Ameriprise, the US financial planning firm, has commenced operations to provide financial advisory and planning services to Indian high net worth individuals.

Ameriprise India is the first international name to offer purely wealth management and financial planning services in the Rs23,000 crore ($4.4 billion) distribution and advice market, the firm said in a statement. Services are initially open to clients in the National Capital Region and Mumbai and will extend to other metropolitan areas over the next months, with the goal to build a pan-Indian network. The Indian business will not copy the American model for the local market.

"We plan to target clients with an annual income of Rs20 lakh to Rs60 lakh. Currently, we are servicing clients with savings of Rs5 lakh to Rs1 crore," said Bimal Gandhi, chairman of Ameriprise India. 

"There are around 2 to 3 million potential workers seeking financial advice in India, which will go up to 8 to 12 million in five years. We hope to be among the top five financial planning companies in the country," Gandhi added.

Ameriprise presently operates in India through certifications from the Association of Mutual Funds of India to sell mutual funds and a broking license to offer insurance through Ameriprise Indian Insurance Brokers Services and Ameriprise Financial India.