In wealth management, keeping a target is crucial and most individuals, even high net worth, sophisticated ones, often do not have a target, says Deputy CEO of AnandRathi Wealth Management Feroze Azeez.
Speaking to CNBC-TV18 about the art of investing, Azeez has said as soon as the investor has a target and an actual, the person will course correct far sooner.
“What is a good target to have in India? It is to quadruple your wealth in a decade. If you can quadruple your wealth in a decade, then it is a good target; which is nothing but 15 percent compounded. Once you know a 10-year target, a simple excel sheet will tell you every day target. Then whenever you meet your advisor, you have to check the target and the actual; that is a good management information support system,” he added.