Making wealth solutions core to an Indian offering
Anshu Kapoor, Head of Private Wealth Management at Edelweiss Global Wealth Management talks about wealth solutions in the Indian wealth management market.
Kapoor states that wealth solutions are a very significant unaddressed client need. It is neither well expressed by the customer nor well serviced by the industry. Wealth solutions are usually left to the last minute to address, and very often too late.
Due to this, the industry does not have an immediate solution set to offer. It requires a time investment to tailor solutions specifically for every client individually.
Edelweiss is working on a unique value proposition for client’s feedback. It helps the company to build strong client engagement and gain insights into the client’s thinking. It may not be a direct revenue line for the company but provides a unique opportunity to build long-term relationships with the customers.
Kapoor says clients are increasingly looking to transfer wealth across generations in the Indian market. There are ongoing debates in family-owned businesses about whether to have management control or economic ownership.
In India, the wealth management industry has to address the need to develop well-structured solutions set for the unique problems that are expected to increase with the increase in growth rate.
More from Anshu Kapoor, Edelweiss Private Wealth Management