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We firmly believe in "You are my client and not your money." All our actions and recommendations are based on this strong belief.

Financial Advisors Interview

On: Nov 14, 2013 | Duration: 1.00 hrs | From: Yogita Dand
Financial Advisors Interview in Advisorkhoj - We firmly believe in

YogitaDand is a CFP and co-founded Asky Financial Services along with Anil Gulrajani who is also a CFP. Yogita, has a rich experience of over 20 yrs playing different roles in Financial Services business. She quit her lucrative job to pursue her dream and passion and become a Financial Advisor in 2011. She is closely associated with the Winvestor campaign run by DSP Blackrock Mutual Fund, an initiative for educating the women investors

What are your views on the current state of awareness on financial planning?

We feel that there is very little awareness about financial planning in India at present. Financial planners here are considered either as an insurance or mutual fund agents. So, there is a need for proper education on financial planning.

Do you think that the need for financial planning in India is different compared with other countries, especially the developed world?

We do not see much difference, apart from that in the developed countries. In developed countries, they are not saving enough and creating more debt for themselves, whereas in India we have always been savers and not optimizing our investment. We are also aping our counterparts in the developed countries, when it comes to spending by borrowing.

How long have you been in the financial advisory industry? During this time in the industry, what are the five common investment mistakes that you have observed?

I have been the part of the industry for last 10 years. However, we have been a proactive financial planner for the last 3 years. In these years that we have spent in the industry, the most common investment mistakes that we observed are:

  • Last minute buying of insurance policies for saving of tax

  • Not planning for retirement

  • Investment bias towards fixed deposits

  • Risk averseness towards equities and mutual funds

  • Huge bias towards purchase of gold and real estate

What basic investments that a client should do during his first fours years of employment?

During the first four years of employment, a client should ideally start with what we call protection planning. Protect what you already have;then start with health polices and life insurance then taking on the accumulation planning’s based on your life goals.

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

We believe we are the custodian of our client’s dreams and desires. Of late, what we are practicing is life planning. When we meet a new client, we share with them our process of practicing our craft of financial planning. This meeting is normally a no obligation meeting. Once a client is willing to work with us, we start with our exploration stage wherein we get to know our client and their dreams and desire. Then we help them to achieve it using our financial/other skills.

What services do you/your firm provides? How do you charge for your services, and how much?

Apart from financial planning, we also provide wealth management, accounting, tax planning and estate planning services. Fees are charged on a case to case to basis starting from Rs20,000 onwards for basic planning.

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

We nurture their dreams as if our own and help them frame their complete financial stable life.

How would you differentiate your service from the other advisors?

We firmly believe in " You are my client and not your money." All our actions and recommendations are based on this strong belief.

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

  • Don’t spend raises or windfalls.

  • Pay the taxman no more than his due.

  • Buy only the right insurance polices.
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