There are 8,50,000 Indians with a net worth greater than INR 5 Crore. The number has been growing steadily over the last 5 years, and researchers forecast this demographic to increase exponentially by 2030. A larger amount of wealth demands more principled, bespoke, and strategic financial decision-making, and India’s wealth management landscape needs to evolve to cater to this affluent segment. Specifically, the focus has to be brought on client-centricity and alignment of interest with the investors.
Currently, the majority of India’s private wealth management industry continues to operate on a distribution-led model, which is largely product-centric and commission-driven. This structure often leads to misaligned interests between wealth managers and their clients.
In response to growing concerns around transparency and fiduciary responsibility, the Securities and Exchange Board of India (SEBI) introduced the Registered Investment Advisor (RIA) framework in 2013. This regulatory move was intended to separate advisory from distribution and promote client-first practices. Yet, a decade later, India has just around 1,300 SEBI-registered RIAs — a staggeringly low number for a country with such a rapidly expanding affluent population.
The new generation of wealth creators, from entrepreneurs to inheritors to family business scions, expect their wealth managers to act as trusted partners who can not only provide unbiased investment advice but also help them navigate the unique challenges and opportunities in their lives that impact their financial journey.
Pioneers of a Conflict-Free Model: Waterfield Advisors
At the forefront of this evolution is Waterfield Advisors, an Independent Multi-Family Office and Wealth Advisory Firm. Established in 2011 by Soumya Rajan, we pioneered the fee-based wealth advisory model in India. At a time when the concept of advisory-only wealth management was virtually unheard of in India, we set out to build a model rooted in trust, excellence, and complete alignment with client interests. Today, Waterfield Advisors advises 300+ HNI and UHNI clients on a cumulative assets under advisory of $5 Bn from its 7 offices in the country.
Unlike product-driven models, Waterfield Advisors follows an advisory-only approach, focused entirely on serving clients. Our growing reputation as a trusted wealth advisory is reflected in the industry accolades we have won over the years, most recently Best Independent Wealth Manager in India (2023, 2024) by Asian Private Banker; Best Domestic Wealth Manager in India (2024) by WealthBriefingAsia; Best Private Bank for Family Office in India (2024) by The Asset; and India’s Best for Sustainability (2024) by Euromoney.
Holistic Approach to Wealth Management
We believe that wealth management goes beyond just investment management. Hence, we offer holistic wealth management solutions across investment and non-investment subjects.
Wealth Management Solutions
Crafted for individuals as well as family businesses, these solutions are built to support long-term stewardship, legacy preservation, and purpose-led financial decision-making:
- Investment Advisory: Impartial and independent investment advice across asset classes, portfolio managers and geographic regions.
- Wealth Structuring: Helping multi-generational family businesses set up a family office, draft their succession plan, and address governance issues to preserve wealth across generations.
- Philanthropic Advisory: Strategic approach to ensure your wealth and profits are committed to a well-charted mission with measurable outcomes.
Asset Management Solutions
Waterfield’s asset management offerings are designed for clients seeking hands-on portfolio execution and diversification across assets and geographies:
- Discretionary Investment Service: Professional portfolio management with institutional-grade precision and responsiveness.
- Private Market Fund of Funds: Singular gateway to India’s high-performing private equity funds
- Zephyr Waterfield: Helping build portfolios that prioritise diversification of your investments in the global markets to generate long-term stable returns.
Recognising the diversity of India’s wealth landscape, we have set up bespoke platforms to address the nuanced needs of individuals: HERitage, a wealth advisory tailored exclusively for women; Founders Circle, a platform for business founders and entrepreneurs navigating pre-IPO restructuring, liquidity events, and strategic exits; and Global Family Office Advisory, a platform for families with cross-border interests, providing structuring, investment, and governance support across jurisdictions.
As India’s wealth ecosystem continues to mature, the demand for integrity-led, advisory-first models is only expected to grow. Waterfield Advisors remains one of the few firms championing this change at scale, offering clients not just expertise but partnership, stewardship, and trust.
