Concepts like investment and financial management are beginning to take root among the general population in Armenia, but what about those looking to move beyond individual transactions toward solutions to secure the wellbeing of their future generations? We talked to Irina Belysheva, Chief Executive Officer of Wilco Wealth Management, about how the company’s wealth management services are taking the market to the next level, using a holistic approach and promoting a longer-term mindset.
Text : Nazareth Seferian Photo : Wilco Wealth Management
In the Armenian tradition, there is a common belief that a man has three clear benchmarks for a life of achievement; he must have a son, build a house, and plant a tree. While this thinking is a bit outdated, particularly with its focus on the male half of the planet, there is some wisdom in it because it is fully focused on the future. This tradition is about securing the next generation with material assets and the right environmental conditions in which to enjoy them.
Irina Belysheva, CEO of Wilco Wealth Management, believes that this mindset is more relevant in Armenia than ever before. “Unlike in more mature markets, where wealth has been passed down for several generations, we are currently seeing the first generation of post-independence entrepreneurs, who built their wealth from scratch, reach a stage of reflection about the future of their wealth and family,” she says,
“Wealth management represents a natural evolution. It’s the shift from simply ‘making money’ to a more sophisticated cycle: preserving capital, growing it, structuring it, and ultimately passing it on to the next generation.”
The company she leads is aiming to spearhead this work in Armenia, promoting a holistic approach to understanding and handling money. While a standard broker generally provides the retail infrastructure for a client to execute trades, Wilco seeks to act as a dedicated partner for the client and their entire family. They see themselves as a “one-window” solution that saves the most valuable asset of all-time.
“In a traditional setup, you might just get a platform; with us, clients get a long-term strategy that covers both financial and non-financial goals. This includes value-added services, such as succession planning, capital structuring, and even lifestyle or concierge services offered through our partner network,” Irina clarifies, “It is a more niche relationship focused on the long-term vision rather than just individual transactions.”
Armenia has matured over the past three decades and overcome the turbulence of the early post-independence years. There have been no bank defaults in the last 30 years, and the assets in banks actually exceed the total GDP of the country, a milestone shared by only about 50 countries around the world. Armenia has a robust regulatory system today, with rigorous licensing requirements for companies offering financial services, and the country is firmly establishing itself on the global financial map. A series of rating upgrades from three leading agencies in 2023-2024 confirms the transparency of the system and its resilience to external shocks. The financial sector’s contribution to the economy has more than doubled, growing from 4% in 2012 to 9.1% in 2024.
But there are always risks and it takes a lot of expertise and effort to manage wealth, even when the economy is doing well. This is where wealth management companies, like Wilco, step in to provide specialized expertise in managing capital with a long-term perspective.
“Our philosophy is to act as our client’s ‘co-pilot’. We are right there with them, staying calm and disciplined, because any period of turbulence also presents an opportunity if you have a stable base of infrastructure and a flexible team,”
Irina explains.
The company has a track record that backs their words. It has operated in Armenia since 2008 and was recently rebranded under the ownership of Mareta Gevorkyan, who envisions Wilco as a platform for purposeful capital and a supportive environment where professionals can drive meaningful impact. The team behind the company consists of individuals with more than 15 years of experience in wealth management and private banking. Wilco brings together an international team of experts with a deep appreciation for the local context and the specific needs of the Diaspora. This world-class expertise combines with their local talent in Armenia, allowing the company to further enrich the Armenian financial sector.
But there are still some challenges ahead for wealth management to take root firmly in the country. “The single greatest challenge is the shift in mindset required to move from short-term security to thinking in terms of decades and multi-generational wealth,” says Irina.
This can be difficult to do in what seems to be growing global uncertainty on several fronts. A focus on short-term gains might seem pragmatic in an era where long-term forecasts seem pointless. But Irina believes that a transition is taking place towards true multi-generational planning in Armenia. “We are seeing more interest on this, our clients want to truly understand how their assets are safeguarded and exactly what they are investing in,” she says, “This also means moving beyond familiar instruments like bank deposits or real estate. We are helping clients explore more diversified portfolios, which can even include non-financial assets like art.”
Wilco Wealth Management is taking action to facilitate that shift in mindset in two main directions. First, they are developing a specialized investment education course designed to share their expertise. Second, they are providing the public with their global analytical reports and market outlooks. These are intended to provide a broader, more advanced vision of international capital markets, helping to inform the wealth management perspective. “As participants of the market, we feel responsibility for contributing to the growth of financial literacy, as part of our corporate social responsibility,” Irina notes, “Moving from basic financial literacy to more advanced tools serves as the essential bridge connecting the ‘here and now’ to a person’s long-term goals.” She believes the market outlooks and market news, prepared by their analytical team and published regularly on their website, LinkedIn, and Telegram channel, can be a useful resource for anyone in Armenia interested in finance or wealth management.
Armenia is in a unique position, given its Diaspora, which is significant in number and considerable in terms of wealth. Wilco’s professional team is seeing a growing interest by the Diaspora to invest in Armenia rather than simply make philanthropic donations. To make that transition successful, these investors need a reliable partner and professional infrastructure on the ground that allows them to bring capital into the country with confidence. The challenges that exist in Armenia should not scare these investors off. In fact, Irina believes that it should inspire them. “Our central message is one of disciplined caution rather than panic. We believe that challenges often present unique opportunities, provided you are prepared for them,” she says, “This is where our role as a ‘co-pilot’ becomes essential. We help our clients navigate these waters with the support of a dedicated team of analysts who monitor global and local markets around the clock.”
Whether it is the shifting attitude of the Diaspora or the growing financial literacy of the average Armenian, there is a clear trend toward a longer-term view about money and how to manage it. Middle-class Armenians seeking to save money are looking beyond bank deposits to the securities market. First generation entrepreneurs are realizing that trusting their assets to professionals will result in better returns, both in terms of money and time. Irina understands the central role that this plays here. “Trust is of paramount importance in finance. It is built over decades but can be lost in a single instant,” she says, “In wealth management, we are looking at relationships that span generations, so we understand that building this trust requires an unwavering commitment to quality and confidentiality. It is a process that simply takes time.”
Armenia is on a trajectory for greater financial literacy, better wealth management and, as a result, growing prosperity. Irina and her team see themselves as a key part of that future, providing the expert guidance necessary for complex tasks like succession planning, ensuring that the wealth built by both local entrepreneurs and the Diaspora is strategically preserved and seamlessly passed to the next generation.
“Our mission is to provide locals with the reach to diversify their assets globally, while simultaneously helping our multi-country Diaspora integrate their capital into Armenia’s market,” she says confidently, “Ultimately, we want Wilco to be a magnet, a partner that ensures capital not only comes to Armenia but stays here, invested in the long-term growth of the country.”
After all, this is not just about having a child, building a house, and planting a tree. It is about developing a house into an estate and growing a tree into a forest, so that your children and their children can continue to prosper and contribute to the community and the country in which they live.