0:00 wealth building doesn't happen overnight it takes years and decades of building money so wealth preservation is way important than creating wealth rich client versus the average commoner there are two distinct thought processes average people we look at returns whereas on the other hand an HNI has a very different mindset is thought process is times that there's market uncertainty what is it like when it comes to the HNI how do they react so I Deepak Vazarani is a senior adviser to family office client with nearly 30 years of experience in banking and wealth management he has held leadership roles at firms like relegare mquare and standard chartered bank in this episode he shares how HNI's think about money and what retail investors can learn from them which are the core assets that HNI
0:45 investor invest in startups is a big fat that is coming in with H&I so huge huge area of interest but is there unconventional financial planning habit that you've observed among the HNI so yeah so you'll be amazed most of them believe in [Music] so let's get straight to it how do rich people think about wealth versus the common man and the rest of us so typically an H&I a rich client rich client versus the average commoner yeah there are two distinct thought processes that run through their minds right uh one looks at when I look talking to the average common people like you and me we
1:31 look at financial stability when it comes to a mindset issue we look at you know I I want to create wealth so I will look at returns for my for my investments i look at you know making my life more financially stable i look at more of savings whereas on the other hand a rich client a rich investor an HNI an ultra HNI family office has a very different mindset his thought process is how do I create value okay from money you know for him it's it's a tool not a goal to create money he looks at how actually can my money work for me how can I leverage this and make it grow you know how can I preserve this wealth
2:18 wealth preservation is extremely critical because an average client an average normal person like us we want to create wealth we want to make money here the wealth is already created how do I preserve wealth so that it can be passed on as a legacy for the next generations how do I preserve money how do I pass it on in a very strategic way to the next generation how do I diversify my asset class so that it plays out during all market cycles you know during market downturns you know so that's the mindset that H&I typically looks at how do I you know make it more tax efficient by creating and I think everyone looks at all of us all of us but over long-term planning over a more divers diversified approach on investment
3:04 planning I think you you cover all aspects of that so I think it's more of unlocking the value you know then creating that wealth wealth creation is equally important for them but a large part of their thought process the mindset how do I preserve and build a legacy that can be passed on to generations that is very critical so that very distinct mindsets they have yeah I think I think so i think you hit the nail on the head because we generally think about growing our money whereas they're focusing more on preserving it and like you said making their money work for them and creating value so are there certain beliefs that you've noticed certain behaviors certain temperament that you've noticed in ultra hnis hnis rich people you know they have similar uh you know behavioral patterns you know if I if I tell you Aman uh
3:50 right from the word go you know they look at they pick up opportunities very early okay you know uh they say they have all come from an entrepreneur mindset right so they're all business owners they're all promoters so they understand a risk-taking ability you know they understand risk very very uh closely right so they are ready to take those risks in their in their investments it through a very structured and very methodical approach you know they're very calculated risk I should call them right so they do that they understand that they have to pick up uh at early stage if you if you ask me when I sit with a client you know he will ensure his son or daughter will sit to understand how a portfolio is structured so that pass on happens very early at a very early age so they want to ensure the second generation or the third generation I call it is completely
4:37 engraved in this process so that is a behavioral pattern you know I see among H&I clients I see a lot of uh you know clients look at opportunities how they can leverage on to optimize their wealth so if you see they have a lot of real assets at their real estate is a large part of the client's portfolio always how do they how to how can they optimize that to the best best possible manner how they can leverage that and get a delta in the portfolio you know how they can spot opportunities you know maybe investing in a good startup but what I've largely seen is they all believe that liquidity is the key okay so if you if you you know uh you'll be surprised if I tell you they are largely invested but a large portion of their wealth is always in liquidity assets which can be liquidated when they spot an opportunity
5:23 understood that's so interesting so paint a picture for us all right you go in for these meetings I'm sure time and again in these family offices what is it like who's present at the meeting what are the main questions that they ask what are their priorities have they already done a lot of their homework are they relying a lot on you or your expertise or your team's expertise what's a typical meeting like so I'll tell you what happens is see uh getting into breaking into a family office client or a large ultra H&I takes time it takes years to break into that family right uh because they are very clear they don't work with everybody you know if you see a typical family office or large ultra H&I family they work with only one or two family office partners
