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Financial Services
Assessment of digital wealth advisory market in India
15 Jun 2023
Context
  • A private equity investor was seeking to assess the current status & future direction of the wealth advisory and distribution industry, with focus on emergence of digital wealth advisory in India and its future prospects
  • The client wanted to gain comprehensive knowledge of key industry players, customer feedback of digital wealth advisory platforms, with deep-dive into customer behavior (before, during and post selection of these platforms) the value proposition provided by new-age wealth advisory platforms to financial advisors
Approach
  • Industry assessment: Evaluated the wealth management opportunity and growth potential based on trends in household wealth, asset mix, growth drivers, current and expected digital penetration, and evolution of different business models (advisory/ distribution) for customers across income groups and asset classes
  • Competitive benchmarking: Benchmarked leading advisory platforms to understand key USPs and differentiated value proposition offered
  • Customer feedback: Understood the customer lifecycle starting from need for wealth advisory services to platforms selection criteria, onboarding, investment patterns, usage and platform feedback through multiple discussions with customers of digital wealth advisory platforms
  • Advisor perspective: Studied the various models adopted for onboarding and managing advisors, especially for new-age platforms, understood the advisors’ perspective on the value proposition/ benefits provided to them by new-age wealth advisory platforms 
Praxis value delivered
  • Provided a holistic view of the emerging wealth management market in India and the expected digital penetration in both advisory and distribution business across asset classes to the client
  • Helped the client understand the customer behaviour across the lifecycle – selection of a wealth management platform, their usage pattern, and strengths and improvement areas for digital wealth advisory platforms
  • Client also gained insights on how wealth management platforms source their clients, reasons for financial advisors to join a certain platform, value proposition and compensation offered, strengths and improvement areas, and the switching propensity of advisors
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