After three decades of building relationship-based investment infrastructure in Tier 2 India, Kalpesh J. Shah of Market Creators has a message for the rest of the financial advisory industry: Trust is everything for the tier-2 investor.
The stock market has crashed, recovered, been demonetised, locked down, and disrupted by artificial intelligence — all in the working lifetime of one financial advisor based in Vadodara. Kalpesh J. Shah, Chairman of Market Creators Ltd., has watched every wave of panic and euphoria from the same desk, and arrived at the same conclusion each time.
“Markets will go through ups and downs, policy changes will happen and technology will evolve, but well-planned portfolios built around long-term objectives are not disrupted by short-term noise,” he says.
Adds the veteran leader: “Since 1995, markets have gone through multiple transformations, but one thing at Market Creators has remained constant: our client-first philosophy. We have never looked at ourselves as just intermediaries helping clients buy or sell financial products. Our role has always been to help clients build wealth in a structured and sensible manner.”
Trust, built slowly
Market Creators today serves over 15,000 investors across multiple cities, backed by memberships with the NSE, BSE, and leading commodity exchanges, and a full platform spanning mutual funds, equity and derivatives broking, portfolio management, IPO advisory, and merchant banking. It was built almost entirely without advertising.
Says Shah, “Trust has been our single biggest growth engine,” Shah says. “We have built this business almost entirely through word of mouth, relationships, and client advocacy rather than traditional advertising.”
In a city like Vadodara, he explains, trust is built painstakingly. “Clients observe whether you remain accessible, whether your advice is aligned with their interests, whether you stay steady during uncertain periods, and whether your relationship extends beyond transactions. That human continuity creates trust, and trust creates longevity.”
What a large national firm can offer in scale and systems is significant, he concedes. “But what is difficult to replicate is the personal relationship with a trusted advisor who understands the client’s journey, family priorities, financial history, and long-term aspirations,” explains Shah.
This is where Gujarat’s particular character enters the conversation. “Gujarat has always had a strong entrepreneurial and investment culture,” Shah says. “People understand ownership, business cycles, capital creation and increasingly, the role of financial markets in wealth building.”
The Vadodara investor, he adds, brings a specific set of virtues to the table — patience, long-term thinking, and a scepticism of noise. “There is a strong long-term orientation here. People are not necessarily looking for excitement in markets. They are looking for sensible wealth creation.”
For long, India’s financial industry has reeled with the misconception that Tier 2 investors are unsophisticated: newer to markets, more cautious, less demanding. This doesn’t sit right with Shah. “I think one common misconception is that investors in smaller cities are less informed or less sophisticated. That is no longer true.” The difference, he says, is not depth of knowledge but direction. “Metro markets may sometimes move faster. Vadodara investors often move deeper.”
How a local advisor advises differently
The question of what distinguishes a genuinely local advisor from a national firm with a local office is one Shah answers through a single lens: the family. “Financial decisions here are often viewed through a family lens rather than purely individual goals. Education, retirement, succession, business continuity, and long-term security play an important role. Clients want to understand the rationale behind advice. They want clarity, trust, and continuity.”
This shapes how advice is given. Where a metro firm might lead with product and performance, Shah’s approach begins with the life behind the portfolio. “Financial planning is not simply about having data. It is about understanding what is relevant for a specific individual or family — their stage of life, financial goals, risk profile, responsibilities, and long-term aspirations.” Technology, he says, has sharpened the tools but not replaced the conversation. “Access to information and access to interpretation are very different things.”
The rise of Groww, Zerodha, and AI-driven robo-advisory has made that distinction more urgent, not less. “Technology is absolutely the present and the future, and that is a positive development. It has made access faster, participation broader, and information far more available than ever before.” But he draws a clear line. “What they cannot fully replace is the human connection, context, trust and accountability that comes with a long-term advisory relationship. The advisor of the future must absolutely adopt technology and AI — that is non-negotiable. But trusted human advice will remain deeply relevant because wealth creation is not just about information. It is about interpretation, suitability, and partnership.”
For a wealth management firm from Delhi or Mumbai eyeing Tier 2 Gujarat as its next growth frontier, Shah has one quietly delivered caution. “The one thing they may underestimate is the importance of relationship capital. Tier 2 markets are not simply smaller versions of metro markets. A strong brand can create visibility. A good product platform can create convenience. But long-term client relationships here are built through consistency, local understanding, patience, and credibility. If someone enters assuming that distribution strength alone will be enough, they may miss what truly drives growth in these markets.”
Shah’s advice to young finance professionals
Shah’s vision for the next chapter of his own firm reframes the industry’s favourite metric entirely. “For years, the industry has focused on AUM — Assets Under Management — as the measure of success. We believe that the future is FUM: Families Under Management. Because true wealth management is not about managing portfolios in isolation. It is about understanding a family’s life goals, aspirations, responsibilities, transitions, retirement, succession, and long-term financial confidence.”
To a young financial professional starting out in a Tier 2 city today, his guidance is as uncluttered as his investment philosophy. “Do not build your career around products. Build it around people. In a Tier 2 city, your biggest capital will be your reputation. Clients may have access to multiple platforms, but what they will continue to value is trusted guidance, continuity, and someone who genuinely understands their journey. Keep learning. Stay ethical. Think long term. Build relationships.”
In a nutshell, he summarises what took him 30 years to learn: “Products will evolve, platforms will change and technology will advance, but trusted human advisors will always remain relevant.”
