Resource id #4Resource id #4 Advisor Interview
18 April, 2024 17:23 IST

`Financial advisors are not just for the wealthy!`

Source: IRIS (11 January 2011)

`Financial advisors are not just for the wealthy!`
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In an interview with Pooja Chopra Goel of, Vikas Khandelwal of Paisa Boosters says, ``This (client-advisor relationship) is an important relationship, one that involves a great deal of trust.``

Can you tell us about `Paisa Boosters` and its mission & services? What services do you offer?
Paisa Boosters was formed in late 2009 with the aim to provide need-based unbiased financial advice. We are currently shifting towards complete fee based financial planning. Our major clients are based in Rajasthan and Gujarat. Besides HNIs we have major concentration on salaried individuals because we think in a limited salary they have tough task to achieve financial freedom. Paisa Boosters is providing both comprehensive and goal specific financial plans.

A relative newcomer to the financial services industry how has your experience been so far?
The journey so far has been exciting with rocky ride and smooth sailing. Shifting from commission based advisory to fee based advisory was a tough decision. But, at the end of the day it gives me immense satisfaction to see my clients achieve their financial goals one by one.

Who should think about getting a financial advisor? Is it just for the wealthy or can anyone use the services of a financial advisor?
I think everyone who has a financial goal or a financial dependent needs use the services of a financial advisor. It is definitely not just only for the wealthy or affluent, but for every individual and especially for the common man.

What is the future of financial planning industry in India?
We are going towards complete free load investments, good distance is being covered. So the coming period is only for those IFAs who have deep understanding and knowledge across all asset classes. They have to upgrade their skills gradually to give fee based advice.

What three books related to personal finance would you recommend every person read and why?
I think rather than reading books a common investor should read personal finance blogs, magazines and websites. These cover each and every aspect of personal finance which in turn would help investors become financial literate.

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.
We deal with almost all major fund houses. Some funds have good percentage in our total AUM. It`s difficult to name a favorite MF scheme because all suggestions are based on clients` needs, but one of my favourites is BSL Frontline Equity Fund.

What is your take on current market situation? What are the key factors that will drive the stock markets in 2011? What is your advice to retail investors now?
As an admirer of long term investment philosophy I don`t take much care of daily ups and downs. Due to India`s growth story an investor will get good returns over longer period. So, should stay long term to reap the benefits. Daily tracking is for speculators not for investors.

Is there anything else you would like to share with our readers?
Have a financial plan ready to sail smoothly; financial advisor is just like your family doctor. You should feel comfortable with your financial advisor. This is an important relationship, one that involves a great deal of trust. Don`t hesitate to share your financial details with him.

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