The wealth manager estimates the market will grow at a compound annual growth rate (CAGR) of around 10.6% over the period. It expects the expansion to be accompanied by a shift in the way investors manage their money, with demand moving beyond individual investment products towards broader advice on asset allocation, diversification, taxation and succession planning.
Financialisation of household savings
One of the key drivers of the wealth-management market is the gradual shift in household savings towards financial assets. Emkay Wealth said Indian households are moving savings away from physical assets and traditional bank deposits towards mutual funds, equities and professionally managed financial products.
The growth of SIP-led investing is also bringing more investors into capital markets. Mutual funds remain a major part of this financialisation trend, with quarterly average industry assets under management at around ₹77.98 lakh crore in FY26, according to Emkay Wealth.
Wealth management expands beyond HNIs
The market is also widening beyond its traditional HNI base. HNIs currently account for an estimated 62.8% of the wealth-management market, according to Emkay Wealth, but the firm said demand is coming from mass-affluent, affluent, HNI, UHNI, family-office and institutional clients.
As the investor base broadens, wealth managers are expected to offer more customised solutions. PMS, AIFs, private credit, structured products and pre-IPO opportunities are among the avenues being considered by investors for diversification, while family offices are also seeking services related to succession, governance, philanthropy and intergenerational wealth transfer.
Parag Morey, CEO, Emkay Wealth Management, said investors are looking beyond individual products and seeking a more integrated approach to wealth accumulation, preservation and transfer.
Global diversification gains importance
Emkay Wealth also expects overseas diversification to become a more important part of wealth management as Indian investors gain access to global markets.
The firm said HNIs and family offices are looking at international investment opportunities, with GIFT IFSC emerging as a platform for overseas allocations through wealth managers, PMS and AIFs.
The growing focus on global diversification comes as investors seek exposure beyond Indian markets and different asset classes. Emkay Wealth also highlighted the role of precious metals in diversified portfolios, with gold around $4,328 per ounce and silver around $62 at the time of its presentation.
Digital platforms widen access
The wealth-management industry is also becoming more competitive as digital and wealth-tech platforms expand access to investment products and portfolio tools.
Emkay Wealth said the emerging model is “phygital”, combining digital onboarding and portfolio management tools with human advice for more complex financial decisions. Banks, independent wealth managers and registered investment advisers are competing through different combinations of distribution, customised advice, product choice and fee transparency.
Asset allocation becomes more important
The firm further said changing market conditions are making asset allocation an important part of wealth management. While it expects India’s domestic economy to remain resilient, it flagged geopolitical developments, energy prices, supply-chain pressures, inflation and changes in global interest-rate expectations as risks for investors.
In fixed income, Emkay Wealth said the 10-year benchmark yield was around 6.80% and expressed caution on taking large duration exposure, with yields potentially moving towards 7.10%. It said accrual-oriented and performing-credit strategies could therefore gain relevance.
The broader shift, according to Emkay Wealth, is from product-led wealth management towards more comprehensive advice as investors accumulate larger financial assets and seek to manage, preserve and eventually transfer their wealth.
