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WealthOrganiser: Organizing Wealth on the Cloud

Meghna Chhabria
7th May 2012
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Wealth Organiser

Vinod Menon and Unmesh Nadkarni, having worked together for more than 9 years on various wealth management assignments and projects, often discussed the growing need for a personal wealth management system which will change the way individuals manage their wealth. The growing complexities of financial markets, the opening up of economies and growing cost pressures would only make wealth management a very challenging process. As individuals, they always visualized a wealth management platform, which is easily accessible, simple to understand, fast and cost effective. Over a period of time, the idea took shape, and they came together to form Finatics in mid 2011. Thereafter, the beta version of WealthOrganiser was launched in January 2012.Finatics is a Mumbai based web technology company providing its wealth management software product, WealthOrganiser, as a service (SaaS).

WealthOrganiser allows wealth managers to provide professional advice to their clients and also help individuals to organize their wealth more professionally. WealthOrganiser is a cloud-based solution available both for wealth managers and customers on a subscription model. IFAs and customers can connect with each other on the same platform. “Currently, solutions offered in the market are primarily on a standalone model or focus on a specialized functionality. However, with WealthOrganiser, we plan to target the entire wealth management cycle and to make it available on the cloud,” says Vinod.

Vinod, Co-founder and Director, is a Chartered Accountant withover 17 years of experience in financial markets and software products. Unmesh, also Co-founder and Director, has over 12years of experience in software product development in the financial domain, primarily in wealth management. Both Vinod and Unmesh, along with most of their 8-member team earlier worked together at 3i Infotech.

 

Market

Asia, in recent years, has grown to be a strategically important region for wealth management businesses in terms of the rising number of investors as well as the availability of investment products where funds can be channeled. Research companies have described Asia as the most dyna

mically growing region for the wealth management industry in terms of both assets and funding opportunities.

The Boston Consulting Group’s Global Wealth 2011 report, predicts wealth will continue to grow at a 5.9% compound annual rate from 2010 to 2015. The report also mentions that the Asia Pacific region will grow the fastest at 11.4%.

Target Customers

The target audiences for WealthOrganiser are:

  1. Wealth Managers
  2. Individuals

Entities in the business of wealth management viz. IFAs (Individual Financial Advisors), wealth management firms etc. are the primary target for the application. Also, individuals who have some investments and are looking to actively track their money are the secondary targets for the application.

Distribution Channel

The company plans to reach to their target audience by the following methods:

  1. Direct marketing (one to one)
  2. Internet Marketing
  3. Participation in workshops and seminars

Revenue Model

The revenue model for the company consists of:

  1. Subscription fees from wealth managers
  2. Subscription fees from customers
  3. Product listings and advertisements

Competitive Overview

Currently, there are many players in this market right from large institutional players like Oracle and Infosys to smaller ones like Omni max, Investwell etc. “Some of the disadvantages of these market players,” says Vinod, “are:

  • Obsolete technology
  • Focus on large institutional players or small IFAs
  • Focus on a specialized functional area like planning, reporting, CRM etc.
  • Inability to manage constant changes in the market.”

The Finatics team plans to fill these gaps with WealthOrganiser.

“The entire team at Finatics is a strong believer of the famous quote, ‘You can't discover new oceans unless you have the courage to leave the shore,’” concludes Vinod.

For more on WealthOrganiser, visit their website here.

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