India's best private bank 2018: Edelweiss Private Wealth Management
Edelweiss Private Wealth Management
Bankers at Edelweiss Private Wealth Management have plenty of tricks up their sleeves to expand their business and win over clients – tricks that are working well.
The wealth manager has increased its assets under administration by an impressive 16 times over the last seven years to around $13 billion, while also boosting its gross revenues to about $84 million in the last financial year.
This is an impressive feat and comes hand-in-hand with the rise in population of not just high and ultra-high net worth individuals in India, but also the mass affluent.
Edelweiss has also had to compete with peers such as IIFL Wealth, last year’s winner of this award, which has been equally quick to find opportunities in this booming market.
Edelweiss deserves recognition for expanding its business rapidly. Anshu Kapoor, who heads up the firm’s private wealth management business, reckons the key to success is to clearly answer this question: who is my customer?
Edelweiss has put its focus on four client segments: next generation and entrepreneurs; family offices; C-suite clients with employee stock ownership plans; and professional investors.
With that established, the firm’s next task was to define exactly what kind of business it is in. In Edelweiss’s case, it was to use their specialization and expertise to “understand clients and their dreams, ambitions and aspirations and address their concerns,” Kapoor tells Asiamoney.
The firm has given a fillip to its business by using a combination of technology, client town halls, product innovation and having experts across all the relevant fields. It is also willing to create exotic and structured products for the right clients and encourages them to diversify away from typical safe investments into real estate and precious metals.