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Wealth Managers India has entered into a partnership with Scripbox. What’s the rationale for this partnership and what is the scope of engagement?
The impact of digital players at entry level is very significant. We saw that 25-year-old individuals starting to invest in mutual funds are signing on through digital means. We then realized that this is not limited to younger population. We ourselves have experienced WhatsApp, Uber, Amazon, Zomato. Even at our age, once we experience the efficiency and the ease of operation, it is not possible to go back to the old ways.
Many of the clients that have grown in wealth today, started with us when their portfolio size was much smaller. We needed to change and adapt to this new reality.
At the same time, it was clear that we are not technology people. Our strength lies in investments and it is helped by the experience built over many cycles.
You could have developed digital infrastructure on your own or through outsourcing. Then why this partnership?
Digital does not just mean “online”. The thought process of doing what clients need in a different manner has to evolve from scratch. Bringing a different outlook to serve clients in a better, faster, cheaper way is required.
Scripbox -the digital company that we are partnering with has been in existence for more than a decade. The promoters are mature professionals with IIT, IIM background. Prior to this, they have successfully founded and developed other companies with a digital backbone.
They are keen to have an experienced partner, with long term, conservative and rational approach.
What would happen to the existing clients of Wealth Managers India. How will you manage this transition?
The present way of working with our clients does not change at all. Personal discussions and decision support remain intact.
With technology, we think we will be able to devote more time to decision-making and client interactions.
What kind of value does this partnership add to your clients?
Out of the present (and ever growing) client base, say, 10% will rise to the next level and 2% to even higher level. We need to provide more products and solve their complex needs. This is why we thought that an experienced firm like ours will provide the right synergy.
We are confident that there are complimentary roles and synergies.
