'Resist chasing rallies, stay disciplined, and let compounding work'

India's consumption story remains the most reliable theme for the next decade, says Inderbir Singh Jolly, chief executive officer at PL Wealth Management in an exclusive interview

With the Indian stock markets navigating volatility amid US President Donald Trump's tariff threats, coupled with the fiscal impact of the "next-Gen" goods and services tax (GST) reforms back home, Inderbir Singh Jolly, chief executive officer at PL Wealth Management tells Nikita Vashisht in an email interview that retail investors are moving beyond speculative trading. Systematic investment plans, index funds, and goal-based strategies, he said, are gaining ground. Edited excerpts:

 

Given the market volatility, what investment strategies are you suggesting to your clients for long-term wealth creation?

This year has reinforced that long-term wealth creation stems from asset allocation and discipline. We recommend diversified portfolios spanning equities, fixed income, alternatives, and global assets. The focus is on quality businesses with strong balance sheets, cash flow visibility, and sector leadership.

 

 

We encourage staggered allocations and systematic investing to smoothen volatility. Thematic opportunities in consumption, green energy, and technology remain attractive, but timing the market is secondary to compounding consistently. Our advice is clear—resist chasing rallies, stay disciplined, and let compounding work over a decade.

 

Is there any change in the way retail investors and HNIs are approaching the markets now in the backdrop of Trump's tariffs on India?

Indian investors are maturing fast. Retail investors are moving beyond speculative trading. Systematic investment plans, index funds, and goal-based strategies are gaining ground. They now value risk-adjusted returns over short-term excitement. Meanwhile, HNIs and UHNIs are diversifying beyond traditional equity and debt. They are showing growing interest in private credit, AIFs, and structured products, with tactical equity allocations instead of aggressive bets. Both groups are leaning towards stability, quality, and sustainability of returns.

 

Should investors prioritise protecting capital over chasing return from a short-to-medium term perspective?

In the short-to-medium term, protecting downside risk and maintaining liquidity must outweigh chasing incremental returns. However, capital preservation is the bridge to long-term wealth.

 

To what extent are positives from GST rate rejig and possibility of Fed rate cut built into stock prices?

Right now, much of the optimism around GST rejig and potential Fed rate cuts is already factored with the lasting impact depending on policy execution and the global macro environment. We suggest using market dips to accumulate quality names instead of overreacting to news-driven rallies. Wealth creation is not about chasing every move but staying invested with discipline when markets turn favorable.

 

If you had to pick one theme for the next decade—India consumption, manufacturing, green energy, or tech—which would you bet money on?

India’s consumption story remains the most reliable theme for the next decade. A young population, rising incomes, and urbanisation are creating enduring demand across categories. While consumption stands out, it will also power manufacturing growth, accelerate digital adoption, and align with sustainable energy trends. Together, these themes form a multi-decade opportunity—but consumption is the backbone. It is both cyclical, linked to growth cycles, and structural, driven by demographics. For investors, this translates into a compounding play on India's middle-class aspirations and rising household spending power.

 

With the rise of young investors, how should wealth managers rethink strategies to cater to millennials and Gen Z?

Wealth managers must deliver seamless digital experiences, offer global opportunities, and design ESG-linked portfolios that reflect lifestyle choices. Young investors are comfortable taking risks but equally demand authenticity, education, and access. At PL Wealth, we focus on building tailored, goal-based solutions supported by technology. Catering to millennials and Gen Z means blending aspiration with discipline and creating strategies that grow alongside their evolving life stages.

 

How is AI, data analytics, and robo-advisory reshaping the wealth management industry? How is PL Wealth adopting the change?

Artificial Intelligence (AI) and data analytics are enabling hyper-personalisation, sharper risk insights, and predictive decision-making. Robo-advisory brings scale, efficiency, and accessibility, making wealth management more inclusive. Yet, technology is most powerful when paired with human judgment. At PL Wealth, we are integrating AI-led portfolio analytics, behavioural insights, and digital engagement tools to elevate client experience. This hybrid model allows our advisors to focus on trust and strategy, while technology delivers speed and precision. The future of wealth management lies in balancing data-driven intelligence with personalised advisory to create a superior client journey.