W16117

SAKSHAM: CREATING WEALTH FOR CLIENTS

Meeta Dasgupta wrote this case solely to provide material for class discussion. The author does not intend to illustrate either effective
or ineffective handling of a managerial situation. The author may have disguised certain names and other identifying information to
protect confidentiality.

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Copyright © 2016, Management Development Institute, Gurgaon and Richard Ivey School of Business Foundation Version: 2016-03-11

In August 2015, Sameer Rastogi, founder of Saksham Wealth Solutions P. Ltd. (Saksham), was in his
office, reflecting on the eventful journey of the company he had created. Saksham had survived initial
problems and was proud to be ranked fifth among independent fund advisors in Gurgaon, a city in India’s
Haryana state.

Rastogi was a certified insurance broker and mutual fund dealer with a sizable share of the client base. He
considered himself to be an innovator in investment management for corporations, institutions, and high-
net-worth individuals. The level of insecurity among investors was high, with the majority having a narrow
viewpoint of long-term investments. Rastogi was aware of the low financial literacy among his target
customers. Financial education was needed, and Rastogi had some ideas about how to provide it.

He also wondered about innovative and proactive ways to reach out to a new audience. He knew that his
job required him not only to safeguard the interests of his clients, but also to develop long-term relationships
with them. Would further investment in advisor technology help him to improve his productivity and build
trust with clients?

WEALTH MANAGEMENT

Although North America was the largest market of high-net-worth individuals with the most accumulated
wealth, the Asia-Pacific region overtook Europe in 2010 to occupy the second spot. Emerging markets were
also becoming prominent as new offshore centres for wealth management.1 The number of millionaires
around the globe was estimated to be at 18 million people by 2018, with emerging markets expected to
represent 42 per cent of global millionaire wealth. China, India, South Korea, and Taiwan were expected
to be the leading wealth generators in Asia.2
1
Mahesh Bhattad, Trends in Global Wealth Management Industry — High-Net-Worth Client Perspective (Capgemini, 2012),
accessed September 16, 2015, https://www.in.capgemini.com/resource-fileaccess/resource/pdf/Trends_in_Global_Wealth
_Management A_Client_Perspective.pdf.
2
McKinsey Global Wealth Management Survey 2014: An Attractive Sector in Transition (McKinsey & Company, 2014),
accessed September 14, 2015, www.mckinsey.com/~/media/mckinsey%20offices/france/pdfs/global_wealth_management_
survey_2014.ashx.

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The wealth management industry in India, an epitome of free competition, was one of the fastest-growing
disciplines in the banking sector. With India estimated to become the third-largest global economy by 2030,
the wealth management industry was expected to have a strong future outlook.3 India had a large segment of
young and affluent individuals with different perspectives than their predecessors on wealth management.
This was due to several different factors: the rapid increase in wealth among Indians living outside of India;
increasingly regulated markets; and a growing share of organized participants in the market. These factors
were promising indicators for growth in India’s wealth management market (see Exhibits 1 and 2).4

Individual wealth in India was expected to grow at a compound annual growth rate (CAGR) of 14.86 per cent
from 2015 to 2020. The amount of wealth held by individuals in the form of financial assets was expected to
double from 2015 to 2019, at a CAGR of 18.25 per cent (see Exhibit 3).5 According to an Economics
Intelligence Unit Study done in 2015, the number of households that had financial assets in the range of
US$100,0006 to $2 million was expected to increase ten-fold — from 490,000 to 4.9 million people — in the
next five years. The total financial assets in these households was expected to reach $879 billion by 2020.7

However, still in its early days, the high-growth wealth management industry was fragmented. Small,
unorganized8 private enterprises had been shrinking over the years, whereas large organized enterprises had
increased from 40 per cent of the market in 2007 to 60 per cent in 2010, and were estimated to continue
increasing to 80 per cent of the wealth management industry by 2014 (see Exhibit 4).9

THE BIRTH OF SAKSHAM

Until May 2002, Rastogi worked for the Centre for Monitoring Indian Economy, studying macroeconomic
and microeconomic trends and liaising with government departments to obtain relevant data. Rastogi then
started his career in the insurance sector, as an agent with HDFC Standard Life Insurance Company Ltd
(HDFC). He had no office, only a two-wheeler for travel and a phone for communication. He made cold
calls from home and from the road. “I was investing my time, expertise, knowledge, and effort,” he said.

