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Indian Wealth Management Forum 2019 - Highlights - Rahul Gaitonde

Rahul Gaitonde

COO

Cube Wealth

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Read the transcript here

  • 1. What are the challenges and opportunities for this industry?

    So, the biggest opportunity we have here, of course, is the growth of what we call the “mass affluent” class. We have this group that (consists of), depending on who you count, anywhere between 45 to 70 million. These are people who have been exposed to, effectively, services around the world, meaning from social media, to what they see is “the best” in wealth management. They're going to have the same sort of expectations of similar providers in India. That actually brings us to the most immediate challenge, which is that their expectations are sky high. Someone who's used a social networking app is going to want the same sort of experience from their wealth management. So, they're going to want the same sort of smooth, frictionless service. They might want it deliverable via, say, an app. We don't know. We don't have to provide that. But at the same time, they're going to want to retain the sort of personalized service that they've gotten to be used to from their wealth advisor, their wealth manager. Providing those two in combination is both the biggest opportunity we have, as well as the biggest challenge we're going to have to tackle.