12 Nov Ten Commandments
A profession as a Financial Advisor has nothing to do about understanding markets but has everything to do about solving people’s problems.
So here is what it is. In 10 simple Points below –
- One must understand people’s life challenges. Remember every challenge is directly or indirectly connected with money.
- It is imperative to go deeper into people’s challenges and identify how it can be helped by setting up appropriate goals.
- Chalking out the path that leads to the goals. This would include the SIP and Lumpsum mix and the duration. Also a talk on maintaining discipline. Educating the investor is the most important part.
- Being in touch with the investor along his journey by way of sending regular educational capsules.
- Reviewing the journey once in 6 months but taking steps for course correction after 12 months or even more. Ideally you recommendation should be such that needs no course correction for a few years at least.
- Being there with the Investor during market corrections and reassuring with complete conviction but NEVER NEVER make predictions on near term market movement. Nobody has succeeded in taking the market.
- Provide the client with software support to help him view his account statement at any time. Send automated monthly updates on valuation etc.
- Make it convenient for the client by providing online services for up-selling, cross selling, switching, SIP, STP, SWP etc.
- Always invest your own money in the schemes you market. Show your conviction upfront. You account statement is your best marketing material because it reflects your advice.
- Never Never give any guarantees because life has not been designed for guarantees. Does your child’s tuition teacher guarantee you that your child will be a star?
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