Financial Intelligence Index: Mumbai investors smartest,Delhi follows

8220;We have created this Index that rates the financial acumen of investors in six major cities of India. It is fairly interesting to see how residents in a city seem to be doing very well on some aspects of managing their finances but lag behind on others,8221; said Kapil Narang,Chief Operating Officer,Ameriprise India Advisory Services.

For instance,Mumbai scores high on having a diversified portfolio,utilising professional advice and investing early but shows room for improvement on goal-based planning with long-term approach,it said. The overall investment holding pattern of the city is diversified; though investors clearly have shown heavy preference towards certain products such as fixed deposits,health insurance,mutual funds and equities,it said.

On the other hand,Delhi fares well on goal-based and long-term planning,portfolio diversification and taking professional advice but investors typically start investing late,it added. The survey also indicated that investors are waking up to the need for retirement planning.

8220;One in four Indian investors say that retirement planning is their top goal today. A year back,only one in 10 did so. This is an encouraging development,8221; says Kim Sharan,president,Financial Planning and Wealth Strategies,Ameriprise Financial. Nearly 700 working professionals across six cities 8211; Delhi,Mumbai,Bengaluru,Chennai,Hyderabad and Pune were surveyed. The target audience with annual household income was set at more than Rs 12.5 lakh per annum was part of the

survey.