When WealthSpectrum began in the 1990s as a custom software development company under the leadership of Kirit Parekh, who now serves as Chairman and Director, India’s software industry was mainly dominated by custom development and maintenance services. Very few dared to imagine India as a hub for software product innovation. However, for Parekh and his team, a talented pool of professionals deeply experienced in the capital markets, that transactional model didn’t inspire the type of long-term value creation they envisioned. So, in the early 2000s, the team decided to pivot from services to software products, focusing solely on wealth management.
Two decades later, grown purely by word-of-mouth, WealthSpectrum has experienced steady growth. It now stands as a trusted engine behind some of India’s top investment and wealth management firms. The company is entirely self-funded, with no external borrowing or venture backing. A genuinely independent participant and witness of India’s growing wealth management space, we asked Mihir Parekh for his perspective on the region’s outlook for family offices.
The rise of India’s professional family offices
“India is witnessing a major shift where the next generation of family-owned businesses are increasingly inclined to manage capital through family offices rather than directly run the operating business,” explains Parekh. He also adds that this major shift is driving families to place more focus on structure, governance, and transparency.
In addition, as families pivot from family businesses to family offices, their investment portfolios are becoming even more complex. For instance, it’s not unusual for a typical Indian family office’s portfolio to span listed assets, private equity, venture capital, real estate, and other global investments. And to manage all that requires institutional-grade systems for consolidation and reporting.
In recent years, India’s financial markets regulator has been raising the standards for the country’s entire financial ecosystem. That and a growing pool of highly educated advisors have accelerated the professionalisation of family offices within the region.
Why regional depth matters
WealthSpectrum built its platform around India’s unique financial infrastructure. “In India, for instance, securities are held directly in the client’s demat account with the depositories, rather than with a broker or dealer,” explains Parekh. That tiny but intricate detail means wealth management software operating in the region needs specific configuration to comply with the required data flows, reconciliations and reporting structure.
And speaking about compliance built into code, according to Parekh, India’s financial markets regulator has raised the bar for both business transparency and cybersecurity. “On the business side, we’ve seen the emergence of a fee-based advisory framework operating alongside traditional distribution models, demanding greater transparency and client-level governance,” he says. “On the technology side, the Cybersecurity and Cyber Resilience Framework (CSCRF) has set very high standards for security, resilience, and monitoring,” he concludes.
While WealthSpectrum primarily focuses on the Indian market, the team built a multi-currency version of the platform designed to operate seamlessly across jurisdictions. “This gives us the flexibility to deploy in other geographies in the future, with the right opportunity or partnership,” adds Parekh.
Powering the Indian wealth management sector
“In wealth management, everything begins with trust and reliability,” Parekh notes. “That principle has guided WealthSpectrum from day one – building an efficient, reliable, and scalable accounting and performance measurement engine that ensures data integrity across complex, multi-account portfolios.” He recalls that, in the early years, clients primarily sought portfolio management and reporting. “As the industry matured, expectations evolved from simple reporting to intelligent decision support, operational efficiency, and regulatory compliance. Building on this solid foundation, we complement it with comprehensive client reporting, insightful analytics, and integrated workflows for investment advice and portfolio monitoring.”
Dedicated to working with firms of all sizes in India, over time, WealthSpectrum integrated the front, middle, and back office into a unified system to better serve lean founder-led firms. It now provides a fully hosted, end-to-end platform supported by service provider and custodian partners who manage the operational and back-office processes. “This model enables firms to shift their focus back to their core business: client engagement and investment strategy,” he says.
Finally, to address the growing demand for alternative investments among Indian HNW families, the platform manages the entire lifecycle of these assets within its unified architecture. From product manufacturing to asset allocation, it ensures seamless consolidation, cost efficiency, and compliance. As Parekh states, “Alternative assets are now core to the portfolios.”
Preparing for the AI-powered future
Looking ahead, Parekh sees the next five years as a tipping point. “The biggest disruption will come from the convergence of data, AI, and personalisation,” he predicts. The future wealth management platforms will aggregate data and interpret it. The platform will merge structured financial inputs with contextual insights such as liquidity needs, goals, and risk appetite. AI will then generate “next-best-action” recommendations, helping advisors act faster while preserving transparency and compliance.
WealthSpectrum is already embedding AI-assisted analytics, intelligent nudges and autonomous agents for back-office operations into its systems. Yet Parekh is quick to note that the human element remains central. “The future belongs to firms that blend human judgment with machine intelligence, and that’s exactly where we’re headed,” he says.
For India’s wealth management and multi-family office community, WealthSpectrum’s story offers a blueprint for how domestic technology can rise to global standards without external capital or compromise. It also signals the maturation of a regional ecosystem. India is ready to compete with global competition, not by imitation, but through innovation tailored to local realities.
