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My aim is to increase financial literates in India

Financial Advisors Interview

On: Jan 4, 2014 | Duration: 1.00 hrs | From: Kanak Jain
Financial Advisors Interview in Advisorkhoj - My aim is to increase financial literates in India

Kanak Jain is a renowned financial advisor and IFA trainer in Kolkata. Apart from educating his clients about different financial products, he also guides his advisor colleagues in the financial distribution space. Kanak is a CFP and a recognized coach, trainer and investment advisor. Besides his own immediate field of expertise as the Founder & CEO of SUSKAN, he is also a consultant to many companies for training oriented events. Kanak is an enchanting and energetic speaker, and has conducted many inspirational, motivational, skills development and finance oriented training sessions for many reputed organizations and institutions. Due to his many hats he is a popular figure in the professional training arena and Mutual Fund industry.

You have been the part of the financial industry since 2001, what are the changes in the distribution sector have you observed?

Earlier distributors used to suggest products based on theme and as presented by the manufacturer. But now most of the distributors suggest product based on volatility and as per the requirement of the client.

What kind of workshops do you conduct for increasing the knowledge of distributors?

As a trainer and an event organizer for the distribution community, I have conducted a workshop on advance selling skills with graphology( conducted over 27 workshop at different location with IFAs). Currently, I am conducting workshops on mind and strategy in various cities. Simultaneously, I am also trying to engage more advisors in my upcoming workshop on success strategies.

You have been associated with your clients for last 12 years. How have you seen your client grow (What are the changes in investment pattern you have observed)?

Clientele investment pattern is more or less the same. But they have become more aware about different products, norms because of media . This is a good sign as it will help advisors and clients to go to next level.

What are the five common investment mistakes usually committed by clients that you have observed? How can they avoid it?

  • Fear- they need helping hand and want hand holding to safer products.

  • Greed - They say we don’t take risk and do not want to park their money in mutual fund or equity funds but they will put their investment in some other place where there are maximum chances of losing the capital.

  • Become non receptive - They don’t want to listen to any thing. This has happened because of the bad experience in past. So, the advisors need to again build the confidence back and go ahead for a fresh start.

  • NO study - Clients should study and become more aware before making investment.

  • Do as the friend is doing - Every investment is not for everyone. Every one cannot lift 100 pound in a gym, so is with investments.

Do you promote investment awareness programs (IAP)? Share your experience with us (does it help investors, what are there feedbacks)?

Yes, I have conducted over 10 investor awareness program at Rotary Community clubs. After these awareness programs I had got enquiries from the listeners and have been able to convert them into clients with small investments.

We are planning to organise a big investor education program in 2014 with a bang!!

Do you think there is a greater need for financial planning for women, who are increasingly entering the workforce?

Yes of course! I have a number of women clients and I don’t think that their planning need is different from a man. Only thing is that their needs have to be handeled more emotionally in most of the cases.

Coming to your company Suskan Consultants, what kind of services do you/your firm provides? Do you charge a fee to clients, if yes how much?

We charge a fee for some clients. Usually, we follow a formula of revenue earned vs hours of service given to a client. If the commission earned is less than that , we charge a fee. Our charges range between Rs 3,000 to Rs 18,000 per annum. These are the clients from whom we earn very nominal commission income.

What value addition does the client gets after paying a fee?

We give him all services related to financial matters.

How would you differentiate your service from the other advisors?

Every advisor is different. I have my own way and some of the ways are liked and appreciated by clients. I focus more of building a friendly relation with clients.

How do you plan to expand your clientele?

At this point, I am not expanding as I am satisfied with the client base. I rather want to expand my reach in training and development programs organised for IFAs. I think I have a greater role to play now. I want to help more investors by connecting with IFAs and shareing my experience and views with them.

What are the few golden rules of investment that you would like to share with our investors?

Be simple. Invest in simple products. Use common sense.

Where do you see your firm in next five years?

Advising and creating widespread presence. Our aim is to meet at least one individual everyday and impart financial knowledge through planning or workshop. I want to add one financial litrate everyday in India.

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