The insurance sector had only opened to private companies in 2000.10 Until that time, HDFC enjoyed a
monopoly in the market and took advantage of its status by offering unsuitable products to its clients. Also,
people seemed to be buying products without investment goals in mind. Personal investments were more
commonly driven by an urgent need to minimize tax or were simply based on advice from friends, without
attention to investment risk or performance. Until 2002, financial illiteracy was widespread in the Indian
market, as was the concept of financial planning.

3
“Scenario of Wealth Management Advisory Services Industry in India,” CWMIndia, accessed September 1, 2015,
www.cwmindia.com/WealthManagementIndustry.aspx.
4
“Wealth Management in India: Challenges and Strategies,” accessed September 1, 2015, www.cognizant.com/Insights
Whitepapers/Wealth-Management-in-India-Challenges-and-Strategies.pdf.
5
India Wealth Report 2014: Reforming to Perform (Mumbai: Karvy Private Wealth, December 2014).
6
All currencies are in US$ unless otherwise stated.
7
Vibhuti Agarwal, “Report: India Takes Top Spot in Producing Wealthy Households,” Wall Street Journal & India Real Time,
March 26, 2015, accessed September 1, 2015, http://blogs.wsj.com/indiarealtime/2015/03/26/report-india-takes-top-spot-in-
producing-wealthy-households.
8
The unorganized sector consists of all unincorporated private enterprises owned by individuals or households engaged in
the sale and production of goods and services, operated on a proprietary or partnership basis, and employing fewer than ten
total workers; National Commission for Enterprises in the Unorganized Sector, Report on Conditions of Work and Promotion
of Livelihoods in the Unorganized Sector (Delhi: Dolphin Printo, 2007).
9
“Wealth Management in India,” op. cit.
10
IANS, “FDI Limit in Insurance Sector Increased from 26% to 49%,” Biharprabha. News, July 10, 2014, accessed
November 27, 2015, http://news.biharprabha.com/2014/07/fdi-limit-in-insurance-sector-increased-from-26-to-49.

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With interest rates falling, investors became more interested in the stock market and unit-linked insurance
plans. Rastogi saw a market opportunity in personal investments such as mutual funds, in addition to
insurance products.

After working for three years with HDFC, Rastogi came across an old friend who worked as an independent
financial advisor on a broader platform. They formed a partnership and launched Saksham in 2005 in Delhi.
Four years later, Rastogi bought out his partner and borrowed money from friends for his next venture.

With limited resources available for his new venture, Rastogi saw South Delhi, Noida, and Gurgaon as
potential locations with good prospects for clients, thanks to large multinational companies having set up
base in these cities. Rastogi settled on Gurgaon and moved there to set up a business with modest capital
and no new loans, feeling cynical about the Indian banking system. “People who required loans were not
found to be eligible for loans,” he explained. “It was been a blessing in disguise for me. I decided to run the
business using my current earnings.”

Initially, due to market volatility and a reduction in commission rates, Rastogi saw a sudden drop in his
income and realized that he would have to struggle financially for one or two years. However, intellectual
capital and hard work proved to be two of his most important tools.

Rastogi started with a small office in Gurgaon’s ILD Trade Centre and, one year later, was ready to hire
employees. “I had five people in different roles. They were simple, relatively inexperienced people. The
only criteria for their selection had been that they should be able and willing to learn what I taught them,
and they should be willing to stick around with Saksham,” stated Rastogi. However, Rastogi found the ILD
Trade Centre location a challenge. The small size of his office did not inspire confidence in potential clients,
which was a deterrent to generating new business, so he moved to a bigger office. By 2010, he had a staff
of 21 people working for him, including a former senior manager from Birla Sun Life who left his job to
join Saksham.

