In an interview with Yogita Khatri of myiris.com, Jitendra Attarde, principal financial planner, Yugma Financial Planners says, ``You must have quantified goals, along with a clear plan of action. This is the only thing that will help you overcome the problems of inflation and market-related uncertainties.``
Can you tell us about ` Yugma Financial Planners`? What services do you offer?
Yugma Financial Planners was established in 2009. We believe in a win-win situation for everybody. At Yugma, our core values are: Passion to help, placing the client`s needs first, absolute honesty and integrity, always ask ourselves `Is this the best we can do?`` , & competency before advising our clients. Our purpose is to build, manage, and preserve the customer`s wealth.
We offer comprehensive financial planning service along with investment planning & management, retirement planning, & specific goal-oriented planning. We provide complete personalized assistance in achieving the client`s financial goals.
What led you to enter into financial advisory profession?
We have been running a flourishing LIC agency for the last 11 years. This business is looked after by my wife, Niranjana J. Attarde. I was successfully running an IT business, having a large number of satisfied clients across Maharashtra. Though my IT business was well established and life was moving smoothly, I was never completely satisfied. On introspection, you can say that it all seemed to lack something. Upon further reflection, I realized that I always gave customized solutions to my clients but there were so many agencies involved in the completion of a project, that the outcome would get compromised, and the end result was diluted. As I began to study financial planning deeper, I realized that I had found my vocation. I love helping people and nurturing their dreams and financial planning seemed the perfect avenue to do so. And that is how the seed of Yugma Financial Planners was sown!
Tell us about your current business model, the kind of clients, AUM etc. How has been your journey so far? What are some of the challenges that you faced?
As mentioned earlier, we are into comprehensive financial planning, and we are working on Only Fee Based or Fee Plus Commission based model; the client has the liberty to engage us on the model he is comfortable with. Our clients are from varied sections of society. Some are salaried, some are retired, some are from the entrepreneur`s class. Chief executive officers (CEOs), managers and officers to name a few... We are not focusing on what AUM or the money that the customers bring in with them; however, our mission is to enable our clients to achieve their financial goals. Thus far, my journey as a financial planner has been fabulous! We (both Yugma FP and the customers) are enjoying the process. We have been able to serve a considerable number of customers in the short span of our existence and we have been able to build an extremely good rapport with our clients. I dare to say this on the basis of referrals we are getting from our existing customers. I strongly believe in these words - ``A satisfied client is your best brand ambassador.`` This profession is in line with our mission and it has become our passion.
Given the spiraling inflation, rising interest rates, what would be your advice to a retail investor?
These are temporary phenomena; they will keep on happening. You should be focused on your goals and work as per the plan. It is aptly said, ``If you don`t know where you are going, you might not get there.`` You must have quantified goals, along with a clear plan of action. This is the only thing that will help you overcome the problems of inflation and market-related uncertainties.
How many life insurance companies do you deal with? How much is the whole insurance business in your total?
As mentioned earlier, we are directly dealing with only one insurance company that is LIC, but if any other company`s products are more suitable for our clients, we advise them the same. If I have to answer this question I will put it like this, that our 20-25% revenues are generated through insurance commission.
How many fund houses do you deal with? In which fund house do you have the maximum AUM (in terms of percentage)? Tell us your favorite all-time MF schemes and fund managers.
Selection of the fund houses & mutual fund schemes are totally based on the client`s financial goals & time horizon. In terms of percentage, it is HDFC. We don`t have any favorite MF Scheme or fund managers; selection is based purely on consistency of performance.
What are the key areas, according to you, where advisors need to improve themselves in order to serve their clients better?
> Put client`s need first.
> They need to have good knowledge about the products & other related things.
> Most important - more than financial figures, try to understand the client as a person. Focus on that and work on it.
> Try to (rather, you must) listen to what he is trying to communicate you rather than what he is actually saying.
> Come what may, your services should have a differentiator factor.
What are your business plans for over next few years? Where do you see yourself 3 years from now?
Three years from now, I see growth in our practice, based on our mission & core values. I see ourselves established as a trusted, respected, and successful financial planning house in the industry.
Is there anything else you would like to share with our readers?
> Do not let your lifestyle be a burden on you!
> Speculations do not create wealth!
> Have clear and quantified goals and get a financial plan tailored to encompass them. This will help lead you a financially stress-free life.