6:08 or maybe ultra your wealth management partners you know so they don't have too many people with them so to break into that trust is very very important it's primary important for them they like they they don't chase returns for them it is more of wealth building through trust so you have to have the right intent you have to when you sit with them you know they already understand they may not have a financial domain expertise but they understand exactly how the markets work because they've seen through all cycles you know they are they are smart investors they have they've been investing for years now so understand every asset class runs through its own cycle so they were well diversified you know when you sit across they have their long-term short-term objectives goals defined so when you sit with a client you know a portfolio is designed depending it's always tailor
6:54 made to the client's specific needs so when you go to a doctor you know I may a certain medicine may react to me differently a certain medicine react to somebody else differently so for every client you know a portfolio is structured in a way he wants his short-term long-term objectives are aligned to the portfolio i give you some examples you know could could be a client who's maybe 60 years old and you know he says 65 he says deep five 10 years down the line I want to retire I want to take it easy you know I want to do more of philanthropy you know I want to start my own foundation because that is very key today with people it's about giving back and what I've the change I've seen you know uh it was always there with them but was very in a very unstructured format in the last decade or two decades it's come very structured very formally like the west you see you know the gates foundation the Warren
7:39 Buffet Foundation so here also now you see those big clients and the big families they have their own foundations which they support wholeheartedly to the causes they're very close to the heart so they for every client it's a very differently tailor made process that we follow uh some are more of very conservative some are they're ready to take that risk for some clients you may say you know I need a certain amount of money for my child's education abroad I need to park certain amount in certain assets I want to buy abroad okay you know so every client has a different structure has a different thought process so it's customized depending on the client client per client of course no so if you could just for the benefit of our viewers share an example of one meat you obviously don't have to share any names but you give us like sort of paint the picture for us how often do
8:25 you meet what are the questions presented who is there for the meeting so the client is always there for the meeting he's always ready for the meeting they see they they understand money they understand the importance of advice so they always want to know what's happening in the market you know so again like I said the portfolio reviews that happen we call them portfolio it could be a quarter review and we don't talk about the review because when we start a uh portfolio it is after several meetings of understanding the financial objectives you know uh their long-term short-term goals we create a portfolio so when we sit down with them on a review it either happens a quarter or a six monthly or a yearly review okay depending on their time because they're always traveling they're always busy but largely what I've seen is the client himself is present most of the cases where he is very busy you know where he's not able
9:11 to give his time he has a committee that he set up okay investment committee you know which is a score committee so you run down that presentation of the portfolio with this committee we discuss and the final decision is taken by the client himself okay so that is very clear so all of them are very clear they want to be involved because it's money end of the day it's a hard money so while you know we advise them the final decision always made by the client but the the the committee is privy to all of the absolutely the money where it's going so where the client is extremely large and he is always you know on the go on the move traveling you know constantly on you know overseas has overseas travels there is a committee which is formed you know and they are well well aware aware of what the process and the investments are
9:56 happening so we run it down with them and the finally you know we run it one the client as well when he has the time and the decisions are making taken accordingly for fresh investments fresh inflows all of that otherwise the client is always present okay he always believes he has to be there he always will also ensure one of his children is always there a part of the decision so that he that gets inculcated at a very early age for him he understand that's so critical you know I want to talk about um you know times that there's market uncertainty volatility in the market a big global event for example a lot of us may have that knee-jerk reaction what is it like when it comes to the HNI how do they react are they unfased are they hot and bothered what's their temperament or behavior like lovely so I I'll take you back a couple of decades i've been in
10:43 this industry for 30 years three decades now that's a long time and I have actually seen the temperament changing of clients you know so there were early early days when talking about the early 90s 2000 you know clients were shaken by these kind of events you know because there were new investors in the market the market started rolling I think about 2002 we thought Sensex was 2,000 3,000 and from there today it's about 76,000 right we've seen the 85 86,000 as well so clients understand you know the market will go through its cycles all informed clients they all investors are very savvy investors they've seen market cycles they've seen the real estate boom the real estate slowdown they've seen the equity is playing out well you know so what you'll be actually amazed for a common man you know for a normal uh person you know when the market goes
