Protect Values, Creates Wealth
India has one of the lowest mutual fund (MF) penetration in the world. As per Jefferies, India's mutual fund asset under management (AUM) is 12 per cent. It is among the lowest and a fraction of the global average, which stands at 63 per cent. Smaller emerging markets like Brazil and South Africa have a ratio of about 68 per cent and 48 per cent, respectively.
Many industry experts believe that the mutual fund penetration is just 2-3 per cent in the country -- i.e. only two crores, out of a total population size of around 130 crores. While the numbers indicate a huge growth opportunity, there is a strong focus on catering to people in Tier 2 and Tier 3 cities, which nearly has 90 per cent of India's population, accounting for 16 per cent of the population. Thus, the time is ripe for smaller cities to be brought under the purview of the industry.
Plus, there is a strong reason to believe that the Indian mutual fund industry has not yet seen its global peak, but the industry could grow exponentially if proper measures are taken.
Also, India has 6.1 crore upper-middle-class households with disposable income. However, only two crores have invested in mutual funds. So the question is how to tap into the remaining four cores? "Perhaps, the answer to this question calls for a new kind of marketing strategy, particularly online investments," said Rahul Khasnis, Director & CEO at Khasnis Prime Wealth, stating that they are one of the few wealth management firms to have adopted this strategy.
At the same time, millennials form one-third of India's population. According to a Deloitte report, millennials contribute 70 per cent of total household income and account for 46 per cent of the workforce. The opportunities galore, and there is no doubt that this segment provides significant growth in the years to come.
However, with the rise of senior citizens, India will have nearly 3.5 crores of such individuals by 2030. With increasing life expectancy, lack of social security, rising medical expenses, senior citizens need solutions that beat inflation and support their golden years. "The opportunity lies in offering accumulation solutions to millennials and decumulation solutions to seniors, both of which mutual funds are well suited to do," said Rahul.
As a leading financial service provider in the Vidarbha region of Maharashtra, Khasnis Prime Wealth is confident that it has a great scope to grow manifold in the coming years. The company has been working in Tier 2 cities like Nagpur, one of India's fastest-growing cities in terms of economic development and IT hubs.
"There are many distributors who are into mutual funds who are working as insurance advisors, but very few who do comprehensive financial outlining," said Rahul.
Carving a niche in the industry, Khasnis Prime Wealth believes that it always works differently than its peers and competitors in the space. "Our major competitor is Khasnis Prime Wealth only. We are setting new benchmarks and beating our own benchmarks every year. We have set up our vision and mission, and we are confident that we are going to touch the feat," said Rahul.
Inside Khasnis Prime Wealth
"At Khasnis Prime Wealth, we mindfully indulge ourselves in the comprehensive financial planning process of our clients," said Rahul, stating that the financial process involves many steps.
Explaining the same, Rahul said, "When you choose to trust us with your financial goals and objectives, we make sure they are fulfilled sustainably. We analyse your financial potential at the moment and for the future to chalk out a plan that fits you uniquely."
Team Khasnis Prime Wealth strongly believes that every portfolio is unique as per an individual's dreams and goals. Thus, do not rely on past ready-made portfolios. "This practice of ours is appreciated by the real numbers that our tailor-made solutions bring to you," said Rahul.
As part of the due diligence, the company does quality checks. Rahul said that they do risk profiling of clients and analyse the investors' risk-taking appetite. In addition, they have meetings with their domain managers every week, where clients take follow-ups of weekly investments summery. Every month, they also set a training programme for its staff on different subjects of the investments side. "Staffs are well trained and motivated and work for the betterment of our organisation and betterment of themselves," he added.
Sailing against the wind
Khasnis Prime Wealth has come a long way from where it all started. Founded in 2002, Khasnis Prime Wealth was started by Milind Khasnis. Initially, the company was an insurance advisory firm (formerly known as Khasnis Insurance & Investments Services). Within a year of setting up the company, the founder had achieved MDRT status, and he was one of the first to achieve from entire central India for private life insurance firm ICICI PRU life insurance.
Since then, he has never looked back. In 2006-20007, Khasnis Prime Wealth diversified its business into the health insurance vertical and the investment side by starting mutual funds as a part of its investment portfolio. "We have seen the market turbulence of 2008, which was termed a recession period. It was a disturbing phase for every individual as well as for all businesses. But, we have sailed our boat smoothly because of our guiding principles, goodwill and business strategies," recalled Milind Khasnis.
In 2010, his son Rahul joined the business as an investment professional. Before this, he had worked with a well-known MNC in the field of financial planning, investment advisor, and broking. Currently, he handles all major roles like HNI's mutual fund portfolios and other allied businesses.
After Rahul joined the company, it has witnessed tremendous growth. For example, in 2010, Khasnis Prime Wealth was managing a mere 23 crore. Cut to 2021; the firm handles about 250+ crores of assets under management (AUM) and has added close to 3500+ clients to date.
Holistic Wealth Management Solutions
"We are a leading financial services provider, emphasised on delivering tailor-made solutions in the areas of asset management, comprehensive financial outlining, insurance solutions and credit solutions," said Rahul. He said their in-depth domain expertise and a crisp understanding of regulatory frameworks help us identify value-driven opportunities and bespoke solutions to maximise our clients' wealth.
