IIFL Private Wealth Management
IIFL Private Wealth Management is both a tech firm and wealth manager in equal measure, and to show its strategy works it has $10 billion in assets. “A lot of businesses, and not only those in the finance industry, invest in the business and then in technology. But the customer experience suffers that way,” says Yatin Shah, executive director and co-founder.
IIFL was set up in 1995 as a financial services conglomerate and hired a team out of Kotak specifically to build IIFL Private Wealth (IIFLW) in 2008. It is headed by Karan Bhagat. With the lack of boutique software providers in India, IIFLW has had to be smarter than many of its international peers.
The cornerstone of its strategy is the client and relationship manager experience. Shah says IIFLW has taken inspiration from firms such as Mint in the US and several non-finance companies. Clients and relationship managers want a consolidated and automated view of portfolios, regardless of asset class, fund, stock, custodian, asset manager, or bank and they want to see this on any device in any way they choose.