3 Jun 2025, Tue

Bank RMs, wealth managers don’t thrill India’s new class of millionaires. Who does then?

Synopsis

India’s economic growth, along with the current bull market and startup IPOs, is creating a new class of wealthy Indians. Technology professionals who have made money in their 20s and 30s, and the mass affluent among millennials and GenZs want online-first, data-driven decisions based on their risk appetite. This is where wealth-tech startups come into play.

You are a new crorepati. The startup where you spent a decade just got listed and your wealth is concentrated around the company’s shares. Finally, the time has come for you to manage it, with some professional help. Where would you go? To the traditional wealth managers sitting in their swanky offices giving advice in exchange for high commissions, with high reliance on portfolio management services (PMS) that focuses on mutual funds, stocks,

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