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A Journey Of An Integrated New Age Wealth Management Firm: Epsilon Money Mart

Updated on: 14 June,2023 04:40 PM IST  |  Mumbai
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As the world of finance continues to evolve, the demand for effective wealth management services has become increasingly important.

A Journey Of An Integrated New Age Wealth Management Firm: Epsilon Money Mart

Abhishek Dev, Co-Founder and CEO, Epsilon Money Mart

In this regard, Epsilon Money Mart, a leading wealth management firm, has made significant strides in providing top-notch financial services to its clients. At the helm of this successful venture is Mr. Abhishek Dev, the Co-founder and CEO of Epsilon Money Mart. In an exclusive interview, Mr. Dev shares the journey of his company, from its inception to its current position as a reputable player in the financial services industry.

1)What triggered the idea to venture into wealth management?

Our core focus is to serve the underserved. While the metro cities like Mumbai, Delhi, Bengaluru etc. have ample wealth managers; many are largely focused on HNI or ultra HNIs. The Tier II and Tier III cities remain underserved even for HNIs. The idea of Epsilon Money is to create a new-age wealth management offering, which is honest to its core, focused completely on client requirements and on what is good for its clients, and which creates solutions that can work equally well for people across all strata of society. Our focus is, therefore not only on the suburbs of metro cities but also on tier 2 and 3 cities of India, where the need for unbiased wealth management is high, and we are looking to bridge that gap with our comprehensive suite of products and high-quality customer service.

2)How has been the growth of Epsilon Money since its inception? What are the key drivers of your success?

As a startup with a Hybrid offering (Online + Offline), we have started well. In the first 8 months of our operations, we have done over 130 Financial awareness seminars covering over 5,000 Prospects. Our honest and holistic proposition and focus on awareness are finding favor with our clientele. While this has been a short time since the launch of our proposition, we now have well over 1,000 clients and are happy with the pace at which new clients are joining us, largely referred by our existing clients and those who attend our seminars.

Drivers of Success 

The key drivers of success for Epsilon Money can be attributed to several factors:

Expertise and Knowledge: We pride ourselves on bringing together a team of highly skilled professionals with deep expertise in wealth management, investment strategies, financial planning etc.

Client-Centric Approach: Our greatest asset is our client. Therefore, we place great emphasis on understanding and meeting the unique needs of each client. We prioritize building strong relationships and delivering personalized solutions tailored to individual financial goals and aspirations and how we can help them in building wealth with confidence. By putting clients first, we aim to foster trust and loyalty, leading to long-term success.

Comprehensive Services: Epsilon Money has partnered with best-in-class product providers to offer a wide range of comprehensive financial services - from traditional investments like mutual funds and bonds to new-age solutions like Pre-IPO and Peer-to-Peer lending etc. This holistic approach ensures that clients have access to all the tools and resources necessary to achieve their financial objectives.

By combining these three drivers of success, Epsilon Money aims to position itself as a trusted and reliable partner committed to helping clients achieve financial prosperity and peace of mind.

3) What sets Epsilon Money apart from other players in this space? What are your competitive advantages?

Since we are not aligned with any other large financial entity, we are free to offer unbiased options to our clients. Our sole focus remains on doing what is always right for our clients, which we do by offering:

Fit for Purpose Solutions: At Epsilon Money, we recognize that each client has unique financial goals, and we aim to deliver the best possible tailored and personalized solutions that align with fulfilling those goals. This customized approach sets us apart as we go beyond a one-size-fits-all mentality and provide truly personalized wealth management services.

Comprehensive Product Suite: We offer a comprehensive suite of financial services under one roof. Whether it's investment management, retirement planning, estate planning etc. Clients can access a wide range of services seamlessly. This integrated approach provides convenience and ensures that all aspects of client's financial well-being are taken care of.  

Thought Leadership and Education: Epsilon Money is committed to thought leadership and empowering our clients with the requisite knowledge. With a focus on Tier 2 and 3 cities where awareness is a challenge, we are partnering with like-minded entities that are already present in those locations and trying to increase awareness about investing in the right manner.

Importantly, we have launched an initiative for women investors – aptly titled the ‘Finance Diva’; we are aiming to spread awareness amongst women through insightful articles, guides and on-ground events.

This is where we aim to stand out in the wealth management landscape due to our customized approach, comprehensive services, client-centric focus, and commitment to investor education.

