Wealthtech’s Talent War: Relationship Managers in High Demand as Firms Expand Beyond Metros
India’s venture-funded wealthtech ecosystem is undergoing a strategic expansion beyond metro cities, targeting new and untapped customer segments. But this rapid growth has sparked an intensifying talent war — with relationship managers (RMs) and private bankers becoming the most sought-after professionals in the wealth-management space.
As platforms compete for on-ground expertise to complement their digital infrastructure, operating costs are rising sharply, and talent availability is reaching a breaking point, according to industry executives.
Demand Outpaces Supply
The demand for experienced wealth professionals is now far outpacing supply, prompting aggressive poaching from banks, brokerages, and legacy wealth-management firms.
At the same time, many seasoned RMs are launching their own independent practices as mutual fund distributors or personal wealth advisors, further tightening the talent pipeline.
In some cases, compensation packages have surged 50–100 per cent in just six months, as competition intensifies between traditional players and well-funded wealthtech entrants such as Dezerv, Ionic Wealth, and Centricity.
Meanwhile, Groww, best known for its stockbroking platform, recently acquired wealthtech platform Fisdom in a $140–160 million transaction to diversify into wealth management, signalling the growing seriousness of this segment.
The Industry Speaks
“From conventional banks and NBFCs to stockbroking, fintech, and wealthtech firms — everyone is looking to hire people,”
said Srikanth Subramanian, CEO of Ionic Wealth, in an interview with ET.
“Since the industry had a limited supply pool, it’s the same talent being targeted by all. Hence, it’s giving this mirage of a talent war — and recruitment costs have gone up. Once the dust settles, firms will hire people who truly fit their models,”
Ionic Wealth (a venture of Angel One) currently employs about 80 relationship managers, while peer Neo Wealth Management has around 75, with plans to expand to 100–125 RMs within six to seven months.
Large incumbents are also ramping up recruitment, further tightening the market.
360 ONE WAM (formerly IIFL Wealth) plans to add seven to ten teams, or 60–80 RMs, over the next 12–18 months.
“We have a lot of exciting teams joining us over the next 3 to 9 months,”
said Karan Bhagat, MD & CEO of 360 ONE WAM.
“I’d be disappointed if we can’t add seven to ten teams over the next 12 to 18 months.”
Digital Meets Human: The New Wealthtech Model
The hiring surge marks a strategic pivot for digital-first wealthtech platforms that once built their reputation purely on technology and automation.
Now, to attract high-net-worth (HNI) and ultra-HNI clients, these firms are increasingly blending human advice with tech-driven tools, creating hybrid wealth-advisory models that offer both scale and personal touch.
This digital-plus-human approach is set to redefine India’s wealth-management landscape — with Tier-2 and Tier-3 cities emerging as the new growth battlegrounds.
The Bigger Picture
India’s financial-advisory ecosystem is transitioning from metro-centric operations to nationwide coverage, as rising affluence and digital adoption expand the investor base.
However, the scarcity of skilled RMs underscores a larger need — training, certification, and technology integration to support this growth sustainably.
Firms that can balance cost control, talent development, and regional expansion will lead the next decade of Wealthtech evolution in India.
For deeper insights into how Wealthtech innovation, advisory excellence, and regional expansion are shaping India’s financial-services future, explore perspectives from Ranjit Jha (CEO) — a pioneer in bridging technology with trust in wealth management.
To discover how Rurash Financials empowers clients through personalised investment strategies, AIF access, and digital wealth solutions, visit the official website.