Jio Blackrock: 200 million Indians need wealth mngmt solutions, launches platform at Rs 350/yr

Mumbai, Feb 3 (PTI) Pegging the Indian wealth management industry's addressable opportunity at 200 million people, Jio Blackrock Investment Advisers on Tuesday launched a tech platform to offer personalized suggestions starting at Rs 350 per year.

The wealth management company did not share any targets on assets under advice it seeks to build, but stressed that the platform will help in expansion of the market.

To begin with, the platform powered by Blackrock's Aladdin technology, will offer advice on mutual fund bets with a backend investment team regularly updating the tool to ensure that clients are adviced to take best bets in a given situation.

This is the maiden foray by Blackrock, a global entity managing over USD 14 trillion of assets and equal partner with Jio in India, to offer an investment advisory platform aimed directly at consumers.

After registering, the platform will seek to know a user's risk profile, investment objectives and dish out advices, the company said, adding that there will be daily monitoring with nudges to rebalance a portfolio.

The company's managing director and chief executive Marc Pilgrem said the company feels the addressable market, after considering the 215 million direct equity holders and 60 million mutual fund accounts, is about 200 million.

This is a platform which will democratize wealth management and is also very scalable while also being very personalized on the back of technology use, he said.

Jio Financial Services' non-executive director Isha M Ambani said it is keen to transform India to become a nation of confident investors from being a nation of savers, using technology to channelise untapped household savings.

Users having up to Rs 1 lakh of assets under advisory will be charged a flat fee of Rs 350 per year, while the ones above the threshold will pay 0.35 per cent of the assets under advisory, Pilgrem said, adding that the platform will be free to use for the initial three months. PTI AA MR