In India, there is a burgeoning community of 160,000 financial advisors, but only a fraction, less than 1500, manage Mutual Funds assets for clients that surpass ₹100 Crores. The challenges they face encompass the absence of an independent multi-asset platform, a knowledge gap in branding and marketing, the cumbersome process of report extraction and consolidation, and limited access to a diverse range of financial products. Amit Shah, a veteran of the industry, recognised these limitations and established Wylth® as a means to empower financial advisors.
Launched in 2023, Wylth® stands as a truly independent and trusted multi-asset platform, enabling Financial Advisors to assert control over their financial destinies. With a firm belief that financial advisors merit enhanced support, at Wylth®, this support is delivered without any involvement in financial advisory or mutual fund distribution, reflecting a resolute commitment.
The integration of cutting-edge technology and the expertise of Wylth® professional teams ensures effortless access to diverse investment, loan, and insurance portfolios. This, in turn, affords financial advisors the invaluable luxury of redirecting their attention towards nurturing relationships and fostering business growth.
Wylth® is on a mission to democratise the wealth management industry, fostering broader participation among Financial Advisors looking to build or scale their own wealth management businesses by empowering them with a world-class tech platform.
What makes Wylth® even more extraordinary is their dedication to diversity and women’s empowerment. In a noteworthy stride towards gender equality and inclusivity, almost 50% of Wylth® employees are women. This commitment to women in the workforce not only reflects their values but also contributes to the larger narrative of women’s empowerment in the financial industry.
Drawing upon 25+ years of extensive experience in finance, banking, and wealth management, Amit Shah serves as the driving force behind Wylth®. Prior to Wylth®, he co-founded one of India’s leading wealth management companies, catering to HNI and UHNI clientele. Now, at Wylth®, Amit aspires to assist financial advisors in their transformation from mutual fund distributors to prominent wealth managers.
For his remarkable accomplishments, Amit was awarded the “NRI of the Year” award in 2016 for the Asia Pacific region, recognising his success as an Indian national abroad. In 2017, he was honoured with the Asia One “Asia’s Greatest Leader Award.” Additionally, Amit is a recipient of the Udyog Rattan Award, which annually acknowledges individuals for their exceptional contributions to India’s economic development.
His insights on the asset and wealth management industry have been featured in leading business dailies in India and across Asia, including Bloomberg, the Economic Times, and Livemint. Amit is also a regular speaker at various global panels and conferences, playing a pivotal role in advocating India as a key investment destination.
In a market lacking truly independent multi-asset solutions, Wylth® provides a platform for financial advisors to launch their businesses. Financial advisors typically capture less than 10% of their clients’ wallet share due to limited financial products. Wylth® changes the game by providing a diverse product range from the outset, allowing advisors to compete with banks and larger firms offering credit solutions. As an independent multi-asset platform, Wylth® facilitates asset reporting, transactions, and servicing across three primary categories: Investments, Credit, and Risks.
In the realm of Investments, they cover a diverse spectrum, encompassing Mutual Funds, P2P Investments, Global Markets, Direct Equities, and Portfolio Management Services (PMS), among others.
The Credit category encompasses an array of lending solutions, including Loans against Mutual Funds (LAMF), SME Loans, Loans against Securities (LAS), Loans against Insurance, Personal Loans, Student Loans, Housing Loans, and various retail loans.
Wylth® also extends its services into the Risks domain, offering products such as Automobile Insurance, Health Insurance, Life Insurance, Property Insurance, and Custom Insurance. Wylth® empowers financial advisors with advanced tech to rival private banks and bigger firms, supporting their entrepreneurial goals and business growth with 10X potential. Additionally, it furnishes a comprehensive CRM and service ticketing module for efficient digital customer service. Wylth® remains committed to continually expanding its product offerings. New additions undergo thorough due diligence, with the goal of empowering Financial Advisors to enhance their wallet share.
Wylth® distinguishes itself in the industry through a comprehensive platform that seamlessly integrates prospecting, reporting, transactions, CRM, and service ticketing, providing a unique and unmatched capability not found elsewhere. This includes exclusive tools that empower financial advisors to scale their businesses effectively.
The company is firmly committed to nurturing long-term partnerships with financial advisors, adapting the platform to evolving user needs, changing market dynamics, and regulatory requirements. Wylth® stands as a trusted partner, guaranteeing a rapid first response time of under 1 hour for support tickets raised by financial advisors.
Wylth® diligently works to democratise access to financial products and services, ensuring affordability and accessibility for financial advisors regardless of their AUM or company size.
Some standout features of Wylth® include their digital model portfolio with Held Away assets through CAS uploads, integration with WhatsApp and Chatbots, robust marketing tools for email campaign management, efficient service ticket management, comprehensive lead management and CRM functionalities, as well as powerful analysis tools to review client portfolios.
Wylth’s team embraces adaptability to navigate dynamic markets and regulations, championing a test-and-learn approach. Customer-centricity guides them, utilising feedback and data for innovation, while transparency builds trust with customers and internal communication.
They aim to make financial products accessible to all financial advisors, foster diversity, and encourage cross-functional collaboration, including partnerships with traditional banks. Continuous employee growth and a commitment to staying updated are vital.
