Motilal Oswal Private Wealth Management, the Indian wealth manager that caters to high net worth individuals and their families, has launched a new that will help clients better gauge the quality of advice they receive.

The Advisory Index and Dynamic Solutions Index is a first in India, the firm said in a statement, and will be customised according the to the individual clients' advisory mandate.

The Advisory Index is a measure of the moving value of a portfolio based on key components, such as tactical asset allocation, manager selection, risk management framework and tactical products ideas or strategies, while the Dynamic Synthetic Index is to be created based on changes in model portfolios.

"[The indices] makes the advisor not only responsible for his advice but also for the end performance of clients' multi asset class portfolios. Clients can now for the first time identify the value created by the intervention," said AV Srikanth, chief executive of Motilal Oswal Private Wealth Management.

Motilal Oswal is a wholly-owned unit of Motilal Oswal Financial Services. Its Pan-India distribution counts almost 1,600 business locations across 552 cities.