The company attempted a new promising venture in real estate but had to abandon it within nine months,
suffering a loss of employees as per-person productivity declined. Rastogi learned from that experience that
instead of managing clients, he had become more of a manager of employees, without a formal structure
for training. Employees were only instructed on how to use the software, communicate with clients, and
find information from investment fund houses and insurance companies.

All back-office operations at Saksham were managed by employees. For example, Vikas Verma had been a
10-year employee whose duties included sending mail to clients or calling them to provide answers to
questions about their investments and portfolio. Approximately 200 to 300 transactions had to be updated
daily. Another employee, Mukesh Singh, had been with Saksham for five years and was primarily responsible
for field work, including picking up, dropping off, and processing investment applications with insurance
companies and mutual funds. She was also responsible for some in-house work at the office. Every morning,
Singh would download feeds received from Computer Age Management Services and KARVY, India’s largest
integrated financial services provider. Both Verma and Singh had been trained to handle multiple tasks
including managing data management software, filling out application forms, manually keeping records,
coordinating with mutual fund houses and insurance companies, and helping clients with operational issues.

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REACHING OUT TO CUSTOMERS

Rastogi decided that private sector companies were the best source of new business, although his customer
acquisition during the initial days seemed to have no specific criteria. Knowledgeable clients in the service
class were targeted, as well as potential clients drawn from a database he gained access to in a six-month
assignment he had before 2000.

Rastogi’s first few clients came from the telecom sector. He started with Idea Cellular and gradually added
new clients from Airtel, Siemens, Nokia, and IBM. He also did multi-level selling in insurance, presented
attractive plans to draw clients, and offered commission for client referrals. He admitted that his approach
had some flaws. For example, some clients were only attracted by the commission. However, in only three
years, Saksham’s business grew to 800 clients.

Rastogi realized that he was not able to handle a large number of clients, most of whom were low-margin
investors, so he refined his selection criteria and started targeting middle and high management executives
from the corporate sector. Rastogi felt more confident approaching people his age or older, for whom saving
money did not come naturally. Financial decisions were often made by family members, and with increased
age, people became more serious about saving to look after their family. “My target clients were those who
were steering towards retirement. They were the sincerest clients,” he added.

Rastogi felt that people who were in their forties or older had moved beyond investments in real estate, and
may have had some negative experiences with poor investments. They wanted to save money for the
education of their children, so Rastogi felt that the educational background of his clients was very important.
“In short, my focus was people who were employed in the services sector, were at a specific stage of their
life, and had good academic backgrounds. Clients should have an open mind and should be willing to learn.”

SYSTEMATIZING SERVICES

Rastogi’s clients depended on his advice for issues related to taxation, computation of salary for financial
planning, applying for loans, increasing savings, controlling inflation, and other facets of personal financial
planning. As the range of services Saksham offered gradually evolved, Rastogi started using Excel
spreadsheets for financial planning and explored asset allocation.

With a changing economic scenario — including regulatory reforms and the equity market bubble —
Rastogi started evaluating gold as a prospective investment class. He researched the reasons why people
invested in gold in the United States and compared the Dow Jones Industrial Average to gold ratios. He
saw a similar trend between the price of gold in the markets and the Standard & Poor’s BSE SENSEX
market index on the Bombay Stock Exchange. Rastogi was able to conclude that various macroeconomic
factors, including inflation, pointed to a positive trend in gold stock prices. Accordingly, he advised his
clients to enter and exit the gold market at strategic times.11

From 2010 to 2015, India experienced a real estate boom so Rastogi adapted his advice to the real estate
market. “I was in a position to offer my clients a platform that integrated portfolio management, financial
profiling, asset allocation, and transaction management capabilities. The offering depended on the need of
the customers,” he added.

11
The strategy works on the gold-to-Dow ratio and expected currency movement, which in turn depends upon the Rupee
Effective Exchange Rate. When the gold-to-Dow ratio is low, it is a good time to stay away from gold; when the ratio is high,
it is a good time to be back in gold.

