Current Industry Scenario of Wealth Management

– Stay in Touch with Customer, Financial Market & upcoming technologies

The technology upgradation let it be social media, mobile media, websites, payment websites hold a very high level of change in any business. And so it does in Wealth management. If trying to stay in touch with clients has got easy with mobile media like whatsapp or telegram. Clients expectation have also been raised with such technologies in place. If you can’t update clients on mobile on latest news. You are surely not doing your job. But doesn’t that mean you send every single news? Probably no. Too much of anything is injurious and taken for granted so make sure only important updates are being shared.

Same way today market updates are getting better through various apps and website. I find advisors atleast need to be as updated as your investor. You might have access to fund managers, CIOs too directly which ideally will give you the edge over what is happening. Staying upto date with information is very important for any advisor.

I remember a few years back having payment link on advisors website was not heard of. Or was very rare. But now with NSE, BSE and various other platforms advisors can initiate online transactions for clients. There are limitations yet for the same, but I am sure that the limitations would get cleared pretty soon.

  – Ease of doing business with you. Imagine yourself in your investor base and the kind of ease you are providing to him in doing business with you.

I realise when I deal with my bankers on the kind of ease I go through for services or the difficulty that I go through. In service industry you surely got to think from the other persons point of view. If you are asking your client to come at your office for a meeting, are you giving him enough space or enough options to choose when to come. What are the discussions that you are going to do if you call your investor at your office is it going to be worth it? It is also important that in doing and providing the best service to the customer you don’t loose your importance in the same.

Hence when services are provided through technology, interface and knowledge which makes you stand apart that’s when the customer realises the importance of you and differentiates you with other investors.

– Don’t hold back on investing to upgrading your skill sets

An entrepreneurs journey is actually a very lonely one. And correctly it is said so. I have been a private banker. Advantages  were you had colleagues superiors or reporting to you. You would end up exchanging a lot of ideas. Discuss a lot of success and failures. Except the formal training that you would go through. Those training would continue to sharpen your sales skills and the skills that are important to service customer. While as business man you get invited for a lot of trainings but not that they would be right for you. And hence atleast once or twice a year I believe we should sign up for any training which doesn’t only sharpen our skills but also gives us insight into technological upgrades happening in the industry.

  – Find a way to be hungry for success

In my experience of wealth management and meeting few not so successful wealth managers and a few very successful. I find major difference is hunger for success. There can be a few people who would get satisfied by AUM of 50-100 crs and few who won’t be happy even with 1000 crs. I am not saying what is wrong or what is not. But to grow continuously it is very important to keep the fire burning in you.

– Risk of introducing new technologies

Cell phones have already replaced watch, camera, calendar and alarm clock? What else can it replace? The biggest threat that looms over all of us. Will the technology replace us? I don’t think it can replace us but we will surely need right content of technological advancement in our business to embrace the new changes.

Is there risk of introducing new technologies? Yes, if they are introduced prematurely. Would you like access to an app which is not fully developed or behaves like one which is 2 years old without any upgradation. Hence, I believe we should introduce technology which we can support like an employee. Unless we can’t we shouldn’t introduce the same.

About Mr. Vinay Rathi

Mr. Rathi comes with vast experience in wealth management industry. Rathi is Founder and Managing Partner at POLO WEALTH ADVISORS. His experience comes from organisations like HSBC, Anand Rathi & Motilal Oswal. He is a sports enthusiast and has interests in running, cycling & Golf. Vinay has been an active member of social organisation Round Table India. Being a member of Poona United Round Table 144. He has not only increased his social reach but also got involved into philanthropic work like giving back to society by helping Round Table Build schools, donations etc.

Polo shares a strong discipline for wealth management and the excitement of the clients when they enjoy their capital by realizing small or big projects, which firm consider all important on their personal level. Moreover, Polo has the capabilities to support our Clients in the corporate space, from advisory to capital budgeting, delivering to them our network of professionals and ensuring a valuable contribution to their projects. At Polo Clients are supported in the establishment of philantropic initiatives and donations, or in their investments of passion.