The Wealth Gurus

Meet the stars of India’s wealth management industry, who steer the wheels of fortune for the country’s growing band of millionaires

- Clifford Alvares

LAKSHMI, KUBER, PLUTUS, EBISU and Caishen are some of the popular names from mythology associated with wealth. Special attention is given to them as part of the daily ritual in cultures and geographies by those seeking to preserve or gain wealth. For one angry gaze could destroy a lifetime of savings. And thus go the legendary stories. Well, where gravity rules, we tend to worship a completely different set of gurus. At least those few who know what these gurus, or wealth managers, are capable of.

Wealth management has been a concern of India’s top-guns for centuries, if not millennia. For more than 70 years of India’s Independence, it was the domain of the big business groups and even the upcoming business honchos. This was done through private trusts largely put in place by banks, though the very large business families crafted their own private wealth-management vehicles. This has been the practice for nearly, or, all of the years since or even before the country gained Independence.

Top of the pyramid

Wealth management took off on the back of the tech boom when tech millionaires had to figure out ways and means to protect their wealth from the bust that followed. Managing one’s wealth has now become the flavour of the season, with the sudden increase in number of millionaires and what with private non-banking financial companies identifying wealth management as a blossoming segment in itself.

The boom in wealth management coincided with the rise in wealth among professionals, particularly techies and coders, finance professionals, dotcom entrepreneurs, who grew immensely rich due to the ESOPs and part-stake sales in their enterprises. These individuals now seek top-dollar advice on investments, structured products, estate planning, and the formation of private trusts to pass on their wealth to the next generation.