Wylth: Empowering Financial Advisors With A Revolutionary Multi-Asset Platform

Amit Shah,  Founder & CEO

Amit Shah

Founder & CEO

T he role of an independent financial advisor(IFA) has been reaping perceptible impetus in recent years, due to multiple factors, including the increase in public awareness and regulatory support. However, financial advisors continue to grapple with various constraints, primarily in managing assets and achieving customer bonding. Set off on a pursuit of such challenges, Amit Shah, a dynamic entrepreneur and financial industry doyen, conducted a survey in 2019–2020 in collaboration with a prominent market intelligence & research company, which revealed that financial advisors spend 30–60 percent of their time on operational tasks subsequently reducing the time spent engaging with customers to understand their needs and build a trusting relationship. The study also underscored the lack of sophisticated CRM tools for digital monitoring and the struggles of cross-selling.

“Western financial advisors have access to cuttingedge technologies for effective wealth management of their customers, especially High-Net-worth Individuals (HNI). In India, many prefer priority banks, as they not only manage affluent money but also offer all banking and investment services under a single umbrella, except holistic wealth management", adds Amit Shah, Founder & CEO. He further points out that the top three priority banks have an employee turnover ratio of around 45-50 percent, resulting in lower client satisfaction. Consequently, financial advisors have to sacrifice entrepreneurship aspirations to banks that do not prioritize customer happiness and have low RM loyalty. However, these revelations, on a positive note, propelled Amit to cater to this significant yet unmet demand and establish an unprecedented panacea in the form of Wylth, India’s first independent, white-labeled multi asset platform for financial advisors.

Spearheading a Change
According to Amit, financial advisors stand as the epitome of trust, as they are community members with a strong advisory following within their vicinity. “In India, out of 1,16,000 registered advisors, only around 50,000 are active, with approximately 24,000–25,000 managing less than Rs.5 crore AUM. To most of them, mutual fund distribution is a supplementary job generating a modest income alongside their primary occupations as employees or chartered accountants”, states Amit. Bringing in extensive industry experience and asset management acumen, Amit has pioneered multiple transformative initiatives, including co-founding IIFL Wealth, India’s leading wealth and asset management company. Led by such a connoisseur, Wylth is also instrumental in blazing the trail and is on a mission to empower the ‘Atmanirbhar Financial Advisors’ of ‘Atmanirbhar Bharat’. Wylth is touted to be the only company in India whose technology is certified by the Singapore Fintech Association. Currently in the pilot mode, the proprietary platform has gained the trust of around 173 financial advisors, 87,246 customers, and around Rs.6,140 crores of assets. “Our vision is to empower financial advisors, majorly in tier-2 and tier-3 cities, by offering digital aids and a robust multi-asset platform that enhances their customer service and wallet share. Through Wylth, we want to level the playing field between the priority banks and financial advisors and help financial advisors scale revenue to at least 10X in the next few years”, shares Amit.

Wylth specializes in providing a comprehensive range of services, comprising investments, charge free mutual funds, P2P investments, direct and global equities, digitally accessible loans, and insurance. The financial advisors can invest in mutual funds through any of the three recognized channels, BSE, NSE, and MFU, and, unlike others, the platform also allows them to shift between the channels at each transaction
level. “Basically, financial advisors can increase their efficiency in two ways: by getting more income or by boosting productivity. My primary focus is on productivity, which can shift the entire paradigm”, opines Amit. Most importantly, Amit and Wylth are committed to helping women, who are generally considered better money savers, achieve efficient wealth management by leveraging essential guidance and training.

Through Wylth, we want to level the playing field between the priority banks & financial advisors & help financial advisors scale revenue to at least 10X in the next few years

Similar to a department store, Wylth entitles the financial advisors with the autonomy to choose the required products and risk management tools. The products and services of Wylth reflect Amit’s firm belief in the concept of ‘phygital’- a hybrid of technology and human interaction. Hosted on Microsoft Azure, Wylth’s range of products represents not only advanced technologies but also the company’s impactive risk management strategies. One of its flagship tool, CRM, is an integrated marketing and lead management tool that simplifies lead entry, assignments, and real-time lead monitoring while capturing and retaining conversation and smoothing the handover process. In addition, the platform has a digital campaign management tool and a feature for generating personalized digital proposals containing the client’s risk profile. Furthermore, consolidated account statements and AI/ML-driven analytics act as an added advantage for the financial advisors to make well-informed decisions. To reduce its operational time, Wylth is also launching an advanced chatbot, through which customers can access all the statements through WhatsApp, thereby driving the financial advisors to establish a brand identity.

Inducing Approachability
Wylth prioritizes the continual innovation and excellence of financial advisors not just by offering a diverse service portfolio and partnering with best-in-class service providers but also by encouraging continuous feedback. For instance, the company has created a separate WhatsApp group with every individual financial advisor, consisting of respective advisor’s team and the Wylth executives, including Amit, where the advisor can propose further improvements. The proficient team at Wylth further implements the best of the suggestions quickly, considering the available time and resources. Adhering to the ‘phygital’ principles, Amit also makes sure that both he and his team are accessible to the financial advisors round the clock to hand-hold them in getting their tasks done. “As my past experience has taught me, the moment you become approachable to the end-users or the customers, who are your biggest asset, they will give you invaluable insights. These approaches allow us to deliver seamless, high-quality, and high-satisfying services, which are highlighted in our testimonials”, proclaims Amit.

Wylth equally values its quality employees, most of whom have been with the company since its inception. With around 40 diverse minds who collectively work towards realizing the company’s vision and mission, the company has fostered a work environment with zero hierarchy and the employees are empowered to create value for the customers. All employees unite in all aspects, be it work, conflict resolution, or fun. As a part of its HR policy, the company has also hired an HR consultant who listens to input and feedback from employees, based on which a report is shared with management for further consideration.

Stepping Into the Bright Future
Having carved a niche in a less-trodden sector, Amit wishes to see similar ventures like Wylth in the future. “The domain of financial advisors and their target customers is so massive that even if you have multiple players, it will benefit everyone else”, says Amit. Rearing up for its massive official launch and a launch of its mobile app by the end of 2023, Wylth is actively seeking its first external capital and is yet to choose the best investment partners who align with the company’s vision. Additionally, Amit is also working towards alleviating the challenge of hiring like-minded individuals and expanding his employee base to reach 100 professionals within the next six months, which would subsequently increase its product portfolio to include 50–60 products. Amit is also buoyant that the present digital push imparted by the Indian regulatory system and the influx of new breakthroughs like 5G will take Wylth and its solutions to remote areas soon.