11:29 through a downturn or when there's a volatility or there's a global event that happens that plays out you know we get really jittered we get shaken you know we there's always a knee-jerk we want to exit we want to save money we want to kind of come out we talk to our friends you know what they do is now I'll tell you what they do they have like I said I mentioned in my earlier conversation they have a lot of liquid cash available in their books they look at as an opportunity because they look at long-term investments they look at long-term planning and they know there'll be cyclical events that will come in fact I'll I'll give you a small uh uh you know kind of data you know I remember uh in 2008 we went the market was 21,000 and it went it right fell right up to 8,000 Sensex right if you if
12:15 you see the trend of of FIS the FIS will start pumping in money when the markets are at all-time low the HNS will come later and the when the market has already had a run up of 30 40% at least 30% upside the retail investors are coming in where they have already gained a 30% upside 40% upside and when the market touches the 30 40 50% it'll of course correct so they have only gained a 10 side up 10% upside and they go start downward correction whereas these guys will always start booking profits and coming in yeah so it runs on like fear and greed the market runs on that they understand all of that very well very well most of these guys I'm talking about most of the clients that I'm talking about will take opportunity look at Caesars as an opportunity yeah so if you see 2000 uh in uh 2020 when we
13:01 went through the worst possible phase of COVID you know this was actually a uh something which was completely you know nobody understood the how the magnitude of this event is going to pan out right so play out right so event one in a century right what actually happened you see a lot of transactions in real estate happened then a lot of luxury buying happened then because it came at dirt cheap prices how was Is it possible because they knew that this is they've gone the prices have gone rock bottom they had liquidity available though the businesses everything went for a slowdown but like I said they have liquid cash available they took it as an opportunity so a lot of transactions happened back then yeah you know I had a friend who was working at Louis Vuitton who actually said that during the time
13:46 of COVID when everyone was at home and cooped up they had some killer sales and transactions taking place where it was being delivered home and maybe not to the store so that really proves that they were taking advantage of that price uh arbitrage a lot of lot of lot of clients also came in at 25 26,000 Sensex fell right down because how bad would it get from there it already had seen a high and came crashing down so they looked it looked it as an opportunity because they knew that once this thing will ease out the economy will bounce back you know of course nobody knew the time it'll take but like I said they always believe in long-term they look at a bigger picture so they to seize opportunities Zavan so I think everyone wants to know a little bit more about the mindset of an HNI investor but it
14:32 would also be interesting to understand which are the core assets that they invest in what is the typical asset allocation and how has it changed you said you've seen a very different uh mindset now in the HNI investors how has it changed so uh see there is one type of an asset class that's a traditional asset class i think they stick to the basics okay okay and how do they differentiate i'm going to come to that as well so asset classes are primarily equities you know then you have mutual funds you have PMSs you have stocks you know uh you have uh private equity funds you have VC funds you have debt you know the debt is a large part of the portfolio because you need all security and a cushion to give to your portfolio one port side of the portfolio will give you a an alpha of about 15 to 18% returns and second you will get about 8%
15:18 so technically you're at about 12% of the return on the portfolio so debt is a very crucial factor as well third is real estate you know that forms a very very very major part of the portfolio of course you have gold and all but that's a very small portion of the portfolio so technical typically it's equities it's debt it's uh real estate within real estate again you have reeds you have fractional real estate all of that comes in you have um uh your uh gold Like I said then you also have these alternate investments AFS you know your private equity funds your venture capital funds your startups is a big fat that is coming in with H&I is a huge huge area of interest but the change that I've seen in the composition of the portfolio avan is if I if I take you back 20 years when I 20 25 years back when I started real estate used to be a large portion
16:05 of the portfolio always you know if you see a client's portfolio if you get up leaving apart his own house he had 60 to 70% of his investments in real estate some clients maybe 100% really they were zero in equity but 100% i'm talking about 25 years back okay but today the change that I've seen is real estate is an illquid asset they understand that is a huge amount of money that gets into real estate of course and if you see the ROIs on the property on residential it's about 2 and a half% goes at best to 3% if you're at a property at a BKC somewhere and if commercial yields come at about 7 6 to 7% at best you get 8% so that's not something much blocking your capital there okay you know yeah so they always believe to 10 to 20% is always in liquid liquid money ready with them but
16:52 that's been the average composition of course that can change plus minus 10% here and there but that's been the regular composition of a client's portfolio today you know you've spoken about the kind of league that they're in they're always ahead of the curve they come very well prepared they're visionaries in their own sense true tell us about um what kind of people they surround themselves with in order to get the best information how do they upskill themselves are they constantly learning and how can an average person try and adopt or try and emulate or try and get some of those fundas into their own lives so I can I can just say and add on here that they're a little privileged because uh they get they're always surrounded by financial experts domain experts you know they they have uh experts who have domain expertise so they they get the kind of information from the domain expertise you know they they surrounded by financial wizards you
