I have been experimenting with the process of Financial Planning by trying to address people’s larger problems.
I have realised that many people don’t understand the significance of their current savings and continue to carry stress because they believe that their current wealth will not suffice.
So despite work pressures and challenges they continue to trudge along carrying many a tensions and causing many a heartache.
Many are caught in the EMI trap and believe there is no other alternative.
Many who are young are disillusioned by the kind of jobs available; a mismatch between aspirations and the availability.
Middle age brings along many a mid-life crisis.
Many women begin to lose their identity leading to unhappiness and disillusionment. They seem to be asking, “who am I, what is my purpose.”
And those who stand at the cusp of retirement have their own set of issues; what should be the standard of living? Will the money suffice? Where should I invest? and so on.
I believe that the magic of advisory resides where problems get solved; like a psychologist, the Financial Advisor has a much larger role.
Emotional and mental problems bog us down.
If we are able to focus and address the core issues, we will not only provide appropriate solutions but earn the loyalty and respect of people.
Financial Advisory was never and will never be a transaction business. It is a business of long term partnership and if I may say, even of companionship.
Customer loyalty, mutual respect and trust cements and fuels a lifelong camaraderie.
According to me herein lies the true purpose of Financial Advisory.
Moreover, Financial Advisory has to go beyond a psychologist and present solutions that are real and that involve real hard core money.
I have developed the following calculators in Excel
The youth and their challenges CalC
The mid life crisis CalC
The Retirement Solutions CalC
The Home Vs Rent Cal C
The Home EMI Cal C
The Regret of 5
The Magic of 15 Cal C
The Trail Income Cal C
When one sits with the client, understands his pain points and resolves them not just by patient listening but by providing concrete solutions using the above calculators, the outcomes are mind blowing.
I have witnessed the “tensions” getting released; the heaviness in the head evaporating into thin air. I have seen the smiles returning and the confidence emerging.
I feel we have a responsibility of alleviating the pain of our society. If the army defends lives we too can defend living by providing easy and implementable solutions.