Investors want to buy multiple financial products under a single umbrella, says Shriram Wealth's Vikas Satija
Chennai-based Shriram Group, which recently announced its foray into the wealth management business in partnership with South African financial services player Sanlam Group that globally manages assets worth over $80 billion, said it would serve India's growing base of affluent and high-networth investors with personalised solutions designed with the help of artificial intelligence.
Shriram Wealth, the wealth management arm of the group, said it would offer a range of services including wealth management, lending solutions, protection solutions, global investment opportunities, inheritance and legacy planning.
On market potential, Vikas Satija, Chief Executive Officer and Managing Director, Shriram Wealth told The Hindu that: 'India has 30 lakh households with each home having investable financial assets in excess of ₹2 crore. This opens up a huge market opportunity for wealth- management business.'
Although new investor behaviours have been constantly evolving, the traditional Systematic Investment Plan (SIP) alone attracted ₹26,000 crore a month, which amounts to savings of ₹2,64,000 crore a year. 'This gives lot of depth to the capital market today and SIPs can even help absorb some of the pressure from Foreign Institutional Investor exits and overall, manage the pressure on the markets,'' Mr. Satija said.
On emerging investor trends, Mr. Satija, said clients were increasingly looking forward to buying multiple products from a single company, unlike the conventional way of going to banks/NBFCs for deposits, insurance firms for various insurances, someone else for mutual funds etc.
'The emerging trend is, customers now prefer to buy all what they want, in terms of alternate investments, under a single umbrella. They want a Swiggy or Zomato for financial services,'' he observed.
Paul Hanratty, CEO, Sanlam Group said, 'We see wealth management as a natural evolution as India's economy grows, and people become wealthier. Our aim is not just to manage money, but to create meaningful solutions. This isn't a short-term play; we're here to build a trusted, customer-first wealth business in India for the next 100 years.''
Shriram Wealth said primary target audience would be typically individuals in the 45 years plus, as generally wealth resided in that age group while additional thrust would be on customer relationship over number of transactions.
The company would also be deploying artificial intelligence to enable personalised advisory, to make risk profiling sharper to ensure real-time portfolio recommendations. A digital mindset would make Shriram Wealth a provider that is anticipating investor needs rather than just responding.
Subhasri Sriram, MD & CEO, Shriram Capital said, the new business, wealth management, was a mission of the company to unlock financial prosperity for millions of Indians.
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