We started Allegro with the vision of creating a full-service Indian investment bank so wealth management services were part of a suite of products we intended to offer our clients. When we started, we felt that the middle-income group was an attractive target segment for the following reasons
a. global wealth management firms were largely catering to the needs of only high-net-worth individuals
b. the middle-income group was largely serviced by stock broking firms that offered speculative investment advice with little or no emphasis on financial planning
c. we were bullish on India and felt that the middle-income group would be one of the...