Shifting the Focus to Client Objectives
Wealth structuring often feels like a contest of toolkits. Financial experts have access to trusts, foundations, holding companies, and variable capital companies, each carrying specific jurisdictional benefits. The issue in the modern market is not a shortage of options. Instead, it is an overabundance of vehicles that lack a unified goal. Kshitij Kulkarni, Partner at 1291 Group, argued at the Hubbis India Wealth Management Forum 2026 that advisers must stop prioritizing vehicle selection over the core needs of the family.
Kulkarni notes that effective planning requires honesty. Before choosing a trust or an insurance wrapper, the adviser must understand what the family wants to achieve. This process starts with the family's specific goals rather than the preference of the firm or the ease of a specific jurisdiction. Without this anchor, wealth planning often results in disconnected parts rather than a cohesive strategy.
Understanding Two Client Archetypes
When working with non-resident Indians and global families, Kulkarni identifies two main groups. The first group accepts the urgency of their situation. These clients understand their assets exist across diverse regions such as Dubai, the United Kingdom, and the United States. They realize that a single legal strategy is insufficient for such complexity and they are ready to act.
The second group remains in a state of hesitation. These individuals acknowledge their needs but defer decisions indefinitely. Kulkarni suggests that the role of an adviser here changes from a technical expert to an educator. Pushing these clients out of their comfort zone is a core part of the job. Failing to act early often leads to missing out on critical structural benefits or facing avoidable delays when the time for action finally arrives.
Using Insurance to Balance Family Wealth
Kulkarni offers a concrete example of how traditional tools sometimes fail to meet specific family needs. He describes a family business where three sons were sent to different global hubs. One child managed a firm in Hong Kong, another in Dubai, and the third remained in India. Over ten years, market fluctuations meant their personal wealth diverged sharply despite the father’s intent to give each an equal start.
To solve this, Kulkarni moved beyond standard trust structures and utilized life insurance as a wealth equalizer. By setting up identical insurance coverage of ten million dollars for each son, he effectively rebalanced the family distribution. This approach shows that the most effective tool is not always the most complicated one. It simply needs to match the specific, shifting reality of the family’s life.
The State of Indian Regulation
India has seen progress in its regulatory environment, specifically regarding GIFT City. Kulkarni points to the variable capital company framework as a positive step that allows for better asset segregation. The extension of the tax benefit period under Section 80LA is another improvement for long-term planning. Despite these gains, the system still contains friction for those trying to execute plans.
He points out that the existence of multiple regulatory bodies—the central bank, the securities regulator, and the government—can create conflicting positions. This ambiguity leads to uncertainty. In contrast to Singapore, where regulations follow a binary logic of what is allowed versus what is forbidden, India often presents a landscape of gray areas. While lawyers may benefit from this, clients and advisers seeking concrete outcomes often find it difficult to navigate.
Preserving Wealth for the Long Term
Wealth depletion is a major concern for any family looking at multi-generational planning. Kulkarni warns against the common outcome where assets evaporate through taxes or poor governance as they move down the family line. He views the role of the adviser as a guardian of this transfer, ensuring that wealth moves between generations in the way the patriarch originally intended.
Looking ahead, the industry must move toward composite structures. Families will increasingly hold assets across different jurisdictions, requiring a blend of trusts, offices, and insurance. The ability to coordinate these pieces into a single, functional whole is what defines a successful practitioner. The focus remains clear: start with the family objectives, and use the tools only to achieve those specific results.