Recently, Globevestor’s portfolio company, Wealthy, secured another funding round from Good Capital and EMVC, among others. Wealthy is aiming to disrupt the mid-market wealth management segment in India.
Traditionally, true-blue private wealth management services in India have been limited to the wealthy. In my experience, independent financial advisors and other avenues are only able to serve those customers who clear the US accredited investor definition (annual income >$200k). However, millions of upwardly mobile clients are under-served. At best, their bank relationship managers will try to sell them wealth management, but that advice is often skewed towards in-house products and hence biased. As a result, a large populace is left to their own devices to figure things out.
Wealthy aims to change that by building a network of wealth managers and empowering them through technology, in turn increasing the penetration of wealth management services in India. With time being the most-precious commodity these days, here’s hoping Wealthy succeeds in its mission and helps India become more productive & wealthy!
Read the news here at Inc42.