Aditya Agarwal, Co-founder, Wealthy

Our current focus is to scale up our partner base, continue building software tools for them to advise clients, add more financial products and services to the platform.”

Dec 04, 2019 03:12 IST India Infoline News Service

Aditya Agarwal
Aditya Agarwal is the Co-founder of Wealthy. He looks after consumer experience, platform development and business strategy. He has a B.Tech in Chemical Engineering from IIT, Bombay. Aditya is an angel investor in companies like Housing.com, Online Tyari, Chaayos and Globevestor. 
 
In an interview with Shweta Papriwal, Editor, indiainfoline.comAditya Agarwal said, “What makes us standout is our approach to bridging the trust gap of using an online fintech platform by introducing a human element or Wealth Mangers into the equation.
 
Brief us about the products/services offered by you.
We offer our clients data-driven and curated products across all financial needs, such as investments, insurance and financing. Our Wealth Managers, on their part, ensure personalized services to the clients by catering to their three key needs - growing wealth, protecting wealth and creating wealth.
 
Please elaborate on the industry ecosystem of your business.
In consumer fintech, we have now a bunch of large platforms that cater to the English speaking and do-it-yourself kind of millennial. For instance, we have PolicyBazaar for insurance, Zerodha for stock broking and Paytm money for mutual funds. These companies have built brand equity and trust over time. Coupled with ease of use, these companies are focused on creating a large user base of transacting users for themselves. In the B2B space, Turtlemint has emerged as a leading player that is focused on existing insurance agents in the market and digitising them.

Our current focus is to create a supply of a new breed of advisors that are both digitally savvy and empathetic when it comes to providing quality financial advice across a range of needs to the general public.
 
What problem is Wealthy solving in the industry?
In the current scenario, we can see that our financial system serves neither the consumer nor the so-called relationship managers or wealth managers.
 
On one hand, more than two-thirds of the consumers are one disease or event away from losing their life savings. This is especially true as most people end up with investments that barely beats inflation or meets their life goals. On the other hand, bank professionals today work 60-70 hours a week, pushing products they won't buy for their kids, and settling for a fraction (read 10%) of the revenue.

At Wealthy, we want to bridge this gap and cater to the expectations of both, the consumer and the bank professional.
 
Who are your peers and how is Wealthy different from its competitors?
Our peers would include the likes of Scripbox, Groww and IndWealth etc.
What makes us standout is our approach to bridging the trust gap of using an online fintech platform by introducing a human element or Wealth Mangers into the equation. We find that it helps ease the customers and also allows them to make informed decisions about their finances.

Is there a trend of users shifting from conventional banking to banking and investing on apps?
The rising wave of digitization is changing the world as we knew it and this is especially true when it comes to purchasing and consuming products and services. We are now extremely accustomed and comfortable with paperless and instant transactions among other things. So, when it comes to investments, we have observed this trend especially among millennials and young working professionals who are looking for easy and convenient ways to invest and grow their money. Given their lifestyles, we have noticed a visible decline in the time they have to actually go to a bank and spend time trying to understand the various options they offer for wealth management. As a result, we can also observe the digitisation of banks as well as a rising number of online platforms for wealth management.
 
What is the role of Wealth Managers in Wealthy? How is it different from a Relationship Manager in a bank?
Relationship Managers at banks are driven by their branch goals, revenue targets, or incentive structure. This makes push products to their customers that they may or may not require.
 
At Wealthy, a person with the same skillset and knowledge base is empowered to do the opposite — our Wealth Managers go deep to understand what the client really needs, and then find a product that works for them. Our compensation structure and business model are key factors in allowing them this freedom. So, the role of our Wealth Managers is better described by the outcome — provide clients financial solutions that help them lead the life they want.
 
Wealthy’s complete suite of financial products, cutting edge advisory software and a cloud-based operation enables these professionals to build the career they always dreamed for and increase their income by 5x.
 
Wealthy's plan and way forward for 2020.
Our current focus is to scale up our partner base, continue building software tools for them to advise clients, add more financial products and services to the platform. This will be our focus going forward in 2020 as well.
 
Have you received any funding?
Wealthy.in has raised USD 1.3 million in a seed round led by Good Capital in October 2019. EMVC a fintech focused fund and Tracxn labs also participated in the round. Aditya Agarwal, co-founder, Wealthy, also bought some shares in his personal capacity in this round.
 
Previous investors in the company include Venture Highway, V1 Capital, Globevestor and other individuals.
 
What is your geographical presence?
We operate out of a single office in Bengaluru.

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