New Delhi, June 4 -- Wealth management has long been viewed as the domain of the rich and affluent. Whether in developed countries or developing ones like India, its tools and services-designed to grow and protect wealth-have traditionally been available only to high net-worth individuals (HNIs) and ultra-high net-worth individuals (UHNIs).

But why should that be the case? Why has such an important pillar of financial management remained out of reach for the average person?

To answer this, it helps to first understand what wealth management really means.

At its core, wealth management brings together various tools and expert services to help individuals preserve and grow their financial assets. It involves identifying financial goals, ...