INDIA WEALTH MANAGEMENT FORUM 2023
The St. Regis Mumbai，India
On August 30, experts gathered to dissect key trends and shifts from 2022, building upon India's progress from 2021. India, witnessing economic momentum, showcased a diverse growth in private wealth, spanning from the mass affluent to HNW and UHNW segments.
During their sessions, these experts highlighted core issues and developments. 2022 boosted confidence in India's wealth market, marked by a broader range of investment options and enhanced advisory services. Economic growth permeated beyond major cities, with technology innovations leading the way and increasing foreign investments.
While India's public and primary asset markets flourished, a rising appetite for private markets, driven by both domestic and foreign investors, was evident. This growth also captured interest from younger, tech-oriented generations, complementing the existing demand from the older affluent populace.
India's wealth sector saw diverse portfolio offerings and an upsurge in mass affluent, HNW, and UHNW wealth. Challenges included a shortage of experienced wealth managers, though firms ramped up their training efforts. The drive for digitalization in wealth management persisted, motivated by India's extensive demographic and the need for distinctiveness in a competitive landscape.
We hope you enjoy the below content curated from the event, gathered from what was a very successful forum. We at Hubbis very much enjoyed our travels to Mumbai this year, and cannot wait to host our delegates at our 2024 India Wealth Management Forum.
Please CLICK HERE to view the photos from the forum. Or CLICK HERE to view the excellent testimonials we received on the back of this event.
Panel Discussion On Demand
What themes will shape the industry in the next ten years?
As the asset and private wealth management sector teems with potential, identifying its prime opportunities and the strategies for the coming year becomes vital. Amidst stiff competition, how are companies innovating and distinguishing their offerings? What are the leading business models that balance costs with client satisfaction?
Steering this exploration is Panel Chair Markus Grossmann of Trident Trust. Joining him are experts Amit Saxena, Senior Managing Partner, Nuvama Private; Nakul Beri, Senior Managing Director of Global Client Coverage and Origination, Waterfield Advisors; Shiv Gupta, Founder & Chief Executive Officer, Sanctum Wealth; Anuj Kapoor, Managing Director & CEO - Private Wealth and Alternatives Asset Management, JM Financial; and Harmeet Sahney, Executive Director, Avendus Wealth Management.
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Evolving the Platform and Proposition
In the swiftly changing financial landscape, industry leaders grapple with how to adapt and excel. As client expectations evolve, how are platforms, processes, and products being redefined? The push for digital integration is evident, but how effective has the journey been so far? The value of digital enhancements, the debate between independent and bank-affiliated wealth platforms, and the potential of 'super-app' strategies are all focal points. With AI and predictive analytics reshaping customer experiences and the constant tech shifts, understanding NextGen FinTech demands insight into trust, regulations, and interactions with legacy players.
Moderating this insightful discourse was Yash Shah, Partner at Synpulse. He was joined by Bhushan Sonkusare, Chief Technology Officer, 360 ONE Wealth; Virendra Somwanshi, Head - Wealth Management, Capital Markets and NRI, Bank of Baroda; Ashish Shanker, Managing Director & CEO, Motilal Oswal Wealth Management; Manish Kathuria, President and Business Head, Priority Banking & NRI Banking, Kotak Mahindra Bank; and Gaurav Arora, Founder, Arthya Wealth and Investments.
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Curating Winning Client Portfolios
Navigating the financial arena as we proceed into 2023 offers both promise and perplexities. As the horizon stretches out before us, what opportunities and challenges does it present? How are market leaders positioning themselves in terms of risk, and is the climate ripe for a bolder approach? Amidst fluctuating global trends, which asset classes are emerging as favourites? Generating client income remains pivotal, but what strategies are being employed to maximize returns? Moreover, the world of investments is broader than ever; where do alternative investments, digital assets, and private markets fit into the picture? Identifying the ideal investment partners is an art in itself; what criteria drive these choices? Above all, in a landscape brimming with competitors, how can one not only deliver consistent performance but also carve out a distinctive space?
Steering this enlightening discussion was Bryan Henning, SVP and Head of International at Eton Solutions. Lending their expertise to the discourse was Onkarpreet Singh Jutla, Chief Product Officer, Nuvama Private; Bharat Pareek, Head of Products and Segment, ICICI Securities Private Wealth Management; Prashant Joshi, Co-Founder & Partner, Family Office Advisory, Upwisery; Devang Mehta, Director – Equity Advisory, Spark Capital Private Wealth Management; and Dharmendra Jain, Senior Vice President, Kotak Mahindra Bank.
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Current Trends and Concerns for Indian Families
In the dynamic world of wealth management, the distinct challenges and goals of UHNW Indian families were evident. Their financial decisions were shaped by current pressures and anticipations. Estate and legacy planning saw major shifts, and rising wealth prompted new strategies for offshore transfers. Philanthropy evolved from simple charity to a regulated, structured practice. Collectibles like vintage cars and art became significant assets with careful planning and allocation. Trust disputes and their potential implications became focal points. A pressing concern was whether families were ready for generational shifts and if they had considered risks for a smooth transition.
