Rethinking Wealth:

In the Hubbis India Private Wealth Management Year-End Review 2024, Prashant Joshi, Co-Founder and Partner of Upwisery, reflects on a year of significant shifts in India’s wealth management landscape. From the rise of alternative investments and cross-border opportunities to the evolving priorities of next-generation wealth holders, Joshi highlights how Upwisery is responding to these changes. Leveraging technology, expanding its advisory offerings, and focusing on team expertise, Upwisery is positioning itself as a leader in India’s increasingly complex and competitive market. With a forward-looking approach, Joshi outlines the firm’s priorities for 2025, including deepening its alternative investment expertise, enhancing global advisory capabilities, and strengthening multi-generational client relationships.

Reflecting on 2024, what were the most significant trends or challenges impacting your firm and India’s wealth management industry? How have these influenced your strategic priorities for 2025?

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A paradigm shift is witnessed ininvestment priorities among family offices and ultra- high-net-worth individuals (UHNIs). The new generationof wealth holders, equipped with high financial literacy and a risk appetite, is looking to diversify their portfolios beyond traditional asset classes like mutual funds, fixed-income instruments, cash, and commodities.

• As family offices are no longer playing it safe, there’s been a significant move from cash to more growth-oriented assets this year.
• Private equity continues to dominate family office portfolios, with direct investments and private equity funds leading the way. At the same time,family offices are not ignoring real estate – a tried- and-true investment. However, their participationroute has changed, especially as equity-oriented land-level transactions are being replaced by structured debt. More and more families are discussing succession planning and setting required structures.
• There is a growing inclination to pursue cross-border investments or relocate businessesinternationally through RBI-approved channels.
• UHNIs are also demonstrating heightened interest in social and environmental initiatives, though ESG investments have seen a downturn due to concerns over return materialisation.

In response to the evolving market dynamics, we have strategically expanded our focus at Upwisery across private credit opportunities, pre-IPO investments, and unlisted equity. We’ve further strengthened our private lending offerings and expanded our alternate investment expertise beyond Indian borders, matching our clients’ profiles to investment opportunities globally.

In what ways has your firm enhanced its platform, product offerings, or client experience this year to better meet the evolving needs of UHNWI and HNWI clients in India?

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We have implemented several key enhancements in response to our client’s growing interest. On the product side, we have established a dedicated Alternate Investment desk to diversify beyond traditional asset classes. We have provided our clients with state-of-the-art reporting entwined with data aggregation across various geographies and currencies across entities, advisors, banks, and custodians. We set up a dedicated team with expert advisors to help families navigate the complexities of structuring and foreign exchange management, ensuring compliance with the Foreign Exchange Management Act (FEMA) for offshore Investments.

To better serve our geographically diverse clientele across India, we opened 2 new offices in India, expanding our physical presence to 5 cities.

As digital transformation accelerates in wealth management, how are you using AI and technology to elevate advisory services and deliver personalized solutions at scale in the Indian market?

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The technological advancements within the last year have proven to be beneficial. Upwisery has improved its wealth management services and provided customised solutions using technology. Python-driven automation has streamlined the decision-making workflow to improve quantitative and qualitative analysis procedures. Power BI-led dashboards have been created to expedite portfolio reviews and analyses and enable advisors to evaluate investment performance more thoroughly. To make better decisions, current AI algorithms are being enhanced to recognise market trends, optimise portfolios, and reveal red flags. Additionally, Upwisery is collaborating with cutting-edge platforms to retrieve and examine intricate data sets from various asset classes, offering data-driven insights for investing choices. Upwisery manages a rising clientele while upholding good service standards thanks to these technical improvements.

What do you see as the biggest opportunity for private wealth management in India over the next year, and what strategies are you prioritising to capture this potential?

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The alternate investment landscape in India experienced a transformative shift in 2024, with private credit deployment reaching a new height. This significant growth is particularly evident in India’s real estate and infrastructure sectors, where private credit has emerged as the preferred financing route. The rise in unicorns and growing affluence in India have created unprecedented opportunities for wealth managers to provide comprehensive end-to-end services. While private equity and debt funds have gained significant traction in the mid-market segment, alternate assets like art, wine, and other collectables are gaining increased attention, particularly among next-generation wealth holders actively pursuing domestic and international collecting opportunities.