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Personal finance is of core importance now a days as we all have high standard of living..

Financial Advisors Interview

On: Dec 9, 2013 | Duration: 1.00 hrs | From: Vaidarbhi Lad
Financial Advisors Interview in Advisorkhoj - Personal finance is of core importance now a days as we all have high standard of living..

Vaidarbhi Lad is engaged in financial advisory service for last 10 years. She is a commerce graduate and a CFP. This certification has been of great help to her as it leads her to guide clients in setting up their financial goals and also select the right insurance plans. She feels that personal finance is of core importance now a day due to higher standard of living. Also, that inflation and modern mall culture has made it mandatory for every individual to think of personal financial management.

How important is life insurance in an individual’s life?

Life insurance is important to an individual as it provides financial protection to an individual’s family against unforeseen exit of him or her from this world. It tries to compensate the loss caused to the family incase the breadwinner has met with unavoidable and irreversible phenomenon called death.

Or provides financial support for the old age as it is very difficult to predict lifespan of an individual Or it provides for monetary needs of a person which arise from time to time.

Which insurance products are necessary in an individual’s life?

Life insurance is a must financial product in a bouquet of investments done by an individual. Broadly speaking depending upon individual’s need one can decide whether to buy with profit policies or without profit policies depending upon one’s own belief and needs.

Currently advisors are offering ‘Education plan, child plans, etc’ with lucrative discounts? Are these plans beneficial for customers? Kindly explain in detail.

At present LIC OF INDIA provides various products to suit needs of each and every individual. Currently advisors are offering 'education plan, child plans, etc' with lucrative discounts is totally against ethics of the advisory. I personally feel that if an advisor who has not given correct presentation of the insurance product will follow such type of practice.

All these plans are beneficial to the customer if they are bought at correct time, with proper understanding and planning.

As LIC’s the mantra is SURAKSHA BACHAT AUR VRIDHI, it has potential to generate reasonably good return. This statement of mine can be verified with our senior family members who were happy with their investments with LIC.

Being the part of the insurance industry for 10 years, what are the three commoninvestment mistakes that you have observed?

Being part of the insurance industry for 10 years I have experienced that people make three common mistakes while investing in insurance products –

  • They do not understand the plan properly before investing in the insurance product.

  • Usually investor neglects the factors like time and age while purchasing insurance product.

  • Usually they hesitate to convey material information related to health to the organization.

Before buying an insurance policy, what are the important points that a customer should go through?

Before buying an insurance policy the important points that a customer should take into consideration are-

  • Does the objective of the insurance policy is in line with the goal for which it is bought.

  • Age as well as term also plays crucial role while buying an insurance policy

What is the procedure you follow when you meet a new client?

When I meet a new client my first priority is make him or her understand that I represent the client and not the organization. My second priority is to understand the need of the client. My third priority is to develop a presentation which will generate a picture of the approx benefit with the said investment. And last but not least is to complete the procedure of documentation and servicing and relationship building activities.

What services do you/your firm provides?

Apart from insurance I offer services for mutual funds and bonds and financial planning.

How would you differentiate your service from the other advisors?

I work for client satisfaction. Clarity and simplicity of explanation of terms differentiates my services from other advisors.

How do you plan to expand your clientele?

I expand my clientele through referrals and getting associated with ADVISOR KHOJ which provides me a platform to publish my views on investment strategies.

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

The few golden rules of my investment that I follow during the process of discussing financial planning and while suggesting certain financial product is

  • Offering transparency while advising.

  • Client welfare – this rule states that do not hesitate to recommend the product which is beneficial for the investor but not in my favour from revenue aspect.

Where do you see your firm in next five years?

In next five years I see myself having associated with more and more happy and satisfied clients.

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