If You're So Smart, Why Aren't You Rich?
The Mumbai-based digital platform Wealth Trust, which was earlier planning to shut down its shop, has now got a lease of life with Orowealth acquiring the firm. According to experts, the direct platform space can see more consolidation due to the pricing pressures posed by new entrants such as PayTM.
Speaking to Business Standard, Vijay Kuppa, co-founder of Orowealth, said, “This is a period of consolidation. We have seen fewer number of new mutual fund (MF) apps coming in the last year.”
Both Orowealth and Wealth Trust had started offering some premium plans where investors could opt for their advisory services.
The fee-based advisory model in the mutual fund (MF) industry is yet to pick-up scale as investors traditionally don’t prefer to pay for advice.