Disruption in wealth management

Summary: Wealth management in India has long leaned on personal relationships. But as Apoorva Vora, Founder & CEO of Finolutions, explains, trust alone is no longer enough. Technology, regulation, and changing investor behaviour are quietly disrupting the traditional distributor model. From fee compression to generational shifts, the threats are structural and deceptive. Read this thought-provoking piece to understand why tomorrow’s wealth managers must reinvent today. At Value Research, we often come across ideas and perspectives that are too sharp to keep to ourselves. Recently, we read an article by Apoorva Vora, Founder & CEO of Finolutions Private Limited, on Medium. It struck a chord with us because it captures, with clarity and urgency, the shifts taking place in the world of wealth management. The piece challenges long-held assumptions about the strength of relationships in financial services and explores how technology, regulation, and changing investor behaviour are quietly reshaping the industry. We thought it was well worth sharing with our readers here. Here is the article in full. For decades, wealth management in India — especially in the form of mutual fund distribution and independent financial advisor (IFA) models — has been anchored in one core asset: relationships. While operating with a lean team, a wealth manager has been able to earn high client loyalty and has faced limited disruption despite some cosmetic regulatory challenges in between. However, this calm is deceptive. A new wave is rising, whether it be technological, behavioural, or regulatory. And it threatens to sweep away those who mistake inertia for immunity. Just as Kirana Stores were once irreplaceable until DMart and Zepto emerged, the wealth manager’s relationship moat is being tested. Analogy from retail: Loyalty is no match for evolution Kirana stores had relationships. They knew our preferences, extended credit, and were just aroun

This article was originally published on August 29, 2025.