Network FP Thinktank

Network FP Thinktank is an Online Professional Journal by Network FP wherein we share the articles written by top-class financial advisors and industry thought leaders from across India and the world.

Who can access my data?: DEPA, Sahamati and Account Aggregators (AA)

Nisha Sanghavi
Founder, Fynomics and Co-founder, Promore Fintech Private Limited
September 27, 2019

Reading Time: 3 minutes There is a lot of chatter about data protection and privacy concerns, leaking of data, misuse of personal information shared with an entity for specific purposes and unauthorized monetization of such data by the entities that are supposed to protect it. There is, however, a very useful flip side to the sharing of data between entities provided it is done for the right reasons, in a regulated manner and with the consent of those whose details make up such data. This week, Nisha Sanghavi takes us through this other side of the discussion and throws light on a few initiatives and developments on this front. Read on to know how data aggregation and sharing in this proposed way is sure to benefit you as well as your clients.

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Financial Security for Special Needs Children

A Suresh
Executive Director, PropSevaⓇ
September 24, 2019

Reading Time: 3 minutes Financial advisors are in essence the financial guardians of the families that they cater too. It is their duty to advise them according to what works best for them after minutely studying their individual scenario. Every family has specific needs over and above those general to all. One such need arises when there are children with special needs in the family. Since they are not equipped to handle their own finances, often all throughout their life, if becomes essential to help your client execute a financial plan that is also effective posthumously. Read on to know what Mr. A Suresh has to say about handling this aspect of financial planning and truly touch your clients’ life.

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How can we approach Asset Allocation?

Bharat Phatak
Owner, Wealth Managers
September 20, 2019

Reading Time: 2 minutes It is as important to explain the thought behind the asset allocation of a portfolio to your client as it is to have a good one in place. This dialogue needs to be in a language that is easy and relatable for the client. Sometimes a conventional allocation mix might not be the best idea owing to various reasons. Explaining these to your client is an essential step towards financial counselling, which must go hand in hand with financial planning. This week, we have Mr. Bharat Phatak explain a dual approach towards asset allocation which is sure to aid you in your conversation with your clients. Read on and share your thoughts on asset allocation and the need to discuss the same with the clients.

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How to protect insurance claims from creditors?

Dhirendra Mahyavanshi
Founder, Turtlemint
September 17, 2019

Reading Time: 4 minutes Imagine this: You had a 3 sentence conversation with your client where you discussed a benefit that the law provides to the citizens with them and got them to act on it and take advantage of the same. A few years down the line the client unfortunately passed away and at the time of his death had a huge business loan on outstanding to his name. That 3 sentence conversation made sure that his wife and kids did not have to worry about their livelihood source(the insurance claim money) being snatched away from them. Now imagine the relief you provided to the family of this client and the satisfaction you felt doing so. Read on to understand the benefits provided under the Married Women’s Property Act in an article penned by Dhirendra Mahyavanshi and make this difference to your clients’ life today.

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Is Family Trust Safer than a Will?

Jatin Popat
September 13, 2019

Reading Time: 4 minutes Time and again. we have emphasized on the need for financial advisors to keep up with the various tools, techniques, approaches, methods and ideologies that can help them manage their clients’ money more effectively. Succession and estate planning is a very crucial and vital aspect of money management. This week, we have Mr. Jatin Popat talk about the concept of a Family Trust as a tool to effect succession of assets and businesses in a more streamlined way as compared to other means like a Will. He breaks down the concept to the fundamental level and takes a through a quick crash course on this topic. The hope is to enable you to advise your clients better so that we can evolve to a society that does not see rampant cases of unresolvable property disputes, locked assets, long court battles, alienation of genuine beneficiaries from a bequest due to ineffective succession planning and unnecessary family feuds. Read on and do share with us how this piece helped you to help your clients better.

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Nominee V/s Legal Heir | What is the difference?

Toral Shah
Partner of GBCA & Associates LLP
September 10, 2019

Reading Time: 4 minutes Making a Will is almost a social taboo in our country. Often equated with anticipation of death or breaking up of a family, this is the most neglected aspect of personal finance. Nomination, while it still exists as a concept, is often not given enough importance. It is either not made, or not updated which is equally bad. We, as advisors are slated to play a phenomenal role in this aspect if we are able to convince our clients to pay as much attention to the distribution and transmission of their assets as they pay to accumulate them. For this, some very crucial concepts need to be clearly understood. This week, we have CA Toral Shah and Khushbu Chheda tackle the topic of the rights of a nominee versus those of a legal heir. This interesting read has the potential to bring tremendous value to your advisory practice and the lives of your clients.

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Yeh sab kya ho raha hai? : Debt mutual funds

Lakshmi Iyer
Chief Investment Officer (Debt) & Head Products, Kotak Mahindra Asset Management Company (KMAMC)
September 6, 2019

Reading Time: 3 minutes Stop and breathe. That’s what we all need to do. Especially in the current scenario in the fixed income category. And the next thing to do should be to understand again the fundamental principles of this category. As advisors, we often feel a disconnect from the basics of our profession Time to get the fundamentals right about debt mutual funds and investments so that you can explain the same to your client and not have them panic call you and have knee-jerk reactions to uncertainties in this segment thereby losing out on investment opportunities. Read on as Ms. Lakshmi Iyer sets the record straight about what to expect and what to do when investing in debt funds..

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Ashwathama is Dead

Amit Trivedi
Owner, Karmayog Knowledge Academy
September 3, 2019

Reading Time: 2 minutes Ethics and moral principles comprise the backbone that enables us to hold our head up high and practice our profession with pride. Legality is often given the place of morality in our profession especially when we are at a cross road between the interest of our client and that of our own pocket. This week’s article, from Mr. Amit Trivedi’s series, talks about this sensitive issue with a very different twist and viewpoint. Read on and ask yourself if you’re the Yudhishtir to your Guru Dron(client)

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Does the IT department reverse penalties?

Arvind Rao
Founder, Arvind Rao & Associates
August 29, 2019

Reading Time: 5 minutes Step 6 of the SFA Blueprint talks about retention. We all understand that client retention is often harder than client acquisition. In this world of ever growing competition, we need to constantly create and display value in our clients’ finances and life. We want them to reach out to us first when there is any question that they have, money-wise. This kind of right on the client’s mind demands great responsibility on us, a responsibility of constant learning, innovation and conscious looking-out for the client. This week’s interesting piece by Mr. Arvind Rao talks about some penalties that the Taxman can levy on an assessee and how some of them can be reversed. This bit of information is sure to get you a foot in the door with new clients and undisputed attention from your existing ones…

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Risk & Its Effect On Consumer Behavior

Suresh Sadagopan
CEO, Ladder7 Wealth Planners Pvt. Ltd.
August 27, 2019

Reading Time: 4 minutes A big part of our job as financial advisors is risk management. This risk arises as much from the client, their thinking and personality as from factors external to the client. While a lot is spoken about managing external risk factors, there needs to be more dialogue on managing the risks arising from the client. How do you manage such risks without understanding what they are? The clients ultimately showcase consumer behavior of different types. And this molds the pattern of risks specific to that client. Read this interesting piece by Mr.Suresh Sadagopan to understand the relationship that risk and consumer behavior have. We hope this helps you to understand better the mindset and behavior of your clients.

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