“With the financialisation of savings in India, the need for quality advice rises, so demand is likely to remain robust over the next decade,” Singh said, adding that with only a few foreign private banks retaining a substantial presence in the country, the market is “fairly open for new entrants”.

“There are a couple of local wealth managers that have come up and done well in the last four or five years, but a vast country like India is not going to be adequately served by only one or two firms,” he said.

Delving into the competitive dynamics between foreign private banks and local wealth managers, Singh acknowledged that multinational or foreign private banks are generally known for their integrity and ethos in doing business.

“We combine that with the nimbleness, agility, and innovation that local firms offer and take the best of both,” he added.

However, many foreign players have not persevered over the long term — the likes of HSBC, UBS, Morgan Stanley, and EFG have left the onshore market in the past decade. According to Singh, foreign private banks and wealth managers have receded from the market due to a host of challenges, including changes in management and consequently in strategy, complexities in complying with local regulations, a preoccupation with challenges in their home markets, as well as the sheer amount of time and costs needed to tailor the research and platform capabilities to the local market.

Elaborating on WGC Wealth’s long-term value proposition, Singh emphasised the importance of addressing the client’s needs across their “financial life”, rather than adopting a blinkered focus solely on investments.

“In India, over 90% of the clients in the (ultra) high net worth space are business owners,” Singh said. “Helping them think about business succession is of utmost importance, given that most of these businesses will be transferred to the next generation over the ensuing decade and significant value could get destroyed if this were not planned well.”