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Estate planning was the next initiative that captured Rastogi’s interest, based on a latent need of investors
in that market. He felt that because estate planning was normally managed by lawyers, many advisors
avoided this market, but Rastogi saw an opportunity. He partnered with a lawyer who had experience with
the U.S. financial markets in order to deliver estate planning services to his clients.

Rastogi firmly believed that transparency, handholding, timely advice, and a goal-oriented approach were
essential services. He ensured quality service to his clients by processing their documents quickly and
providing his clients with easy online access to their portfolios. Templates had been designed to effectively
process the transactions.

To keep his clients informed about the performance of their portfolios, Rastogi made efficient use of
information technology, including software from Excel Net Solutions (which also managed Saksham’s
website) and software provided by the National Stock Exchange. Clients were given a login ID and
password that enabled them to log into the system and get details about their complete portfolio. The
software allowed logical assumptions and text to be added to each record, which was read by the client.
Updates were added on a daily basis.

Rastogi felt that people had trouble expressing their goals for savings. They were not sure how much they
needed to save to meet their financial goals or where to invest their savings, so Rastogi created a plan. “The
P-S-I-C formula — that is, Plan, Save, Invest, and Compound — took care of all the needs in personal
financing,” he claimed. Clients were looked after on a timely basis, with portfolio reviews occurring bi-
annually or annually, which Rastogi felt was an adequate frequency. As Rastogi emphasized, “If a client
was expecting other than the above — that is, to make windfall money — he was not my client.”

Rastogi had been writing articles on financial planning and the performance of different asset classes. He
decided to compile all of the articles he had written into a compendium and make it available to his clients.
The information provided financial performance, expected returns, and historical returns for different asset
classes over the previous 35 years. The real estate index, for example, tracked the performance of real estate
in the country against performance in different cities. Rastogi provided the financial information to his
clients every quarter, which served both as a service for clients and as marketing for the business.

OPPORTUNITY OR A CHALLENGE?

In order to record transactions accurately in the company’s financial software, Rastogi insisted on tight
controls. Transactions were routed to the Asset Management Companies (AMC) through various Registrars
and Transfer Agents. Accountability remained with the AMCs, who were responsible for informing
Saksham about any errors. An office employee ensured that daily online data feeds for the transactions were
received, and that any feeds not received by the second day were rectified. Fund houses normally informed
Saksham of any changes. However, an automated system was not available throughout the entire industry,
making it difficult to track changes for some funds.

The regulatory environment was also evolving, with changes to the tax policy occurring in every budget
cycle, adding uncertainty to the industry.12 “We were perhaps more regulated than any other country in the
world,” claimed Rastogi. “There were various regulatory agencies: the Stock Exchange Board of India, the
Reserve Bank of India, the Association of Mutual Funds of India, and the Insurance Regulatory and
Development Authority.”

12
“Wealth Management in India,” op. cit.

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The investment advisory business was subject to relatively low profit margins. There were generally two
streams of revenue: brokerage fees and fees earned by rendering value-added services such as estate and
financial planning. Brokerage fees contributed 95 per cent of the revenues, with brokerage rates ranging
from 0.6 to 0.7 per cent of each asset class. The brokerage rates could be higher in smaller cities.

In addition to the fees to be paid to the regulatory bodies, the investment advisors had to bear costs for
infrastructure, records maintenance, website administration, audit fees, employee salaries, and various other
expenses. The cost-to-income ratio for the global wealth management industry had increased to 79.8 per
cent by 2010, but finding the right business model was still a struggle for wealth management firms in
emerging markets.13 Charging clients fees to cover the services rendered was a challenging task.

The number of new entrants in the industry had declined drastically. Managing to have a long-lasting
enterprise was becoming very difficult. Rastogi believed that new businesses could only enter the market
by selling high-margin insurance products or by first gaining experience through employment with a bank,
and then starting one’s own business only after building relationships with customers.