17:39 know people who manage their portfolios people who come with them with ideas you know uh of various investments which could accelerate the wealth you know because because and and they meet so many people in the in the bargain you know when they're meeting people uh I can just give you a small uh example here is uh so I was a part of that as well so there is a a platform which has about thousand startups you know with them so they actually go out reach out to and invite a lot of H&I ultra H&I families and also some of the advisers get invited you know who take decisions on behalf of these families i was a part of one of those uh you know meetings which happened in one of those uh places okay and every startup has a five minute pitch to make you know so the client itself himself is sitting he understands the idea you know and he can get in at
18:26 that seed level funding with a cl with a with a with a startup owner like you have a like a shark tank right so so basically these guys have privy to this information they have access to this and they're always learning they're always willing to learn they want to be uh completely abressed with the current market trends the current market changes that are happening like a lot of AI uh uh related changes are happening today we have u edtech platforms we have startups uh happening you know startup funds we have you know we have preip opportunities that have come in you know preip opportunities so they want to be currently always ahead of the curve like you mentioned they want to be a breast and they're always willing to learn and how I can grow more you know so a they have experts coming and telling them and they're open to ideas yes they're always
19:13 open to ideas with a common person an average person I think it's more about uh of course he has his own battles that he he fights with in a day-to-day life you know and he looks at his own investments he's also ready to take some risk but I think it's all about the willingness to learn to understand to be networked to keep talking to people to keep reading about what is happening how the market because if I take you 20 years back you know the in every 20 years you saw the trends changing then it came to every 10 years you saw trends change today every 5 years is changing so you have unless you're ab breast with the changes that are coming in you won't be able to capitalize on that okay you know by the time you get enter it's always the it's always already the wave is already gone so you have to be
19:59 abressed you have to keep reading i think you till you up upgrade your financial domain knowledge expertise and I think I think we all need to take that step because end of the day if we want to grow our wealth we want to become a little wealthier we want to increase our wealth we should not rely on advice by friends and all we have to understand we have to read a lot about it and we have to then take a conscious calls and be ready to experiment a little bit okay you know taking the little bit of risk keeping the large part of amount as secured into secure investments what is your philosophy or your process when it comes to planning a portfolio for an HNI or an ultra HNI so I I believe uh very firmly uh that every client has uh you know uh different needs and goals to
20:46 meet right so a a portfolio when it's designed with a client aan I think is very clientcentric you know uh it is depending on what his goals are you know what his financial needs are you know how his short-term goals his long-term objectives that he wants to meet with the wealth that he wants to invest in and uh how much of liquidity a depending on his liquidity cash flow that his business generates see today earlier if you see a lot what what used to happen is a lot of money used to get plowed back into business again and because they understood their business pretty well they knew the margins they knew the risk coming in there but I think last 10 years you've seen a lot of shift happening so they want to create another revenue and they want to create multiple
21:32 streams of income coming coming in so when you sit and you make a construct of a portfolio you sit with a client you understand his short-term long-term goals for every client like I said it is tailor made as per his needs and expectations so a a client maybe a elderly client he's not uh he's averse to risk he's not looking at too much of risk he wants to look at a conservative approach in the portfolio he's saying you you beat inflation numbers and I'm happy deep you give me a 10% I'm good with that you know you beat 7 8% return it's more of preservation of wealth you know and I'm going to retire so I need this cash flows coming in every month to me taking in so that portfolio is designed in that way you have another client who's maybe a 40 50 year old guy he says yeah you know I need my kids to be sent abroad for education so you need to create a corpus out of my portfolio which I may use
22:18 another after another 5 years 10 years or I may want to retire after that and just maybe see the world around so every customer depending on his risk appetite depending on his areas of interest he may also want a lot of these clients uh Avan interestingly also want to create an estate planning you know they want to create a fund uh family trust that you call you know they want to ensure that the money is completely routed through a trust it's more secured they want to look at philanthropy you know as a key uh uh thing to give away back they going to give back to the society so they say I want to create a fund which I start doing charity i start uh you know supporting causes that I'm very close which is close to my heart maybe saving the girl child maybe cancer patients