Khasnis Prime Wealth offers holistic wealth management solutions, including mutual funds, health and life insurance, loans, stockbroking, PMS solutions, AIF, fixed deposits, various curated financial products, bonds, MLD's, etc. The company counts its mutual fund investments as its flagship product. In addition to this, it also offers comprehensive planning and portfolio advisory services for its prospective investors.
Time For Expansion
In 2004-2005, Khasnis Prime Wealth started with INR 76000 as AUM with 100 clients. Today, it is managing 250+ crore with 3500 clients on board. "Thanks to digitisation, we cater to clients all over the world," said Rahul.
Located in Nagpur with one corporate office, the company is now looking to expand into four new locations in the Vidarbha region, alongside some strategic locations like Pune and Mumbai. "Clients are god. We have to keep them happy always," said Milind Khasnis, sharing the success story of Khasnis Prime Wealth.
He said that they are the best when it comes to investment suggestions and delivering after-sales support. "The relations are so extended that many of the clients are now our next family. Second and third-generation are coming to us for an investment is the biggest success story of ours," said Milind Khasnis.
Future Looks Bright
Rahul said 2021 had presented plenty of opportunity for growth for us; they are newly energised and ready to take on initiatives that will propel their business forward. He said that they identified a few growth areas to scale the business multifold. Some of them include launching a data-driven product and software innovation, modernising operations with tech-enabled flexibility and agility, etc.
"Demand for customised individual portfolios will continue to rise in the market, and providing a high level of individual portfolio customisation will become the norm, not the expectation," said Rahul. He said product customisation has long been predicted as the future of investments.
In this financial year, Khasnis Prime Wealth looks to add 1000 new families. "We are focusing on onboarding millennials as we want to introduce them to financial nirvana, with online promotions on digital platforms and mobile applications, driving the brand awareness and user adoption," said Rahul, revealing that in the next three years, they will be touching 500 crores of AUM.
|Guiding Principles Of Khasnis Prime Wealth Integrity: |
The company is known for creating wealth for its clients while protecting their values. It believes in the client's satisfaction.
Client-centricity: It puts its client's interest at the centre of everything it does as it strongly believes in the philosophy -- 'what is best for their client is best for its business.
Trust: Khasnis strives to maintain transparency in its services throughout the journey. For the company, trust is the bedrock and ensures not to compromise in any way.
Simplicity: One of the company's core values is to simplify the entire process of financial planning. It dwells upon simplicity while it looks to help its clients in their investment journey.
|Core Leadership Team |
Milind Khasnis, Managing Director, Khasnis Prime Wealth
Khasnis Prime Wealth is a brainchild of Milind. He holds a fellowship degree from The American College of Financial Services & IAIFM. Before starting the firm, he had close to 19+ years of experience in marketing and sales, where he was working for a pharma company Abbott India (formerly Duphar Interfran Ltd.) His important life lesson inclines towards being fair with every human being. “First try to be a good human, be humble and work hard, keep faith in God,” says Milind Khasnis.
Awards & Accolades
‘Special Jury Award Winner At 10th financial Adviser Forum For 2018-19,’ by CNBC TV-18 and UTI Mutal Fund, powered by ICRA. MDRT member
Rahul Khasnis, Director & CEO, Khasnis Prime Wealth
Rahul has rich experience in investments and broking business. He has helped the firm adapt to new age technology and set up a good IT infrastructure to cater to its clients in India and the globe. He believes in the philosophy of changing with time and adapt to the situation. “There is nothing permanent except change,” says Rahul Khasnis.
Awards & Accolades
Indian Achievers Award For Young Entrepreneur Of The Year 2021 in Financial Services‘Power Houses of Nagpur Award 2020’ for excellence in portfolio management, mutual funds and financial services.
|Client Testimonials |
Ajay Deshmukh, CEO, V- Square Systems
I like the approach and professionalism of Khasnis Prime Wealth. They live up to the needs of every individual. The services provided pertain to the latest technology, which eases up the process. Moreover, the team has the best mutual funds consultants who handhold and educate for informed decision making.
Sharad Pimpalkar, General Manager, Vijai Electricals
Khasnis Prime Wealth is a great place for guidance on investments, trustworthy mutual fund advisors, and a reliable institution to help.
Maj. Gen Anil Bam
It’s a place to create wealth. Khasnis and his son are thoroughbred professionals who have in-depth knowledge about investments. The best part is that they consider the funds as their own and invest judiciously. So the place is to go for the best team of mutual fund consultants who accelerates wealth creation.
Aditya Rahate, Tax Consultant (Transfer Pricing)
My first and strong recommendation to everyone is that Khasnis Prime Wealth and its team of experienced mutual fund advisors in Nagpur is doing a great job even during the pandemic. They work dedicatedly towards individual investment needs. Their suggestions and advice helped to lead a better life without much worrying about the future. I love to be associated with them and will continue to do the same as I want a safe and secure future for my family and me.