Economics · Wealth Management

Mr. Ramesh Khanna, aged 48, is a senior executive at a multinational company in Mumbai with an annual income of ₹60 lakh. He has accumulated assets worth ₹8 crore spread across real estate, equity mutual funds, insurance, and provident funds. His liabilities include a home loan of ₹70 lakh and an education loan of ₹25 lakh for his daughter's higher studies abroad. Mr. Khanna's primary goals include funding his daughter's education, creating a retirement corpus, and ensuring smooth intergenerational transfer of wealth. He approaches his bank's Wealth Management Division for a comprehensive plan. The bank's wealth manager conducts a detailed risk-profiling and goal-based assessment and recommends a diversified approach including balanced mutual funds, debt instruments, and real estate investment trusts (REITs). Additionally, the advisor recommends a registered Will and life insurance with a sum assured of ₹1.5 crore. Which of the following steps correctly represents the first phase of the Wealth Management process that the bank would have followed in Mr. Khanna's case?