Jyoti Bhandari, Founder & CEO, Lovak Capital is a seasoned private banker and wealth management professional with over two decades of experience in advisory services. She has managed large investment portfolios for ultra-HNIs and family offices and handled global wealth for Indian investors’ onshore and offshore investment portfolios, using personalized strategies.
In a conversation with Women Entrepreneurs Review she talks about the rise of women HNIs pushing the Indian wealth management industry. She also sheds light on the need for Indian wealth management firms to adopt next-gen technologies such as AI, ML, Blockchain, robo-advisors and digital currencies.
With the growth in number of HNIs in India, the wealth management market in India is expected to grow exponentially in the next few years. In your opinion how has the industry’s growth been over the past few years?
As a woman entrepreneur in the wealth management sector, I've witnessed a transformative shift in the industry over the past few years. The increasing presence of women in wealth management roles has not only diversified perspectives but also contributed significantly to the industry's growth.
We've seen a rising number of female HNIs, and their unique financial goals have pushed us to innovate and provide tailored solutions. This trend reflects not only the empowerment of women in finance but also their increasing influence on investment decisions and wealth management strategies.
How do you foresee the Indian wealth management industry’s growth in the near future? What factors will aid the industry’s growth going forward?
The Indian wealth management industry is set for significant growth in the near future. Factors such as increasing financial literacy, the rise of entrepreneurial ventures, and technological advancements are expected to drive this expansion. Moreover, a growing focus on diversity and inclusion within the sector will further contribute to its development. Overall, these trends present exciting opportunities for both clients and service providers in the wealth management space.
Statistics suggest that India’s wealth is not just concentrated in the country’s largest cities and also exists in Tier 2 and Tier 3 cities. What is your take on this?
Absolutely, the statistics indeed reflect the reality of wealth distribution in India. It's evident that wealth is not solely concentrated in the largest cities but also exists in Tier 2 and Tier 3 cities. This decentralization of wealth presents a significant opportunity for wealth management firms to expand their reach and cater to a broader client base. It underscores the importance of understanding and addressing the unique financial needs and aspirations of individuals across various regions, contributing to more inclusive growth and development in the wealth management sector.
Technology has permeated every industry and the wealth management sector is no different. In your opinion how can wealth management service providers leverage technology tools at their disposal to build a more robust service portfolio?
Technology offers wealth management firms a transformative edge. Through advanced analytics and AI, personalized strategies become the norm. Additionally, digital platforms and mobile apps can streamline client communication and transaction processes, enhancing overall client experience and engagement. Moreover, technologies such as blockchain can improve security and transparency in asset management. Overall, embracing technological advancements empowers wealth management service providers to build a more robust and efficient service portfolio, ultimately benefiting both clients and the firm.
As a finance leader, which are some of the key technology trends that you will be betting on going forward?
As a finance leader, I'm keeping a close eye on several key technology trends poised to shape the future of the industry. AI and machine learning hold immense potential for enhancing data analysis and decision-making processes. Blockchain technology offers unprecedented security and transparency, particularly in transactions and asset management. Additionally, I'm intrigued by the possibilities presented by fintech innovations, such as robo-advisors and digital currencies, in reshaping financial services delivery. Overall, investing in these technology trends can pave the way for greater efficiency, innovation, and competitiveness in the finance sector.
What is your vision for Lovak Capital’s growth in the near future?
Our vision for Lovak Capital's growth in the near future is centered around delivering exceptional value and tailored solutions to our clients while expanding our presence in key markets. We aim to leverage technology to enhance our service offerings, ensuring that we stay at the forefront of innovation in wealth management. Additionally, we are committed to nurturing talent and fostering a culture of excellence within our team. By staying true to our core values and continuously evolving to meet the evolving needs of our clients, we envision sustained growth and success for Lovak Capital in the years to come.
