r2i forum

Are ICICI wealth management guys of any use?

Yes. They will know how to increase the wealth of ICICI - at your expense, of course.

kakinada;306571Are ICICI wealth management guys of any use?

what do you mean "any use" ?

moneyIsNot_funny;306611Yes. They will know how to increase the wealth of ICICI - at your expense, of course.

isnt that the role of any employee working for a publicly listed firm ? -increase shareholder value!

By any use I meant to ask if they can help in managing the money and if so - are they going to push the products so that they can get commission.Any shared experience will be useful

This is what you can ask them before you initiate WM with them.

1.Accountable person credentials (previous experience) and number of such WM accounts handled by him/her.
2.Do they take any guarantee for rate of return?
3.Do they give referrals of their existing customers to verify the credentials mainly interms of service and performance
4.What guarantee/protection do they give to your principal if they fail to deliver the assured performance.
5.Do they explain you every thing in simple and understandable terms
6.Are they transparent in explaining every charges associated with WM
7.Let them tell whom to complain if the manager fails to deliver the performance.

Finally understand what level of involvement is needed from you. Recently I was talking to one of the WM guy and they are more into advisory and tells me that execution headache has to be shared by the customer (buying/selling/tracking).

They parrot like 'MF Warning' that every investment is subjected to market risk and they can't assure you anything. But regardless of performance, they charge all the admin expenses to your account. In nutshell, risk is yours and reward is theirs. Good luck for WM.

Are there Fee Based (fee only) Advisors in India, who has the fiduiary to the client? Similar to NAPFA in US? Wont this be a better option than these Wealth Managers with several conflict of interests?

-M

ICICI - da Worst of the Worsts !

Recently, put some amounts in CDs with their OBU ( Offshore Banking Unit ), Singapore Branch ( just for a balanced diversification portfolio, point of view )
and got a chance to talk to many ICICI’s officers for a long conversation ( via phone ) at Mumbai and other main centers' of their Branches, all over India.

It seemed,
They all are completely careless , lazy, ( "Hoti hai,.. Chalti hai" kind aa mentality )
and service is extremely extremely terrible, at ICICI.

Got some private top level of their management's e-mail addresses
and wrote to them even.
Again, No problem solving response. Height of laziness and carelessness !

Their toll free numbers guys ( 1-866-icici4u)
a) don't have their privete e-mail address, so you can never write to them, or send or scan copy to them .
b) don't have their Id or extension number, so you can never get the same guy/gal back, to talk to. ( or hold in the link of the last conversation )
c) don't return your call ever, so simply give them your info. for nothing
and keep on, waiting like that birdie " Chatak " looking at the sky, when it will rain, now !

Told , those idiots many times on their face even,
for providng such a garbage, hopeless services.
No expression, No movement. No improvement !!!

Top mgmt. is even shameless, careless and no matter how hard the words you use,
their idiotic mind registers nothing !
That's what I finally concluded !

All they will do is,
will give you some of their standard e-mail addresses to write to,
and every one finds an easy escape window, dumping/shifting the problems from one to another !!

Moreover, in my case, I don’t have any Vonage line to talk free to India, unlimited !
Dunn’o how to tackle with these kind of guys !

Already talked to 15+ main level of officers up till now, they all carry the same blood in the vein !

Sigh ! n' God Save ! :(

......

I have / had investment in ICICI Singapore for more than six years. My RM in India introduced me to Singapore. The RM (Relationship Manager) in India. One fine morning about three years ago he vanished from my sky. He has been shifted to another department. Since then I could not connect to any person in ICICI bankin India or Singapore to discuss about my investment in ICICI. For three years I never received any statement about my account with ICICI Singapore. I never saw any financial institution in this universe who do not send the bank statement to their customer in three years. May God bless them !!

marblehill;307150I have / had investment in ICICI Singapore for more than six years. My RM in India introduced me to Singapore. The RM (Relationship Manager) in India. One fine morning about three years ago he vanished from my sky. He has been shifted to another department. Since then I could not connect to any person in ICICI bankin India or Singapore to discuss about my investment in ICICI. For three years I never received any statement about my account with ICICI Singapore. I never saw any financial institution in this universe who do not send the bank statement to their customer in three years. May God bless them !!

^^^
Singapore ( OBU ) and also Mumbai ( OBU ), sometimes ( it varies )
offer a slightly more rate, than those NRI FCNR CDs with ICICI.

In my case, I just needed the diversification of my portfolio,
if in case, something went wrong somewhere, I would be safe from putting all of my eggs in just one basket, since I got so many small small CDs all around, with many Indian banks.

I agree, that they change the officers so often,
that every 6 months there is a new guy/gal, whom you talked to last time !

More disgusting part is,
every time the phone is received at diif. City locations, Hyd, Mumbai, Kolkata, Bangalore, Chandigarh, Chennai, Delhi and where not !!, ……and the guys ask more for the cross inquiry and thereafter switch you to someone else, where they know, no one is gonna reply ( either by e-mail or phone )
Moreover, You have NO ID / Ext. no. / e-mail of the guy, ( they just do not ) whom you talked to, so NO chance of catching him back, again.

IMO, For OBU and FCNR CDs they never send you any statements, unless at maturity/renewal.

If you are still stuck with them, (assume, In U S ) try this another number of NY ( 1-646-827-8455 ) and the lady over there is little cooperative and will get you, to have a phone call someone from their Mumbai office.
For Singapore ( OBU ) right now, they have a lady there in charge at Pune,
Ms. Bonikappa ( No Hope )

………………………….