Robust risk management, data protection, and a culture of disruption drive progress. At Wylth®, contributions are rewarded over seniority, and sustainability is a core consideration, with a focus on resilience against financial shocks and cyber threats.
Creating a reliable and scalable tech infrastructure to meet evolving needs and regulations was another challenge for Wylth®. They invested in scalable cloud services and embraced agile development for cost-effective and efficient tech infrastructure. They also maintained a strong company culture, providing equity to all employees and strategically outsourced roles to navigate the competitive talent acquisition landscape. Creating a comprehensive market-aligned product was initially difficult, and so was entering the competitive financial advisory market and attracting advisors. Nonetheless, the team at Wylth® employed lean startup principles for cost-effective testing and product refinement based on user feedback. Innovative marketing strategies, including social media, content marketing, and partnerships with financial providers, facilitated their market penetration.
In the wake of recent economic upheavals, Wylth® faced several challenges, but their team’s agility, determination, and innovative spirit enabled them not only to survive but also to adapt and thrive in the altered landscape. Their customer-centric pivot turned out to be a crucial strategy, allowing them to swiftly adapt their products and services in response to changing customer behaviours and needs. This approach not only retained existing customers but also helped Wylth® tap into new segments.
The onset of the pandemic prompted a transition to a remote-working model. By investing in digital tools and training, they ensured seamless operations and communication, ultimately enhancing productivity. Transparent communication with stakeholders, including employees and customers, was a cornerstone of Wylth®’s strategy. By sharing their challenges and plans transparently, they garnered trust and rallied collective support.
Recognising the stress of the situation and prioritising employee well-being, Wylth® introduced flexible working hours, mental health resources, and regular check-ins to ensure the team remained motivated and engaged. Strategic collaborations with complementary businesses played a pivotal role in unlocking shared resources, widening Wylth®’s customer base, and fortifying its market position. To stay ahead of the curve as market leaders and problem solvers, they doubled their R&D to explore innovative solutions to current problems.
Developing multiple contingency plans and forecasting various economic scenarios ensured preparedness for any eventuality, allowing swift responses to changing circumstances. By staying agile, putting their customers and employees first, and keeping a tight grip on their finances, Wylth® not only navigated the turbulent waters of economic instability but emerged stronger than before.
Amit asserts, “Enabling financial advisors to achieve substantial 10x business growth within a few years is success for Wylth®.”
Their key metrics for accessing success include monitoring customer adoption and growth, focusing on customer satisfaction and trust, and embracing sustainability and social impact as integral success criteria. Showcasing a remarkable start, Wylth® generated ₹1,750 Crores in assets on their platform within their first month of operations, as reported by Livemint. Currently, over 125 financial advisors manage approximately ₹5,200 crores of assets on the platform, catering to around 55,000 unique investors. Their ambitious target is to elevate this to 1,000 advisors and ₹40,000 crores of assets by March 2024.
The financial advisory landscape has witnessed significant technological trends in recent times. Among these trends, the ascent of robo-advisors stands out. Powered by advanced algorithms, it challenges traditional advisory models. There is also a growing emphasis on transparent fee structures, driven by an informed clientele, which underscores the importance of value-based client relationships over transaction-based approaches. Another compelling trend is the increasing demand for comprehensive financial planning, encompassing investments, estate planning, insurance, and tax strategies.
In response to industry trends, Amit Shah and Wylth® have adopted a multi-pronged approach, including the implementation of a transparent fee model to address transparency concerns and expanding their service portfolio to offer a comprehensive advisory experience. They have also integrated AI and ML in their operations to offer personalised products, while cloud computing enhanced their efficiency and scalability. Their upcoming integration of chatbots and automated customer support tools at the service front will further improve customer satisfaction. These strategic responses, blending traditional wisdom with modern innovation in financial advisory, have fortified their position in the market.
Discussing their 5-year goal, Amit says, “Attaining a desired status or reaching a specific goal is a blend of optimism and realism. Success depends on consistent effort, adaptability, and perseverance. While I’m hopeful about our trajectory, it’s important to understand that success isn’t just about reaching a specific status but also the journey and lessons learned. In the next five years, the plan is to seize opportunities, face challenges, and continuously refine my and my team’s skills and knowledge. While achieving the desired status would be a testament to hard work, we also value the growth, relationships, and experiences gained along the way. Will we reach that status in five years? It’s hard to predict, but we’ll certainly be closer to our aspirations and enriched by the journey, whatever the outcome.” At present, the firm is working on integrating WhatsApp and chatbots into the Wylth® Platform, representing a strategic fusion of communication technology with financial advisory. Leveraging WhatsApp, one of the world’s most widely-used messaging platforms, provides clients with immediate access, fostering better client relations as they can receive real-time updates, alerts, and quick answers to their queries. This integration enhances operational efficiency and engagement, ensuring secure and personalised interactions while offering a feedback loop for continuous improvement. It positions the platform for greater success in today’s digital-first financial landscape.
Drawing upon his extensive 25+ years of experience within the Wealth and Asset Management Industry, Amit Shah advises aspiring entrepreneurs to ‘dream big.’ He says, “I firmly believe that when you dare to dream big, incredible things can unfold. Always aim high with your aspirations and dreams. Falling short of lofty goals is far more commendable than easily meeting modest ones; the attempt itself holds value. At Wylth®, we champion this very mindset.” Amit adds,