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Business Standard

Ferrari for 50th? Just another day at a Family office for the super rich

If you think being rich means rolling around in gold or swimming in a Scrooge McDuck-style vault, think again. India's ultra-wealthy are flipping the script—and their biggest flex today? Having the time to do exactly what they want, when they want, without checking their calendar… or lifting a finger. Welcome to the new age of wealth, where owning a private jet is cool, but outsourcing the headache of booking it is cooler. Remember when luxury meant shiny cars and flashy watches? Not anymore. Today's High Net-Worth Individuals (HNWIs) are less about bling and more about being—being present, being free, being somewhere off-grid with zero phone signal and a plate of home-style biryani flown in specially. Yes, really. In recent years, luxury concierge services have evolved from an exclusive perk for the ultra-wealthy to a burgeoning industry catering to India's affluent class. These services offer personalized assistance ranging from securing reservations at Michelin-starred restaurants to organizing private jet charters. At their core, luxury concierge services function as personal assistants, handling a variety of tasks to enhance their clients' lifestyles. Whether it's arranging exotic travel itineraries, gaining access to exclusive events, or managing household needs, these services cater to the unique demands of their clientele. Rajmohan Krishnan, the Principal Founder and Managing Director of Entrust Family Office, has been at the forefront of this shift. With over two decades of experience in wealth management, Krishnan has observed a profound change in the priorities of India's high-net-worth individuals (HNIs). "Wealth is a personal journey defined by one's goals and values," he notes. "For some, it's about having the freedom to pursue passions like travel or philanthropy; for others, it's about continuous growth and nation-building. Ultimately, it's about the freedom to decide how you spend your time." This philosophy is central to Entrust's approach. The firm offers a comprehensive suite of services that go beyond traditional wealth management, including concierge services that cater to the unique needs and desires of its clients. Whether it's planning a bespoke holiday, securing a rare vintage car, or even facilitating a surprise Ferrari for a milestone birthday, Entrust's team is dedicated to turning extraordinary requests into reality. One of the most memorable tasks entrusted to Entrust was relocating a 300 kg ancestral iron safe from a client's family home to their new villa in Bangalore. The challenge was daunting, but the team managed every detail, ensuring the safe's journey was as smooth as possible. Another client, a startup founder, sought assistance in surprising his wife with a luxurious birthday gift. Entrust arranged for a Ferrari to pick her up, adding a touch of glamour to the celebration. But it's not just about grand gestures. Entrust's services also extend to more personal matters. For instance, a US-based client, recalling that her late husband owned land in India, approached Entrust to help locate and sell the property. Despite having no documentation or precise details, Entrust's real estate expertise and network enabled them to identify the plot, procure the necessary documents, and facilitate the sale, ensuring the funds were repatriated to the client in the U.S. "A client's wife asked us to arrange a Ferrari to surprise her husband on his 50th birthday. We organised a luxurious pick-up for them, adding a special touch to the birthday celebration. Also, there was one of our US-based clients who approached us during her visit to Bangalore, recalling that her late husband owned land in the vicinity, although she had no documentation or precise details of the property. All she knew was the rough area where the plot was located. We leveraged our real estate expertise and channels to identify the exact plot of land. We then procured the necessary documents, facilitated the sale of the property, and successfully repatriated the funds to her in the US. We have even had matchmaking requests from clients, to find brides / grooms for their children," said Krishnan. These examples illustrate a broader trend among India's ultra-rich: a desire for experiences that are tailored to their individual preferences and a willingness to invest in services that free up their time. As Krishnan explains, "For the ultra-wealthy, time is often their most valuable asset. Many recognize that while financial capital can grow, time is finite. This realization shapes their approach to life and wealth." In line with this, Entrust's concierge services are designed to provide clients with the freedom to focus on what matters most to them. From organizing exclusive events to handling day-to-day tasks, the firm ensures that every detail is managed with precision and care. "What sets luxury apart today is the ability to enjoy the moment without logistical distractions. That's where concierge services play a critical role, allowing our clients to focus on leisure while everything else is expertly managed," said Krishnan. The demand for concierge services is only growing as the super rich increasingly value time and exclusive experiences. "UHNWIs today want more than just financial stability—they want curated lifestyles that reflect their individuality. Family offices are uniquely positioned to meet this need, offering personalized services that combine financial acumen with lifestyle management," said Krishann. From matchmaking to moving ancestral safes (a literal 300kg iron monster from a village to Bangalore—), no request is too big, small, or bizarre. 'Our services are hard to price,' Krishnan admits. 'Because what we offer—peace of mind, time saved, memories made—is truly priceless.' This past year, India's HNIs played it smart—diversifying across equities, fixed income, and gold. Small and micro-cap stocks sparkled, while fixed income got a boost from cooling inflation. Themes like defense and digital tech turned heads, and gold glowed through the chaos. Looking ahead to 2025, it's all about staying nimble, spotting sectoral shifts, and riding the macroeconomic waves with balance and boldness.