Chairing this discussion was Pranav Khanna, Consultant at Trident Trust. Joining him is an array of industry luminaries including Shweta Shah, Head - Wealth Structuring & Estate Planning, Nuvama Private; Bijal Ajinkya, Partner, Khaitan & Co; Sunita Singh-Dalal, Partner, Private Wealth & Family Offices, Hourani & Partners; and Sneha Makhija, Head of Wealth Planning, Sanctum Wealth.
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Read the Write-Up of this Panel
Globalisation of Wealthy Indian Clients
In today's dynamic global landscape, international families face challenges in wealth and asset management, especially understanding the true meaning of 'Family Office.' Wealthy Indians seek compliant ways to structure offshore assets, with UAE and Singapore being key players. As families shift from operational to investment wealth, the emphasis is on smooth transitions and protecting assets for future generations. Additionally, trends in citizenship and migration are evolving for these prosperous families.
To delve deeper into these pressing topics, we have Dominic Volek, Group Head of Private Clients at Henley & Partners, spearheading the conversation. He's joined by an illustrious panel including Shreya Rao, Partner, AZB & Partners; Zac Lucas, Partner – International Private Wealth, Spencer West; Lee Woon Shiu, Managing Director & Group Head of Wealth Planning, Family Office & Insurance Solutions, DBS Private Bank; Sean Coughlan, Managing Director, Singapore, Trident Trust; and Sunita Singh-Dalal, Partner, Private Wealth & Family Offices, Hourani & Partners.
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Articles produced from Panel Discussions at this Event
Sanctum Wealth Founder on the Vast Potential of India’s Fast-Growing Wealth Industry
Shiv Gupta, Founder & Chief Executive Officer of Sanctum Wealth, is not only a veteran of the Indian wealth management scene but also a colourful and articulate personality with plenty of forthright views on the evolution of the domestic wealth market. He joined as one of our expert speakers on the opening panel discussion at the Hubbis Indian Wealth Management Forum in Mumbai on August 31. He highlighted the numerous opportunities ahead, including the market’s stellar growth, regulatory evolution, the rapid expansion of the product, advisory and service universe, the ongoing thrust to digital transformation, and the growing sophistication of the client base. But at the same time, he also pointed to compliance complexities and competition driving costs higher and fees lower, the need to keep investing heavily in digital solutions, and the drive to encourage greater technology adoption by team members and clients, as well as the often-immense difficulty in locating and hiring experienced talent.
Nuvama Private’s Amit Saxena on the Value of Scale in India’s Fast-Evolving Wealth Market
As the Indian wealth markets expands and evolves across every segment from retail customers to UHNW clients, it is vitally important for the competitors in this dynamic environment to transform their platform and proposition with smart investments and digital strategies to create a lasting impact. The second panel discussion of the Hubbis India Wealth Management Forum in Mumbai on August 31 saw a panel of experts we selected from leading banks and wealth firms offer their insights into the issues as raised by the panel chair, Yash Shah, Partner at Synpulse. One of the speakers was Virendra Somwanshi, Head - Wealth Management & Capital Markets at Bank of Baroda.
Technology as an Enabler to Democratise Access to Wealth Management in India
Manish Kathuria is President and Business Head for Priority Banking & NRI Banking at Kotak Mahindra Bank in India, and also a member of the Kotak Leadership Team, having worked with the bank for approaching two decades. The bank established its affluent banking operation in 2011, and the business is today spread across 40 cities with more than 425 relationship managers. Manish is also responsible for the NRI customer segment, which caters to the Indian diaspora worldwide. He is passionate about connecting with his clients and delivering a clear offering to each client segment. He greatly values technology in its ability to help scale and differentiate the Kotak offering, whilst democratising access to products and advice across segments. He was as an expert speaker on a panel discussion at the Hubbis India Wealth Management Forum in Mumbai on August 31, during which specialists from leading banks and wealth firms offered their insights into the issues around elevating the platform and the wealth management proposition in India. This is a short summary of some of his selected insights.
As the Indian wealth markets expands and evolves across every segment from retail customers to UHNW clients, it is vitally important for the competitors in this dynamic environment to transform their platform and proposition with smart investments and digital strategies to create a lasting impact. The second panel discussion of the Hubbis India Wealth Management Forum in Mumbai on August 31 saw a panel of experts we selected from leading banks and wealth firms offer their insights into the issues as raised by the panel chair, Yash Shah, Partner at Synpulse. One of the speakers was Virendra Somwanshi, Head - Wealth Management & Capital Markets at Bank of Baroda.
The Globalisation of Wealthy Indian Clients: Views from Shreya Rao of AZB & Partners
What are the key concerns amongst wealthy Indian families these days as their businesses, financial investments and indeed family members spread increasingly across the globe? That was the key question posed to a handful of experts during the final panel discussion at the Hubbis Wealth Management Forum in Mumbai on August 31. Shreya Rao, Partner at law firm AZB & Partners, offered her views on these and other key issues.
