OCTOBER 20204The Indian wealth management sector has been on an upward growth trajectory over the past few years. A study by the Research and Markets concluded that the Indian Wealth Management market is slated to grow at a CAGR of 11 percent during 2015-2025. Given the rising number of HNIs, growing interest of the mass segment, proliferation of Internet and a structurally evolving economy & capital markets have acted as key market forces that are shaping the future of the Indian wealth management sector. The country has witnessed a steady growth in the number of high-net-worth individuals (HNWIs) at a CAGR of 18.67 percent between 2011 and 2017. According to reports with the total HNWI wealth is likely to reach around $3 trillion by 2025. We have also seen plethora of WealthTech players stepping up to build on this surge in retail investors looking to invest money in equity and mutual funds.With technology playing a crucial role in shaping the industry, there has been rise in adoption of robo advisory mode. Given how efficient, cost-effective, and secure it is, the market has shown interest in adopting the said advisory model. Furthermore, technological advancements such as machine learning and cognitive computing are further adding to the efficiency and improving the data-driven insights of the robo advisory mode and on the same hand reducing the operating costs for financial advisors.With technology and market trends in its favor, the wealth management segment has been exploding. However, with the global pandemic setting in, the industry did face several challenges pertaining to business continuity and client engagement. But the resilient players persisted through it all and adapted according to the need of the hour. As we approach the final leg of the COVID 19 crisis, there have emerged trends which are indicative of the new normal. In order to deal with these changes, wealth management firms will have to focus on restructuring their business models to ensure greater productivity and efficiency. With a major reduction in upfront transactional income, firms will need to look closely at their costs-to-serve. They must focus on creating efficient organizational habits in order to optimize return on effort. The market is also shifting towards digital trends that will require remote working and digital delivery. If the pandemic has taught us one thing, it has to be efficient remote working habits. Wealth management firms will also have to toe the line and up skill employees and clients alike to embrace digital trends completely. Firms must also take market uncertainty under consideration while designing client portfolios. Although markets have recovered yet there looms an air of uncertainty which must not be shirked. Do let us know your thoughts. Rachita SharmaSpecial EditorWealth Management Firms Rolling Up their Sleeves to Counter the `New Normal' EDITOR'S NOTEVisualisers S Sivasankar J Dennis Bennito siliconindia Vol 7 · Issue 06 - 05 · December 23, 2020 Publisher Alok Chaturvedi Special Editor Rachita Sharma Editorial Team Aparna Roy Monica Pallavi J Likhith Aradhya Subhadarshini Mohanty Sales & Marketing Ravi Kumar C S Sonia Editorial Queries startupcity@siliconindia.com To subscribe Visit: www.siliconindia.com/subscribe/ Cover price is ` 150 per issue.Printed and Published By Alok Chaturvedi on behalf of SiliconMedia Technologies Pvt Ltd and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017. Editor Alok ChaturvediCopyright © 2020 SiliconMedia Technologies Pvt Ltd, All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher.sales@startupcity.comGroup Art Director Ashok KumarCirculation Manager Magendran PerumalSr. Manager Sales & Marketing Virupakshi Pattar
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