4) What market trends do you see shaping the future of mutual funds and wealth management in India?

1. The biggest ‘trend’ is India itself or the India Growth Story, as it is better known. We are a young country and growing at a rapid pace. The mindset and energy of our youth are transforming the landscape, with everyone aspiring to lead their own startups rather than starting and retiring from the same government jobs. The stock market, too, has crossed the 63,000 mark, which is phenomenal growth considering that it was around the 19,500 mark a decade ago.

2. A huge driver of growth has been the acceptance of the internet and the way we have embraced a digital payment ecosystem; nowhere in the world is it that easy or that seamless to make payments as it is in India. The advent of the internet has brought with it a deluge of information and the subsequent increasing awareness and higher focus on financial planning. Investors are now better informed and plan better about their financial futures.

3. From the above point – with the advent of payment systems like UPI etc., the conversion of the Cash economy into the mainstream has gone up substantially. As more dependency on cash reduces, the inclusion in the formal payment system aids in increasing demand for financial investment. This trend will continue in the future as cash reduces, and the integration into the formal economy gets better.

4. Digital trends are set to make advice, investment and execution more efficient and seamless as people have access to information that helps them take a financial decisions while having a fast and secure mode of payment at the tips of their fingers. This encourages participation from people across the country, irrespective of their social strata.

5. Leading this trend, discussed in the point above, are Millenials and Women investors. While the millennials want a better lifestyle, COVID has transformed the way women are looking at investments. Both these segments are becoming more and more active and want more knowledge so as to maximize what they have as they look to build a more secure financial future.

6. Product development led by Regulators (i.e. Micro REITs, Commodities ETFs) would create many more investment opportunities. While Regulators (SEBI, RBI etc.) maintain a hawk-eye on the markets, they are also happy to look at newer investment opportunities which the retail and corporate investor can avail of.

All of these trends will lead to unprecedented growth in the financial industry, and the need for good wealth management companies in the country is going to increase exponentially.

5)What all products and services do you offer at Epsilon Money?

We aim to bring everything in the world of finance under the one roof of Epsilon Money. Hence, we partner with some of the best-in-class financial entities for us to be able to offer a holistic product suite to our clients, courtesy of our partners. We can offer our clients the following:

  • Mutual Funds
  • Bonds
  • Pre-IPO
  • Insurance
  • Global Investments
  • Family Office services
  • Taxation
  • Peer-to-Peer Lending
  • Loans Against Securities

Many more such products are already part of the suite or in the pipeline to be added.

What we offer is a unique blend of these products for each and every one of our clients – based on their risk profile and investment horizon.

6)How customizable are your portfolio management solutions for different client needs?

The portfolios are both tailored and customized as per a customer's requirement. We work with some of the most highly regarded Financial Institutions on Asset allocated portfolios.

As wealth managers, our job is to give the best suite of products depending on two main factors:

  1. When does the client need the money
  2. What is his/her risk appetite

These are the two main factors which drive the client’s portfolio. Our comprehensive suite of products ensures that we have what is just right for our clients.

7) Are you planning to launch any new products or services in the near future?

Yes. Direct Equities is one key offering which should go live soon with a major broking partner. We are also looking at more than doubling our presence from 7 to 18 cities in the coming year.

8)What technologies do you leverage to provide a superior experience to clients?

We use a cloud-based platform that allows us to access and process data quickly and securely. This capability empowers us to deliver real-time insights to our clients, enabling them to make well-informed investment decisions promptly.

Our wealth management platform is designed to be user-friendly and easy to navigate. It allows our clients to view their investment portfolios, track their performance, and make changes to their investments as needed. The platform is also fully integrated with BSE StAR MF, which allows our clients to carry out their investment-related transactions digitally and seamlessly.

In addition to our wealth management platform, we also offer a variety of self-service tools to our clients. These tools include financial calculators and planners, which can help clients understand the nuances of investments and make informed decisions.

9)Who forms the bulk of your client base - HNIs, mass affluent or retail investors?

Our target group from Day 1 has been the Retail investor located in the suburbs of metro cities and Tier 2 and 3 cities across India.

10)What are your revenue and AUM targets for the next 3-5 years?

While we have internal aspirations of growth, our main focus remains on spreading financial awareness in Tier 2 ad Tier 3 cities and amongst women investors. The more we work on this mission – the more fulfilling it is, from a success and numbers perspective as well.

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