As India’s affluent population surges, Bernstein has initiated coverage on leading wealth management firms, calling the sector a compelling long-term play on rising household financialisation and private wealth growth.
In its report titled “Wealth Management in an Emerging Market: An Oxymoron No More”, Bernstein forecasts a multi-year growth opportunity and rising market penetration in the organised wealth advisory space. The brokerage noted that India’s ultra-rich now hold over $2.7 trillion in wealth, laying the foundation for rapid expansion in financial services.
Bernstein has given an outperform rating to Nuvama Wealth Management (formerly Edelweiss Securities) with a target price of ₹9,790/share, and to 360 One Wealth (formerly IIFL Wealth) with a target price of ₹1,410/share. Meanwhile, Anand Rathi Wealth has been rated market perform, with a target of ₹2,580/share.
The brokerage highlighted that players like Nuvama and 360 One are well-positioned to tap into a growing pool of high-net-worth individuals (HNIs) and ultra-HNIs, supported by strong technology platforms, differentiated advisory models, and an expanding client base across India’s tier-1 and tier-2 cities.
While the industry still faces challenges like client stickiness, fee pressure, and competition from global players, Bernstein expects these firms to gain meaningful market share over the next decade as more Indians seek structured financial advice and portfolio diversification.
