 365, a us-based messaging solutions company. Adds Raj Singh, Executive Director, ActiveMedia Technology: "There is huge growth in the VAS space, but it has to shift from being pan-Indian to region-specific. The biggest talent crunch is at the regional level."

With not enough people, the salary for a salesman with just two years' vas experience is touching Rs 60,000 per month. So expect the job in the sector to not just pay well, but lure top sales talent too.

-Amanpreet Singh