23:04 maybe aiding HIV patients all of that so they it it all depends on clienttoclient perspective it all depends on clienttoclient need it also depends on the age factor of the client if he's a second generation he's about 30 35 40 year old he's more aggressive he can take risky bets on the portfolio so we designed that way so I think each his own it's tailor made after multiple conversations after multiple discussions with him we tailor made the okay the portfolio and of course then it's a periodic review as well on the portfolio because the markets are very dynamic we live in a very dynamic environment today you know like you mentioned uh the Indian context changes and reacts depending on how the global events occur because we all interrelated to each other okay so that review happens you know some sectors perform some sectors may go flat you may see other emerging
23:50 sectors happening so that shift shift in the portfolio can happen accordingly okay what about um sustaining generational wealth that's of course something that's very critical how do they go about legacy planning so a lot of these clients uh are very serious about legacy planning see when uh wealth is created I believe uh preservation of wealth is more important than creation of wealth because the first generation creates the wealth but he wants to ensure it is actually passed on in the right way so that it is sustained over generations so legacy planning actually comes in four it comes uh you know it becomes very prominent it gets prioritized you know where you see business exits happening you know when they have a lot of windfall in profits when the money is big and getting bigger
24:37 then there's a need of legacy planning it also comes into play when the client is in his mid-stage a 40 50 year old he says I need to now start planning and when his businesses are actually running very well his personal wealth is very stable he starts looking at legacy how do I make a transitional shift from here to the next generation when the family grows bigger you know when you have uh a person uh the first generation his son is now getting married he's going to have grandchildren he wants to ensure And postco I think this has become very very prominent because you know co a lot of changes happened you know overnight people lost their promoters lost their lives and when money is big there is bound to be conflicts there's bound to be disputes egos are very fragile so
25:25 they want to ensure that there are no disputes happening so it is all formed through legacy through a trust through succession will wills succession planning so is that usually very airtight in order to ensure conflicts don't happen because we handle so any cases absolutely absolutely it's a very structured way there are legal experts advising them on that uh there is there is a proper succession planning there's a you know who will get how much is all mentioned in the wills so it's a it's a proper process wherein they anticipate these disputes that may arise may not happen as well but they want to ensure that there is none happening forward because it is in such a airtight uh process that everybody has to follow to the tea okay what about the issue when it comes to taxation for HNIs i mean you
26:11 interact with them at a close quarters um while there is one side who's saying that they should be taxed dually or higher what is their take on this so I think H&I are t today I think you can't evade taxation right i mean uh nobody can for that matter they understand that there is tax element involved and and and they the the idea ideas that you want to grow your wealth and you want to pay ledger taxes and nobody hears to evade taxes they understand taxes there and tax has to be you see the GST collections that have come in right so people are paying conscious consciously paying tax because they want the economy and the country to get better and grow but also having said that they smartly plan their investments you know like like I said long-term investments are
26:57 planned in such a way that it minimizes is the impact of taxation you know if you if you have long-term investments the taxes are minimized so they understand they know that they will be taxed as per their slabs uh something that they can't do much about so they're willing to accept that once if they're making money they have to pay to the government and in that very vein there is this concept now of dual citizenship um looking at you know perhaps areas like Dubai with the golden visa Portugal for citizenship tell us a little bit more about what the thought process is so there are a lot of clients uh today who understand uh you know that uh the dual suit citizenship is readily available today right because uh the countries where they need money and they
27:42 need investments they're attracting HNIs to come in from various part walks of the world to come in and invest money in their country and they're ready to give them citizenship you know at that cost because today they need those countries need investments and India has those kind of money where they can invest primarily not for dual citizenship that's a trend that's catching a fad that's catching on today with the ultra china families to having a dual citizenship it's also investing and diversifying the asset classes okay it's also having today I have assets in India i have assets across uh the country lengthen the country but I also have assets abroad which may I may optimize you know which which today I'm getting at a dirt cheap but I look at it as a diversification of my asset class okay you know so that is a trend that's catching up you know between ultra HNI families yeah i'm just curious is the
28:28 scarcity mindset prevalent among the HNIs or ultra HNIs despite having more than enough and how do they strike the balance or is that's not something you observe no I think uh if you ask me if they want to invest if they look at some diversification so one is the core investment uh philosophy that they go in which which are the standard investments in equities real estate you know uh alternates all of that second is they rather go into exotic vintage cars okay okay they would uh art art art is something that some clients are inclined towards because that could be a multiagger for them going forward yeah we did a great episode on it as well yeah uh watches rare wines I mean these are the kind of things that you would be very amazed to see these clients are now looking at because that can be a huge
