Creating a winning team in Indian wealth management
Anshu Kapoor, Head of Private Wealth Management at Edelweiss Global Wealth Management explains how to build a successful team in Indian wealth management market.
Kapoor says the secret to building a winning team is to get exceptionally talented professionals and embrace diversity to meet the needs of customers. Edelweiss uses an extremely extensive hiring procedure that focuses on attributes for these “smart creatives or thinker doers”, and after hiring the company invests heavily in the learning and development of these people.
An organisational culture based on a philosophy of collaboration between the individuals and different departments plays a vital role in the success of the team.
Giving an example of such a collaborative effort, Kapoor says that at the launch of the company’s Delhi office, the best advisors from Mumbai would fly there every week to help convert clients and solve and issues without any expectation of a share in revenue.
Edelweiss rewards and recognises its employees based on the combination of three distinct criteria - assets under management growth, client satisfaction scores and revenue share. It also encourages employees to take a stake in the company’s success and communicate clearly.
The results of building a successful team are apparent. Kapoor states the employee engagement score has gone up from fifty-eight to eighty-three percent and assets under management from USD 1.5 billion to about USD 12 billion. With assets under management growing at a rate of USD 400 million per month, this makes Edelweiss one of the fastest growing companies in the Indian wealth management market today.
More from Anshu Kapoor, Edelweiss Private Wealth Management