The financial investment industry consisted mainly of three classes of companies: national distributors (e.g.,
Bajaj Capital), banks, and independent financial advisors (IFA). IFAs worked with a variety of products
and brands. After assessing the client’s needs, an IFA would develop a customized solution for the client.
National distributors and banks enjoyed effective client access and account information because of the
nature of the services they rendered. Rastogi felt that IFAs could not afford to make a mistake because
client acquisition and nurturing was difficult. “Nobody was my competitor,” said Rastogi. “In this industry,
personal relationship with clients was important. Rarely did clients switch advisors. One had to blunder to
lose a client. My client retention ratio had been good: 99 per cent of clients stuck with me.”

According to Rastogi, the industry had gone through a transformation. Over the subsequent 10 years, he
expected that some of the large organizations in the advisory business would be entering the Indian market.
Their foray into the advisory business would become highly likely once the Indian industry reached a
suitable market size. These global organizations would be hungry for assets under management. IFAs and
wealth management staff were likely the organizations’ main target for gaining new business, as had already
occurred in the United States and Singapore. Rastogi worried that aggregators such as Black Rock and
Merrill Lynch would also have the means to influence the Indian government and the Security and
Exchange Board of India.

Around the world, improvements in mobile technology had led to higher use of smartphones. High-net-
worth individuals were becoming more technologically savvy. They demanded online products and
services, leveraging technology platforms such as social media and mobile devices.14 As one investor noted,
“We had no time to monitor our portfolio. An investment advisor should have sent me snapshots of my
portfolio on a regular basis, and proactively suggested movements in and out of investments in funds.”

THE WAY FORWARD

Rastogi was satisfied with the performance of his company (see Exhibits 5 and 6). Saksham’s profit margins
had increased by 40 per cent, while its asset base had also increased. The number of clients had grown from
60 in 2003 to 875 in 2015. Rastogi belonged to a category of successful advisors who had clout in the industry

13
Mahesh Bhattad, op. cit.
14
Ibid.

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and received exclusive invitations to attend finance meetings. While 95 per cent of investors in the stock
market were losing money, achieving lower returns than those of the asset class, 80 per cent of Saksham’s
investors were earning returns above the market’s indexes. Rastogi reflected on the reasons for his success:

We followed a disciplined strategic approach. With any asset class, the normal tendency for investors
was to exit from an instrument not performing well for two consecutive years, and enter into a new
instrument. People chased returns. This converted notional losses into permanent losses. The wealth
management profession had less to do with the market and more to do with investor behaviour. At
Saksham, we called ourselves “investment artists.” We were not only handling money but also
managing client behaviour. Only when a client put in long-term money did his portfolio become
profitable. Credit goes to the clients, that they listened to me and followed my advice.

Rastogi strongly believed that the greed and fear that influenced some clients had to be managed and
avoided. Herd mentality was rarely effective in the investment industry. Rastogi believed that “5 per cent
of investors gained money at the expense of 95 per cent, which was purely a function of client behaviour.
This showed that handholding is required by the 95 per cent. There was huge potential for growth. People
worked to reach their financial goals, and I was optimistic that there would be more demand.”

Saksham was a successful investment firm with a history of steady growth. Success in the investment sector,
however, was not easy. Rastogi was at a stage with his business where he needed to re-evaluate his goals
and strategy. Would he continue with the passive growth strategy that had brought him to this stage, or
should he modify his business model with more aggressive strategies? In 2008, Rastogi had received a
proposal for a buyout at a price three times Saksham’s annual profit. Rastogi had declined the offer then,
but Saksham was four times bigger now than when that proposal was first made. What should Rastogi do
if a similar offer were made now? Should he pursue such a buyout?”

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EXHIBIT 1: FAST GROWING WEALTH IN INDIA FOR HIGH-NET-WORTH INDIVIDUALS (HNWI)

India United States

Key Indicators Forecasted Forecasted
2009 CAGR 2009 CAGR
(2005–2012) (2005–2012)
HNWI Wealth $143 billion 20.7 % $9.7 trillion 2.2 %
HNWI Population 53,000 20.5 % 2.8 million 1.3 %
Aggregate Liquid Assets $481 billion 19.8 % $17.75 trillion 2.8 %
Wealthy Individuals 2.5 million** 18.6 % 60.5 million 1.5 %

Notes:
* Expected to be $2.1 trillion in 2015.
** Expected to be 251,000 in 2015.
All currency amounts are in US$ unless otherwise specified.

