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 world.

Insurance & Risk Management – Financial Advisors need to get it Right

Sadique Neelgund
December 16, 2014

When you go to the doctor and get medicines for your stomach pain, you don’t go back again after a year and ask the Doctor for interest or return on the fees you paid. The fees you paid is the cost of getting a professional advice. Similarly, insurance premium is the cost being paid to the insurance company for taking over the financial risks from us.

While this sounds simple, clients don’t get it. They expect a ‘return’. Courtesy, how the insurance products have been sold so far. Risk Management is a key focus area in financial planning and while we help clients to grow their wealth, we also need to help them identify the possible financial exposures and design right insurance solutions.

In this article, Rahul Agarwal, Founder Director at www.121policy.com explains the basics of insurance, reviews the current challenges and shares his thoughts on how we can move forward. He asks us to take a client focused approach and work for long term benefits.

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What is the proof that you have given “The Right Advice”?

Sadique Neelgund
January 16, 2012

Financial Planners should serve their clients while protecting themselves. This can be done by rigorously seeking to develop & apply five proofs to their client advisory process. What is clear from both recent regulatory reforms and best practice discussions is that the client’s informed consent to the risk in their financial plan is of critical importance. Many financial advising practices fail to help investors appropriately understand financial risk. In essence they do not meaningfully establish investors’ investment expectations…

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