New Delhi, Dec. 10 -- Strained net income margins has pushed Indian wealth management firms to accelerate expansion even as rising operating costs, dropping fees, hard-as-nails competition, and frequent regulatory changes erode profitability across the sector.

Competition has intensified in the wealth management space with the surge of affluent people in the country-India has 870,000 dollar millionaire households, up 90% from 460,000 lakh in 2021, according to the Mercedes-Benz Hurun India Wealth Report 2025.

This resulted in all wealth managers fighting for the same target clients, each vying to attract high and ultra high net worth individuals by offering tailored advisory services and comprehensive wealth solutions.

India's wealth-m...