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T he role of an independent financial advisor(IFA) has been reaping perceptible impetus in recent years, due to multiple factors, including the increase in public awareness and regulatory support. However, financial advisors continue to grapple with various constraints, primarily in managing assets and achieving customer bonding. Set off on a pursuit of such challenges, Amit Shah, a dynamic entrepreneur and financial industry doyen, conducted a survey in 2019–2020 in collaboration with a prominent market intelligence & research company, which revealed that financial advisors spend 30–60 percent of their time on operational tasks subsequently reducing the time spent engaging with customers to understand their needs and build a trusting relationship. The study also underscored the lack of sophisticated CRM tools for digital monitoring and the struggles of cross-selling.
“Western financial advisors have access to cuttingedge technologies for effective wealth management of their customers, especially High-Net-worth Individuals (HNI). In India, many prefer priority banks, as they not only manage affluent money but also offer all banking and investment services under a single umbrella, except holistic wealth management”, adds Amit Shah, Founder & CEO. He further points out that the top three priority banks have an employee turnover ratio of around 45-50 percent, resulting in lower client satisfaction. Consequently, financial advisors have to sacrifice entrepreneurship aspirations to banks that do not prioritize customer happiness and have low RM loyalty. However, these revelations, on a positive note, propelled Amit to cater to this significant yet unmet demand and establish an unprecedented panacea in the form of Wylth, India’s first independent, white-labeled multi asset platform for financial advisors.
Spearheading a Change
According to Amit, financial advisors stand as the epitome of trust, as they are community members with a strong advisory following within their vicinity. “In India, out of 1,16,000 registered advisors, only around 50,000 are active, with approximately 24,000–25,000 managing less than Rs.5 crore AUM. To most of them, mutual fund distribution is a supplementary job generating a modest income alongside their primary occupations as employees or chartered accountants”, states Amit. Bringing in extensive industry experience and asset management acumen, Amit has pioneered multiple transformative initiatives, including co-founding IIFL Wealth, India’s leading wealth and asset management company. Led by such a connoisseur, Wylth is also instrumental in blazing the trail and is on a mission to empower the ‘Atmanirbhar Financial Advisors’ of ‘Atmanirbhar Bharat’. Wylth is touted to be the only company in India whose technology is certified by the Singapore Fintech Association. Currently in the pilot mode, the proprietary platform has gained the trust of around 173 financial advisors, 87,246 customers, and around Rs.6,140 crores of assets. “Our vision is to empower financial advisors, majorly in tier-2 and tier-3 cities, by offering digital aids and a robust multi-asset platform that enhances their customer service and wallet share. Through Wylth, we want to level the playing field between the priority banks and financial advisors and help financial advisors scale revenue to at least 10X in the next few years”, shares Amit.
Wylth specializes in providing a comprehensive range of services, comprising investments, charge free mutual funds, P2P investments, direct and global equities, digitally accessible loans, and insurance. The financial advisors can invest in mutual funds through any of the three recognized channels, BSE, NSE, and MFU, and, unlike others, the platform also allows them to shift between the channels at each transaction
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