As India’s wealth ecosystem matures and client expectations shift towards holistic advisory, outcome-based engagement, and seamless digital integration, institutions are increasingly rethinking how wealth management should be delivered at scale. For Anup Agrawalla, Head of Wealth at AU Small Finance Bank (AU SFB), the answer lies in combining open architecture investment solutions, segment-driven client models, and a “high-tech, high-touch” philosophy that prioritises suitability and long-term client alignment.

AU SFB’s wealth platform has evolved rapidly in recent years, expanding geographically while building a differentiated operating model designed to serve clients across the spectrum, from first-time investors to Ultra High Net Worth Individuals (UHNIs). Central to this approach is the bank’s commitment to open architecture.

Unlike institutions that rely on proprietary product distribution, AU SFB positions itself as a partner-led ecosystem. By working with external manufacturers, fintech platforms, and specialist providers, the firm aims to deliver unbiased solutions aligned with client objectives rather than internal product priorities. According to Agrawalla, this allows relationship teams to focus on disciplined asset allocation and suitability, ensuring portfolios are built around outcomes rather than short-term transactions.

From Product Distribution to Life-Stage Advisory

Client segmentation is also evolving beyond traditional wealth thresholds. Increasingly, AU SFB evaluates relationships through a broader lens that incorporates source of wealth, life-stage objectives, behavioural risk profiles, and long-term planning considerations.

This shift reflects broader industry trends. As India’s affluent population becomes more digitally literate and globally aware, clients are seeking transparency, accessibility, and integrated advice that spans investment strategy, liabilities, and lifestyle planning. The bank’s AU 0101 platform exemplifies this direction, providing digital access that complements personalised advisory rather than replacing it.

At the premium end of the spectrum, programmes such as AU IVY aim to attract HNW and UHNW Individuals through enhanced services and multi-asset, multi-geography investment capabilities. Meanwhile, fintech partnerships continue to support the mass and mass-affluent segments, creating a scalable ecosystem designed to accommodate clients as their wealth evolves.

Scientific Asset Allocation in a Changing Market Environment

AU SFB’s investment philosophy centres on disciplined asset allocation and a structured framework designed to optimise risk-reward outcomes. This process-driven approach is intended to reduce behavioural biases and maintain long-term focus even when short-term market conditions encourage reactive decisions.

At times, this has meant taking positions that initially appear counterintuitive. However, Agrawalla emphasises that consistency of process remains critical, particularly as markets become more volatile and globally interconnected.

The growing importance of international diversification is also reshaping client conversations. Onshore investors who historically prioritised domestic opportunities are increasingly exploring global exposure through feeder structures and multi-currency portfolios. Meanwhile, global Indians require solutions that allow them to maintain preferred currency exposures while accessing India-focused opportunities through operationally efficient frameworks such as GIFT City.

Scaling with Integrity Across India’s Expanding Wealth Landscape

Geographic expansion is another core pillar of AU SFB’s strategy. With a presence across 21 states and four Union Territories, the bank is targeting underserved Tier 2 and Tier 3 cities, where wealth creation is accelerating but access to institutional-quality advisory remains limited.

This expansion is supported by a dedicated relationship management model enhanced by specialist teams responsible for strategy design and portfolio construction. By combining regional proximity with centralised expertise, AU SFB aims to deliver consistency of advice while adapting to local client needs.

Technology plays a critical enabling role. Digital tools are designed not only to enhance client engagement but also to improve operational efficiency through automation, straight-through processing, and integrated reporting. The result is a “phygital” model that blends digital scalability with human judgement, allowing advisers to focus on relationship building and strategic guidance.

 

Key Priorities

For Agrawalla, the next 12–18 months will be defined by three strategic priorities aimed at scaling the wealth business while preserving trust and client alignment.

Deepening Customer Trust

AU SFB is reinforcing a quality-first philosophy centred on suitability and best-interest recommendations. By institutionalising unbiased advisory practices, the bank aims to strengthen long-term client relationships and differentiate itself in an increasingly competitive market.

Talent and Capacity Expansion

The firm plans to expand its specialist workforce while investing heavily in training and capability development. Recruitment focuses on professionals who combine technical expertise with a client-centric mindset aligned with the “AU Way.”

High-Tech, High-Touch Integration

Digital analytics and advanced data tools are being deployed to enhance adviser productivity and deliver personalised insights at scale. Initiatives such as integrated WhatsApp-based investment journeys highlight the firm’s ambition to embed advisory into clients’ everyday digital environments.

Alongside these priorities, AU SFB is expanding into new markets by increasing its physical presence to more than 20 wealth centres by 2026. New propositions such as the “M Circle” platform for women investors and enhanced concierge services for premium clients further broaden the firm’s offering.

 

Into The Future

Looking ahead, Agrawalla sees India’s wealth management industry entering a structural transformation driven by increasing investor sophistication and the financialisation of household savings.

The next decade is likely to see a decisive move away from product-led selling toward outcome-oriented advisory models. Traditional mutual funds will increasingly be complemented by Portfolio Management Services (PMS), Alternative Investment Funds (AIFs), and global investment platforms as clients seek diversification and long-term strategic positioning.

Technology and artificial intelligence will play a central role in this evolution. At AU SFB, tools embedded within the AU0101 ecosystem aim to deliver hyper-personalised insights, unified portfolio visibility, and streamlined execution, allowing clients to access institutional-grade advisory through digital channels.

Industry consolidation is also expected to accelerate. As portfolios become more complex and cross-border in nature, clients are likely to gravitate towards stable, well-governed institutions capable of delivering integrated advisory and operational resilience.

Demographically, a younger generation of digital-native wealth creators is reshaping expectations. These investors demand immediacy, transparency, and value-aligned investing, pushing wealth firms to evolve beyond transactional relationships towards comprehensive lifestyle and legacy planning.

 

Getting Personal with Anup Agrawalla

Born and educated in Odisha, Agrawalla credits his early environment with instilling resilience and groundedness, qualities that have shaped his leadership approach throughout his career.

A defining turning point came when he transitioned from the consumer goods industry into affluent banking and investments more than two decades ago, a shift that fundamentally altered his perspective on client relationships and long-term value creation. More recently, joining AU Small Finance Bank has offered an entrepreneurial environment that blends agility with institutional discipline.

Outside work, Agrawalla is an avid reader of non-fiction, driven by curiosity about global trends and human behaviour. Travel and competitive sports provide balance and inspiration beyond the professional sphere.

Family remains a central anchor. Shared travel experiences offer opportunities to disconnect from routine and reconnect with loved ones, creating memories that he describes as delivering the highest personal returns.

His advice to younger professionals is straightforward: prioritise quality and integrity above short-term gains. In wealth management, he believes trust is the most valuable asset, one that compounds over time when nurtured through consistent, client-first decisions