Why this rural India-focused RIA wants to build an account aggregator platform
Nitin Sawant, founder of NS Wealth, a Sebi-registered investment advisory firm, secured final approval from the Reserve Bank of India (RBI) on 28 October to launch an account aggregator (AA) platform under his new venture, OMS Fintech Account Aggregator.
This initiative aims to provide a consumer-focused AA service. Sawant, who began his financial advisory career in rural Maharashtra as the son of a farmer, reflects on how limited data access can impede effective financial planning.
In an interaction with Mint, Sawant shares various factors that prompted him to join the AA framework–a financial data-sharing system that aggregates a customer’s financial information-launched by the RBI in 2021.
As an RIA, I had served 270 families. However, as an AA platform, we aim to serve 5 crore families.
Data is key to a holistic financial plan, but financial planners and advisors often find it difficult to access all client data in place. The AA framework was launched to solve this problem. We want to build an AA platform that not only plays the role of consent manager, but also allows users to see all their data on the AA platform itself.
We want to build a mobile app, where the user can give consent to our platform to collate and store all their data, but this will only be stored on the user’s device for data security. So, using our app they should be able to see all their data in one place, across asset classes and investment products. Like all AAs, our platform will also play the role of consent manager, where the user can take full control of how the data is shared across third-party platforms.
We have invested ₹5 crore so far. Of this, ₹2 crore has been for the AA licence, while the remaining ₹3 crore has been for investing in
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