Globally, this industry started with a sharp focus on product & investment returns and thus was largely transaction led. Even today you see most financial institutions, their salespeople, and their advisors practising product-led distribution strategies. 

This is because it seems easy to sell a product and to get your foot in the door. 

Gradually some moved to an asset allocation centred approach, and this was followed around 50 years ago (in the US) by a financial planning centred approach. However even today financial planning is not the norm in the US as financial planning was only accessible to high net worth families and above. In India, the financial planning movement started around 16 years ago and has a long way to go. 

The pace of change, however, is exponential and we are witnessing competition not just from our industry but from different industries. Google, Amazon and now WhatsApp have all entered the payments space and the day is not far when they will enter the wealth management space as well. Even if they do not, someone is likely to disrupt this space and make it what it truly should be (Experience Centric).

We are one such institution where we strongly believe that the wise way is to help people and families focus on their “Why of Investing”. Every family just wants to know “Am I doing fine?” and it is this simple yet tough question that world-class advisors should help their clients with.

The future of wealth management is a seamless fusion of Financial Planning and Financial Experiences. This will be an omnichannel experience (digital, in person, and on-call ) helping people live their happiest financial life. The future is all about what was once available to the wealthy is now available to every person (We call this Affordable Luxury.)

Even globally a handful of advisors and wealth management firms focus on creating the same Wow experiences like the ones created by Starbucks, Apple, and Amazon. In India, IFAs are still largely product and transaction-focused. Some IFAs, rather very few, talk about Asset Allocation and Financial Planning. Thus there is an immense opportunity for a forward-looking advisor or the Future Advisor. 

However, it is easier said than done. You must first Unlearn and then Start Learning to have meaningful conversations with your clients, invest in technology, and deliver a wow experience to your clients.