29:14 upside going forward collection of exotic things you know buying a luxury real estate you know in in a marquee properties okay so those are those luxury investments and that is something that's growing they're open to it they're open to it definitely yes that's good to know is there a you know maybe a surprising or an unconventional financial planning habit or spending habit maybe that you've observed among the HNI that you want to share so yeah so you'll be amazed like I had Rick mentioned most of them you know believe in cash is king really still liquidity is absolutely the key takeaway for every H&I family a lot a substantial part of their wealth is always in liquid form
29:59 well you know we believe that they are well diversified they are well invested heavily invested that is all right but they always keep a substantial cash flow in liquid because you don't know see we live in a very uh dynamic environment you know you don't know what's going to come and hit me in the next three years or five years we change we live in a very rapidly changing environment you know things are changing you know with AI coming in technology coming in disruptions are happening very very often when that happens you know and when we go through market cycles you know we have we spot opportunities in that time if I if I don't have liquidity with me you know I end up losing the opportunity so they always if you see Warren Buffy and Jeff bases if I give you two big names there they're sitting on large amounts of cash a lot of these HNI's back here as well
30:46 have huge amounts of liquidity available because when they see a market down they see a cycle which is down they see a spot an opportunity they immediately go and pick it up they'll invest that's the key so liquidity is there and plus they always believe in optimizing the assets so if they have real estate assets they will borrow from that at a 7 8% leverage you know get invest into other assets which generate about 18% yield or 10% is is is what they what they make as a spread so they're very smart they optimize they monetize their assets they optimize that's how they optimize their wealth right so but one pattern I've seen very unconventional pattern is they want to keep cash available with them always m let's talk about uh the perception at least that people have when it comes to generational wealth is
31:33 that the first generation builds the wealth the second generation builds on the wealth and the third generation destroys the wealth does this really hold true in your experience most of the times really most of the times what I've seen you know so first generation uh you know who's built wealth you know who understands the value of money the second generation if I have to see because I have been with a couple of generational entrepreneurs you know and I have at privilege to work with them what I see is the first generation is extremely passionate they're frugal they understand they have toiled hard to build an empire wealth it's from rags to riches absolutely from scratch okay from ground zero this the generation two the second generation has seen their parents working really hard and and growing the
32:18 business so they they want to maintain that standard you know they want to maintain that so I have seen uh the second generation and most of the promoter families they want to grow that legacy and build on to and catch on to it and leverage on that build it bigger most of the times I've seen you know he's not the person is not as competent as the father was as ambitious as the father was so he wants to maintain that at least the third generation unfortunately you know has been has been born into wealth with a silver spoon with a diamond spoon you may say yeah he has not seen any setbacks he's not seen any uh problems s he's not uh seen any turmoil in his life so he is the one if he's not kind of explained the importance and relevance of wealth if he's not you know being groomed in the
33:03 right way that happens that generation actually destroys the wealth you know he doesn't forget taking it forget stabil stabilizing the wealth he'll destroy the wealth if if not rightly shown the path if not rightly conditioned to take it forward you know you spoke so much about their entrepreneurial mindset their calculated risk mindset what have been some of the key learnings that you have got from the HNI that you now implement in your wealth creation advice lovely i think uh be patient okay look at long-term planning long-term keep long-term objectives into play you know when you look at investments look at long-term always look at a very diversified portfolio because you will have
33:48 all market cycles across every asset class that'll play out and number three always stay a bit in cash and liquid because you never know what opportunities come next you know and how you make you can capitalize on those opportunities and grow your wealth exponentially okay my three takeaways wonderful and I know that there's going to be multiple takeaways for our audience after watching your enlightening episode so thank you so much for taking the time this has been a wonderful Thank you so much for this episode i think I hope I was able to do justice to the discussion you most certainly have i've got so many key takeaways that I want to just crunch it down for our viewers because they've been truly eyeopening the fact that uh HNI investors really look at creating value from the money wealth preservation
34:34 is more important than growing their money also they have a very entrepreneurial mindset a very calculated risk mindset but at the same time they are always open to new ideas and learning a lot more they believe in building their wealth only through trust and they also understand cycles and therefore invest at the right time it is also important to have a long-term objective that's what HNIS have when they're investing they diversify and they still believe that cash is king would be interesting to know what has been your key takeaway from this episode do post that in the comments section below do remember to subscribe to Personal Finance TV i hope you enjoyed the episode as much as I have and the season as much as I have of Temperament season 2 and with that it's me signing
35:21 off thank you so much for watching
