The moment someone’s portfolio crosses a few crores, the phone calls change. The humble Agent or Relationship Manager, now becomes (better-sounding) Wealth Manager or Private Banker. Sadly, that is not where this ends. In fact, it is the start. Specially curated and available exclusively-to-a-select-few exotic products start appearing in regular conversations – structured products, complex-sounding PMS & AIF strategies, pre-IPO deals, private credit funds, and insurance wrappers with fancy riders suddenly find their way into discussion.
The underlying message is subtle but powerful, and something anyone would want to hear: You are special. You deserve more. And simple products are too ordinary for you now. These status games are the reason why otherwise sensible people begin to slip and start falling for products they didn’t need.
