Money & Banking

Edelweiss hopes to double Wealth Management advisory business in five years

KR Srivats New Delhi | Updated on October 25, 2019

Rahul Jain, Head-Personal Wealth Advisory, Edelweiss Global Wealth Management   -  Bijoy Ghosh

Will add 10,000-15,000 new clients every month in the affluent and HNI segment

Edelweiss Global Wealth Management wants to emerge as a one-stop-shop for financial advisory and products, a top official said.

This wealth management firm, which is amongst the top five in the industry pecking order, is now looking to double its assets-under-advice (AuA) to ₹2 lakh crore in next five years, Rahul Jain, Head-Personal Wealth Advisory, Edelweiss Global Wealth Management told BusinessLine.

“Our aim is to grow on the wealth management side by 25-30 per cent year-on-year for next five years from topline, profitability and also AuA perspective. We also want to improve out Net Promoter Score to 65-70 in next two years from about 50 now,” he said.

Jain expects the next level of scale for the wealth management business to come from affluent and High Networth Individuals (HNI) segment.

“Going forward we want to step up our focus on affluent and HNI segments. Currently both are largely serviced by banks. That’s a big market that we are now looking to capture,” he said. Edelweiss is now aiming to ramp up client acquisition and looking to add 10,000 to 15,000 new clients every month in the affluent and HNI segment. It now has 5.75 lakh wealth management clients.

There is now a huge demand from clients to have a one-stop-shop for all advisory and financial product needs, he added.

“Our advisory is not limited to investment side, it is encompassing general insurance, loans and tax. We want to offer the whole bouquet to create long term wealth,” he said.

Besides growth in Tier-1 and -2 cities, the other factors that are aiding financial services growth are the use of technology and fairly high awareness, Jain said. “Millennials are now looking at financial products as the core part of their investments. The concept of financialisation of savings is happening in India”, he said.

As on date, Edelweiss Wealth Management has 65 branches and 1,800 partners. “We are a pan India player and have no Tier-1 or -2 cities left out,” Jain said.

Edelweiss mobile trader

Come December, a retail investor will be able to directly buy mutual funds out of Edelweiss Mobile Trader App, the highest rated Indian stock trading App, according to Jain. This facility of direct MF buying is being provided to improve convenience to the retail clients, he said.

Published on October 25, 2019

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