Sources: “Wealth Management in India,” EduCBA, accessed September 2, 2015, www.educba.com/wealth-management-in-

india; “Wealth Management in India: Challenges and Strategies,” accessed September 1, 2015, www.cognizant.com/
InsightsWhitepapers/Wealth-Management-in-India-Challenges-and-Strategies.pdf.

EXHIBIT 2: EXPANSION IN INVESTABLE WEALTH

2005 2006 2007 2008 2009 2010

India’s GDP (US$ trillion) 0.837 0.949 1.233 1.214 1.310 1.430
Liquid Assets (% of GDP) 28.2 30.3 29.0 36.4 36.7 41.5
HNWI Liquid Assets (% of GDP) 8.0 8.6 8.8 10.9 10.9 12.4

Source: “Wealth Management in India: Challenges and Strategies,” accessed September 1, 2015, www.cognizant.com/
InsightsWhitepapers/Wealth-Management-in-India-Challenges-and-Strategies.pdf.

EXHIBIT 3: CLASSIFICATION OF INDIVIDUAL WEALTH IN INDIA

Asset Type Amount (US$) Proportion (%)

Fixed Deposits and Bonds 44,095 21.82
Direct Equity 39,993 19.79
Insurance 33,190 16.43
Savings Deposits 24,429 12.09
Cash 19,514 9.66
Provident Fund 11,041 5.46
NRI Deposits 9,334 4.62
Small Savings 8,863 4.30
Mutual Funds 5,897 2.92
Current Deposits 4,622 2.29
Pension Funds 722 0.36
Alternative Assets 356 0.18
International Financial Assets 190 0.09
Total 202,067 100

Source: India Wealth Report 2014: Reforming to Perform (Mumbai: Karvy Private Wealth, December 2014), accessed
September 2, 2015, http://cafemutual.com/UploadPdf/635545862001818750_India-Wealth-Report-2014.pdf.

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EXHIBIT 4: MARKET PARTICIPANTS IN THE WEALTH MANAGEMENT INDUSTRY

BUSINESS MODELS MARKET POSITION EXAMPLES

Universal Banks Strong Kotak, HDFC, ICICI, HSBC, Axis
Wealth Management Specialists Medium Deutsche, BNP Paribas
Global Investment Banks Weak Morgan Stanley
Brokers and Dealers (Online or
Strong DSP Merrill Lynch, ICICI Direct
Retail)
Family Office Weak Client Associates
Independent Fund and Insurance
Others Medium
Advisors

Source: Wealth Management in India: Challenges and Strategies,” accessed September 1, 2015, www.cognizant.com/
InsightsWhitepapers/Wealth-Management-in-India-Challenges-and-Strategies.pdf.

EXHIBIT 5: SAKSHAM’S PERFORMANCE

Year Gross Income Remarks

Levels (₹)
2002/03 10,000 Start of a career in the financial industry as an insurance agent
2005/06 60,000 Launch of Saksham Wealth Solutions P. Ltd.
2008/09 330,000 Equity bull run at its peak
Brokerages slashed by the Securities and Exchange Board of India to
2009/10 200,000
40% of previous rates
2011/12 150,000 Downturn in business continues
2012/13 175,000 Financial markets stabilized
2014/15 270,000 Financial markets recovering

Notes: The above figures are only an indication of Saksham’s actual income trend. The actual figures have been disguised
for confidentiality. In 2009, revenues fell due to a reduction in brokerage rates and market turmoil.

Source: Company documents.

EXHIBIT 6: TREND IN THE COST OF OPERATIONS

YEAR COSTS(₹)
2003 240,000
2004 360,000
2005 600,000
2006 660,000
2007 660,000
2008 726,000
2009 600,000
2010 660,000
2011 726,000
2012 798,600
2013 878,460
2014 966,306
2015 1,062,937

Source: Company documents.

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