Moneycontrol FiDEX 2026: Experts highlight shift from product selling to goal-based financial advisory

markets

• Advisers now focus on long-term client relationships and goals
• Behavioral coaching and tech reshape financial advisory
• Trust and quality conversations key to client engagement

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At the Moneycontrol FiDEX 2026 (Financial Distribution Expo), industry leaders discussed how the financial distribution ecosystem is evolving, with advisers increasingly focusing on long-term client relationships, behavioural coaching and goal-based financial planning rather than product-led conversations.

Speakers noted that as investors become more informed and markets mature, the role of distributors is expanding beyond recommending financial products to guiding clients through broader financial decisions and life goals.

From product selling to identity-driven advisory

Kaustav Majumdar, Partner at Unien Financial, said the fundamental shift in the industry lies in how advisers perceive their role.

“So the question is, how have client journeys fundamentally changed over the years? Frankly, I don't think client journeys have changed. What has fundamentally changed over the years is that instead of a product decision, it has become an identity decision,” Majumdar said.

He explained that many distributors today no longer see themselves as just product sellers or wealth managers.

“Today, distributors do not think of themselves as mere wealth managers or product distributors anymore. They have started thinking of themselves as the personal CFO or as a finance doctor,” he said.

According to Majumdar, once advisers adopt this approach, the nature of engagement with clients changes.

“That is where client continuity starts getting maintained. That is where clients start trusting you beyond just mutual funds, PMS, AIF, etc., and they go on to discuss broader things including estate planning, wills and trusts,” he said, adding that advisers begin assisting clients with a long-term wealth planning approach.

Client conversations increasingly goal-based

Neeraj Sundrani, Zonal Head – West at UTI Mutual Fund, said client journeys have evolved significantly over the past two decades.

“If you look at distributors and clients, say 15–20 years back, the only thing clients used to do at that time was focus on products. Today, distributors are not only selling a product; they are asking about life journeys, goals and aspirations, and accordingly taking clients towards financial planning,” Sundrani said.

He added that investors today arrive better prepared before meeting advisers.

“Today the client does his homework before coming to the distributor. He looks at the product, the expense ratios and the returns, and then talks to the distributor,” he said.

As a result, conversations between distributors and investors have shifted.

“The products take a back seat, but the journey takes the front seat,” Sundrani said, adding that this approach has also made assets under management more sticky.

Conversations and trust remain central

Majumdar emphasised that the quality of conversations advisers have with clients is critical to building long-term relationships.

“So once again I would say that this is not a product decision or a product choice. It is more of a conversation decision or a conversation choice. What kind of conversation are you having with the client?” he said.

He highlighted the importance of understanding clients beyond regulatory processes.

“We heard from one of the earlier speakers that it is not about KYC, it is about UIC — understanding your client. Clearly that is not something a machine can do,” Majumdar said.

“Our business is about emotional connection. It is not a business where you simply click and get something done,” he added.

Behaviour and technology reshape distribution

Sundrani said behaviour and technology are increasingly shaping the distribution business.

“If you look at it, a very large part of the distributor business today is about behaviour and technology,” he said, noting that technology has evolved significantly with the rise of artificial intelligence.

“The distributor who uses AI to become more efficient becomes a better behavioural coach,” Sundrani said.

He noted that some distributors still rely on recommending products based on recent returns, while others focus on understanding the client’s financial journey and circumstances.

According to Sundrani, this behavioural guidance is also contributing to the growth of systematic investment plans.

“Therefore the number of SIPs and SIP amounts are growing because many distributors have started working as behavioural coaches for their clients,” he said.

Data and technology support advisory growth

Majumdar highlighted the increasing role of data analytics in financial distribution.

“One is predictive analytics and the other is prescriptive analytics. Data today is increasingly used by advanced technology platforms,” he said.

According to him, distributors are using such tools to generate insights that help expand their business.

“Using data in the right way helps distributors grow their business and multiply AUM rather than simply adding to it over time,” Majumdar said.

However, he added that technology cannot replace trust.

“I don’t really think technology can deepen or transform a relationship,” Majumdar said, noting that long-term relationships depend on continuity and trust built over time.

Sundrani said technology can either strengthen or weaken relationships depending on how it is used.

“Technology can deepen relationships and it can also damage them,” he said, adding that the impact ultimately depends on how advisers use it.