What do the wealthy expect from you?

India is home to over 3 lakh HNIs, as per Capgemini's World Wealth Report. The report also reveals that the HNI population increased by 10.5% in 2021. While these figures suggest business opportunities for MFDs and RIAs, it also raises the pertinent question - what do these wealthy Indians expect from you?  

In this context, Cafemutual hosted Manu Awasthy, Founder and CEO, Centricity Wealth Tech who in conversation with Nishant Patnaik, Associate Editor, Cafemutual shared tips on creating a unique proposition for HNIs and ultra HNIs.

Here are the excerpts from the session.

Knowing the three keys to win the wealthy

While HNIs and ultra HNIs have sizeable investible assets, they don’t have time due to their demanding work life. They thus seek simplicity in investing where they can execute hassle-free transactions. Further, with a large investible surplus, multi-product offering becomes essential. Additionally, Indian wealthy also appreciate a timely and comprehensive reporting of all investments.

Thus, simple investing, multi-product offering and robust and comprehensive reporting are the three key factors to win the wealthy.

Identifying the needs of different types of the wealthy - CXOs, entrepreneurs, family business owners, celebrities, etc.

The only thing that differs them is their personal view on risk-adjusted returns i.e. depending on their lifestyle, personal obligations, etc. their return expectation vary.

Creating an edge to serve HNIs and ultra HNIs

Easy accessibility gives MFDs and RIAs an edge over RMs (Relationship Managers) of large institutions. RMs can switch jobs but MFDs will always remain accessible for them.

Further, MFDs and RIAs should offer a complete bouquet of services through Centricity Wealth Tech. The platform supports mutual fund investing and offers real estate advisory. Additionally, it offers estate and succession planning, immigration consulting services, tax opinions and credit solutions like LAS (Loan Against Shares), LAP (Loan Against Property), mortgages and structured finance through third-party service providers.

The platform also offers psychometric risk profiling that reveals investors’ behavioural patterns. Further, Centricity Wealth Tech is working on integrating artificial intelligence to provide top product recommendations for every client’s unique needs.

Interestingly, MFDs and RIAs can also use the same platform for their retail investors. A common platform for all clients saves time and improves overall productivity.

MFDs and RIAs can reach out to Centricity Wealth Tech for the empanelment process and can click here to know more.