The Factors Affecting on Organizational Changes in Family Offices in Indian Wealth Management Sector

Abstract

Indian wealth management sector is undergoing significant transformation driven by combination of economic growth, technological advancements and evolving client expectations. In the context of Indian family offices within wealth management sector, effective management of organizational change remains a significant challenge. The current research attend on filling the empirical gap in assessing the factors affecting on organizational change in family offices in Indian wealth management sector.

The quantitative and qualitative research methodologies are employed in harmony thus adopting a mixed research design for the current. The structured questionnaire is used to gather quantitative data and semi-structured interview is used to gather qualitative data. 308 questionnaires were properly filled and returned within the set time; therefore, they formed the sample. Quantitative analysis techniques employed were descriptive analysis, Pearson’s correlation and multiple regression analyses. Consequently, the qualitative aspect was analyzed using thematic analysis

The correlation analysis findings show that the factors including communication, dynamic capabilities, transformational leadership, digital transformation, organizational culture, and employee resistance have a strong positive correlation with organizational change in Indian family office. The analysis of the impact of the identified factors on the organizational change in Indian family offices shows that communication, digital transformation, organizational culture, employees’ attitude, and transformational leadership are intertwined. The multiple regression analysis shows that 64.5% of the variance in organizational change, thus, highlighting their importance. The results of the thematic analysis of the interviews conducted with employees who are working at Indian family offices identified four strategies for coping with successful organizational change. Those are focus on benchmarking industry best practices, conducting more training and development programs, engaging with external and specialised consultants and incentivising change process.