HNIs propelling the demand for wealth management

The Indian demographics is changing with a rapid rise in the number of HNIs. These HNIs are turning to wealth managers for advice on avenues to invest their wealth.

What are HNIs looking at?

• Philanthropy: Impact investment is catching up with the Indian market. Both the HNIs and the angel investors are no longer looking at wealth creation and passing it to next generation but are becoming socially responsible. Many of them are actively sponsoring NGOs working at the grass root level for upliftment of the society. Quite often wealth managers get enquires for setting up charitable trust for social causes.

India is still in the nascent stage with the use of artificial intelligence and deep learning. There is a great deal of potential for customizing products to small segments with as little as 30 people if we can tap data from unstructured sources like social media using analytics. Also, we are still developing technology to deploy learning algorithms to derive meaningful results, analyse and test them. Also, use of AI will help in reducing the cost of surfing the wealth customers and broadening the funnel of categorising the HNIs.

Emerging affluent base – An opportunity

With better education and job prospects a larger number of people in India are becoming social mobile. They take wealth manager’s support for investment opportunities to secure their wealth.