India’s wealth boom sparks a talent war for relationship managers

“We have around 2,000–3,000 RMs, and this base has been growing steadily. Demand for RMs remains strong as the number of high-net-worth individuals (HNIs) continues to rise. RMs remain integral to our business, as relationship-building with clients is a nuanced skill that cannot be replaced by AI (artificial intelligence),” said Rajkamal Vempati, group executive and head – human resources at Axis Bank. “Given the competitive talent landscape for client-facing roles, we continue to invest in building a strong and sustainable RM pool.”

Numbers tell the story of India’s affluence surge. As per Waterfield Advisors, HNIs in India—those with assets of over $1 million—crossed 8.5 lakhs in 2024 and is set to nearly double to 16.5 lakhs by 2027. While UHNIs—those with assets above $30 million—is around 13,600 and is expected to increase by 50% by 2028.

It is in this context that relationship managers at banks and wealth management firms step in. RMs advise clients on managing their wealth and investments, including direct equities, mutual funds, alternative products, unlisted markets, estate planning, etc. Bank RMs, which cater to the mass-affluent segment, are more product-driven. While they advise clients on wealth management, they are often more focused on selling banking products such as fixed deposits, life insurance and mutual funds.

At the heart of this competition is the rapid growth of HNIs and ultra-HNIs (UHNIs) in India, who typically maintain portfolios exceeding ₹10 crore with a single wealth manager. According to a study by brokerage firm Bernstein, assets managed by specialized wealth managers, estimated at ₹0.3 trillion in FY25, are expected to grow at an 18% compound average growth rate (CAGR) to ₹1.6 trillion by FY35.

Bernstein’s report, ‘India Capital Markets and Insurance’, published in July last year detailed the expansion of RMs in wealth management companies. The number of RMs, which was at 1,900 in FY25, is expected to reach 2,800 by FY28. The average assets managed per RM are projected to increase from ₹3.7 billion in FY25 to ₹4.8 billion by FY28. The study focused on RMs in wealth management firms, so these numbers would significantly multiply when banks are included.

Upasana Agarwal, partner specializing in financial services at hiring firm ABC Consultants, notes that attrition among bank RMs is as high as 40%. “It is a candidate’s market. They are receiving 30-40% salary hikes along with 2–3 years of fixed bonuses, provided they meet targets. In many cases, lead RMs are moving to wealth management firms along with their teams,” she said.

Take the case of 360 One, a Mumbai-based wealth management firm, which onboarded 50 RMs for its UHNI team and 55 for its HNI business in 2025. It had hired just 37 RMs including both segments in 2024. “Many of these hires come from leading banks and wealth management firms, bringing deep expertise. Compensation is based on internal parity, performance milestones as per our playbook, and market benchmarks,” said Navin Upadhyaya, chief human resources officer. The firm declined to comment on its hiring targets for 2026.

Rival Mirae Asset Sharekhan told Mint it offers a 20–30% salary hike to prospective RM candidates, with banks serving as the primary recruitment ground. “Many bank RMs are increasingly looking to move out as their roles require selling products not core to wealth management, such as savings accounts, credit cards, home loans, and personal loans. Additionally, pressure to push high-margin products such as life insurance is motivating RMs to join organizations with a more balanced wealth management approach,” said Gautam Kalia, chief investment solutions officer at the Mumbai-based brokerage that has a wealth management division.

Amid their expansion plans, banks are deploying retention strategies with career progression emerging as a key lever. HSBC, for instance, has received approval to open 20 new branches and has launched four recently. “Strategically located in emerging wealth centres and industrial clusters, these branches provide additional touchpoints for affluent, HNW, UHNW, and non-resident clients and accelerate our hiring plans for skilled relationship managers,” said Archana Chadha, head of human resources at HSBC India. The new branches are located in Indore, Vadodara, Amritsar, and Lucknow. The bank has outlined a structured career path for RMs, including international exposure.

“Our RMs have opportunities to take on short-term assignments in new branches, sharpen leadership skills, and gain valuable market experience. Clear pathways for career progression exist both within India and across our global network, including opportunities in markets such as Dubai,” Chadha added.