In a recent discussion at the Hubbis India Wealth Management Forum 2023 in Mumbai, Sneha Makhija, Head of Wealth Planning at Sanctum Wealth, shared some valuable observations on the evolving dynamics of family wealth transition and planning. Reflecting on the changes she has witnessed, Sneha emphasised how families' approaches have grown more inclusive and comprehensive, moving away from the traditional and rather less structured ways of estate planning. By contrasting older and newer practices, understanding the influence of global family connections, and highlighting the mindset change required for effective estate & succession planning, Sneha provided a roadmap for families navigating the complexities of robust and inclusive wealth and estate transition to India’s next and younger generations.
The Globalisation of Wealthy Indian Clients: Views from Sunita Singh-Dalal of Hourani & Partners Law
What are the key concerns amongst wealthy Indian families these days as their businesses, financial investments and indeed family members spread increasingly across the globe? That was the key question posed to a handful of experts during the final panel discussion at the Hubbis Wealth Management Forum in Mumbai on August 31. Sunita Singh-Dalal, Partner, Private Wealth & Family Offices, at the Dubai office of leading Middle East law firm Hourani & Partners, offered her views on these and other key issues, explaining why the connectivity to the UAE’s wealth management and professional services proposition is increasingly important for such families.
Navigating the complex landscape of wealth structuring and estate planning in India requires relevant professional expertise as well as a deep understanding of cultural nuances of the family intending to plan for succession. Shweta Shah, the Head of Wealth Structuring & Estate Planning at Nuvama Private, spoke at our recent Hubbis India Wealth Management Forum and offered delegates her perspectives on these challenges. She explained that estate and succession planning for India’s ultra-wealthy is undergoing significant change on account of the shifting dynamics of Indian businesses and families, coupled with the globalisation of assets, businesses and family members. She outlined what she considers to be the core issues and offered invaluable advice for families looking to protect their wealth and family legacies.
Articles produced from Presentations at this Event
Infosys-Finacle expert Abhra Roy on Leveraging Technology to Unlock Wealth Management Success
Abhra Roy is Head of Finacle Wealth Management, which is part of Infosys Finacle, one of the sponsors of the Hubbis Wealth Management Forum in Mumbai on August 31. Roy offered delegates an informative and lively presentation at the event, supported by a comprehensive and easy-to-navigate slide show. His key messages were that technology is empowering the wealth industry, opening the door to optimised client outcomes and an elevated customer experience, while at the same time helping make RMs and advisors far more efficient, productive and client-centric. He advised building digital solutions in a modular fashion with agility and avoiding the pitfalls of one apparent solution that might not be adaptable to future innovations.
Arvind Bansal is Executive Director & Head, Products & Advisory at leading independent Indian firm Avendus Wealth Management. He offered delegates at the Hubbis Wealth Management Forum in Dubai on August 31 a lively and succinct presentation on how the typical Indian HNW portfolio had evolved from 2000 to 2023 and how it might look in 2030. He reviewed which asset classes and product structures have the biggest positive and negative impacts, and he assessed key requirements from various stakeholders, including wealth managers, asset managers, regulators and tax authorities. He painted a realistic picture with many ongoing challenges for the wealth management community but also offered the prospects for leading firms such as Avendus to compete effectively and prosper by anticipating change, innovating, and expanding their one-stop shop with ever-greater access and expertise.
Transforming a Family Office to Reimagine the Value it Delivers – Views from Eton Solutions
It is not even six months since US-headquartered family office solutions specialist Eton Solutions’ February launch of its new international HQ in Singapore, which was then followed by the more recent opening of their Dubai office to cover the Indian sub-continent, the Middle East and Africa. But the grass does not grow under the firm’s feet and Satyen Patel, Executive Chairman of Eton Solutions, gave a lively and informative presentation at the Hubbis Indian Wealth Management Forum in Mumbai on August 30, highlighting their missions and ambitions with clients in India. He explained in brief about the firm’s family office offerings, and how the firm works closely with the wealth management industry and professional as well as fiduciary services firms around the world. He also explained that returning to Mumbai wearing his current hat as Eton Solutions’ Executive Chairman was especially rewarding, as he had grown up in Mumbai and studied all the way through to qualifying as a mechanical engineer, before moving to US and enjoying a multi-faceted career across three continents over the past 40 years.
Global wealth managers are investing heavily with a laser focus on capturing the growing HNWI population in Asia’s emerging markets. The local universal banks are revamping their client segments to provide tailored advisory services to the wealthy. But are the resources being allocated towards the correct target client base? Are they missing the accelerated growth of a particular wealth segment that might overshadow the HNWI wealth base in the near future? Yash Shah, Partner at Synpulse, says let’s look beyond Asia’s crazy rich and understand how wealth managers are gearing up with innovative wealth operating models to capture, service and retain the underserved and rapidly expanding mass affluent markets of Asia. His comments were directed specifically at delegates attending the Hubbis India Wealth Management Forum in Mumbai on August 30.
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