India's wealth management market is poised for significant growth in the coming years. Statista projects the market volume to surge to USD 574.70 billion by 2028. 

In response to this promising outlook, HDFC Securities has launched HDFC Tru, a new wealth advisory service that extends beyond its core stockbroking and financial products.

Leveraging over two decades of expertise and a client base of 5.7 million across more than 250 branches, HDFC Tru is designed to offer personalised financial advice tailored to high-net-worth individuals, family offices, and corporate clients.

During the launch, we spoke with Puneeth Bekal, executive vice president and chief marketing officer, HDFC Securities, to learn how the new service aims to set itself apart from competitors, the brand’s success during the festive season, and its approach to combating digital fraud.

Edited excerpts: 

How will HDFC Tru stand out from other wealth advisory services in the market? 

Our key differentiator is how we tailor solutions to meet each client's unique objectives. The two pillars we focus on are honesty and expertise. By honesty, we mean that our primary goal is to align with the client's objectives based on their individual profile. Another crucial aspect is that we operate with zero brokerage—we don’t earn from it. We charge a transparent fee, ensuring that our advice remains unbiased and solely in the best interest of the client.

How does HDFC Securities intend to spread awareness of the new HDFC Tru offering to its current client base?

We are committed to staying true to our brand positioning of honesty and expertise. Everything we do, including our content, reflects that. Our customer base hasn’t seen anything like it in this space before, so finding the right talent for content creation is a top priority before we launch any marketing for our new offering.

The quality of people we bring on board, along with the partnerships we plan to establish in the coming months, will set us apart. While this space has evolved significantly outside of India, it’s still in its early stages here. As we focus on building awareness, we must get it right.

With household financial assets expected to triple in the next decade, how will HDFC Tru capture growth, especially among HNIs, UHNIs, and family offices?

Right now, we don't have a specific target in mind. Our main focus is on consistently building quality and expertise. The audience we are addressing is quite niche, so a brand like ours doesn't necessarily need to rely on traditional marketing to grow the business. Today, marketing is more about reinforcing the brand's core attributes, which are closely tied to commercial integrity.

Our priority is to showcase our content suite. We believe there will be a multiplier effect, as we're confident in the services we plan to offer.

It has been a year since the launch of HDFC Sky. How has it positioned itself as a guidance tool for responsible investing, particularly for younger investors?

HDFC Sky is the brand we want to bring to the forefront for our customers. We are focused on building awareness around HDFC Sky, and we have planned a lot of innovation in this space, things that haven’t been done before in this category. Our goal is to create a platform that goes beyond just functionality, offering real guidance to users.

HDFC Sky is one of the few apps in India that incorporates in-depth research. It’s designed to guide users, especially those aged 18 to 35, by leveraging AI to ensure they invest responsibly.

How does HDFC Sky’s research-driven approach set it apart for first-time investors, and how do HDFC Invest Right and HDFC Tru complement this ecosystem for different customer segments?

The standout feature of the app is its built-in research, making it ideal for first-time investors who might ask, 'Where do I start?'. The research tab provides clear stock recommendations from our expert team.

Next, we have HDFC Invest Right, an app that assigns a dedicated relationship manager to each customer. Unlike discount brokerage apps, there’s a fee involved, but that fee covers personalised assistance and integrated research.

At the top of the pyramid is the newly launched HDFC Tru, tailored for high-net-worth clients with revenues ranging from 18-400 crore, offering a premium wealth management experience.

What innovations are shaping the brand’s ‘Make Money Matter’ initiative and influencing various consumer segments?

Our positioning for HDFC Sky centres around the tagline ‘Make Money Matter.’ The goal is to turn this tagline into a movement, encouraging people to see the value in responsible investing. Financial literacy hasn’t been part of a mainstream trend, but we want to connect with various consumer segments and demographics to inspire them to invest wisely and truly ‘make their money matter’.

How does HDFC Securities balance its marketing budget across digital, TV, and traditional channels?

Most of our media efforts are currently concentrated on HDFC Sky, primarily focusing on the middle and bottom of the funnel. We have yet to explore the top of the funnel. However, we plan to launch a significant awareness campaign in November to enhance recognition of our app, as many people are still unaware of what it offers.

Once users become familiar with and start engaging with the app, we are confident that word of mouth will drive further interest, ultimately benefiting the brand.

Digital fraud is a huge threat at the moment, what measures is HDFC Securities taking to enhance customer security? 

Investor education is a priority for us, and we're excited to ramp it up soon. As part of this effort, we’re launching Sky Learn through HDFC Sky by the end of October. This initiative will feature 15 financial influencers dedicated to educating consumers. The content they produce will focus purely on education, addressing the issue of random advice in the market.

Our strong research team will support Sky Learn with proprietary insights to help educate consumers effectively. Additionally, we've recently launched a podcast titled Make Money Matter, where influencers interview our research analysts. This approach flips the typical dynamic, allowing our experts to share valuable insights rather than just the influencers giving advice.

What role do festive campaigns play in customer acquisition, and can you share any past success stories?

Last year, we launched an initiative called Money Fest, and we're excited to continue it this year during the same period. In the next two to three days, we will be resurfacing it. Money Fest features a catalogue created by our research team that recommends stocks, mutual funds, and sectors to watch.

This catalogue will be accessible to consumers who have downloaded our Invest Right app or are using HDFC Sky. We aim to leverage Money Fest as an acquisition tool to guide users on how to start investing. Additionally, the festive season is considered auspicious for many Indians, making it a perfect time for this initiative.

What are the roadblocks when it comes to marketing a BFSI brand? 

The constraints that many marketers discuss in this category are crucial for responsible marketing. This market is cluttered with a lot of random advice, but a brand like HDFC Securities has the potential to stand out and make a difference in how we communicate. We can emphasise the importance of liquidating savings and starting to make money effectively.