Yesterday (Sep 24th) saw the birth of Fee-only India, a coming-together of SEBI registered fee-only financial planners at Mumbai. Ashal Juahari, admin of Facebook group Asan Ideas of wealth and I spent the day listening to and discussing with the fee-only financial planners from my list.
An organisation of financial planners who do not sell any products (get no commissions) and work for and with the clients they serve is an idea proposed by Piyush Khatrri. After discussions, fee-only India, was identified as a catchy and representative name for the organisation.
The participants & founding members
Standing from L to R:
Chandan Singh Padiyar (Pune): Padiyars.com
Piyush Khatri (Hyderabad): Sahastha.com
Sukhvinder Sidhu (Karnal, near NCR): Finlifecare.com. You can check out his guest post: Illustration: Financial Plan Creation for Rajeev Goswami
Swapnil Kendhe (Nagpur): vivektaru AIFW members will know him 🙂
Vikram Krishnamoorthy (Coimbatore): Insightful
Sitting from L to R:
Shilpa Wagh (Mumbai): Waghfinancials
Pattu (yours truly for those who don’t know)
Melvin Joseph (Mumbai): finvin He is one of the first fee-only financial planners and one of the most successful. Check out his guest posts:
Nuggets from the discussion
Firstly, I am pleasantly surprised and if you don’t mind, quite proud that the freefincal fee-only list has led to many clients for the planners. The credit for this goes to Google. It sends in about 1000 people per month to that page alone. Even queries like “best financial advisor in India” show this page right at the top.
Secondly, despite many problems and struggles these planners are quite clear that they will not sell any product, get no commission and provide a professional service. They are at different stages of evolution: about to start, just started, about to break even, realised small gains, considerable gains etc.
Thirdly, the meet exceeded my expectations. I was so glad I attended because if I, who has no desire to become a fee-only planner found the talks inspiring, I can imagine the impact it would have had on the planners. We strongly believe other financial service professionals tired of selling products and their souls along with it, will be inspired by fee-only India and work towards fee-only advisory after Sebi registered as an “individual” investment adviser (no jugaad where relatives sell products and the commission stay in the family and many do – investors beware).
Melvin Joseph discussed his journey from a cushy PSU job to a sought-after fee-only planner. His meticulous record keeping and how he wields it to generate good word-of-mouth referral systematically is commendable and inspiring.
Sukvinder Sidhu talked about how he approaches clients and get them comfortable and aware of their finances and only them initiates talk of goal-based investing.
Shilpa Wagh explained the expenses associated with running the financial planning service as a profession and the challenges from preventing it slipping into a business. Her clarity of thought was noteworthy.
Vikram discussed his approach to handling clients, methodology and pointed out that many DIYers also consult fee-only planners for a validation of their money management strategy.
Piyush described his ongoing effort to create a unified tool (data gathering, risk profiling, plan creation, investment analysis and report generation) for planners to work with and increase productivity. Also, his vision for fee-only India and how it should be run was discussed.
I spoke about my experience with freefincal and simple ways by which one can systematically market our competence in a fast-paced world. Now have enough material to make a short handbook out of it.
I could not listen to Swapnil (“beginners expectations”), Chandan Singh Padiyar (“planner-client gap”) and Ashal (“what clients want”) as I had to leave early.
Fee-only India: Vision & Objective
Enhanced visibility of fee-only planners making it easy for clients to learn more about them at one place and contact them.
A resource for new and old fee-only planners to build a client base, increase productivity and as a source of continuing education.
Be the first advisor body to actively involve investors as patrons/trustees/guardians of other investors. The patrons should not only promote fee-only planning as the most logical investment (as Vikram put it) a person can make when it comes to money management but also ensure that the members of fee-only India remain purely fee-only. Any evidence of product selling would result in elimination.
You can consult any of the planners mentioned above for guidance:
If you are sitting on the fence about registering with SEBI and starting a fee-only practice,
If you a DIY money manager looking for a professional opinion on your investments or if you want help, you can consult
Support these purely fee-only planners by engaging them or suggesting them to your friends and relatives. May their tribe grow.
NOTE: Neither Ashal nor I receive any kind of compensation for promoting fee-only financial planning.
Use this form to ask Questions or reg. the robo template ONLY (For comments/opinions, use the form at the bottom)
And I will respond to them in the next few days. I welcome tough questions. Please do not ask for investment advice. Before asking, please search the site if the issue has already been discussed. Thank you. PLEASE DO NOT POST COMMENTS WITH THIS FORM it is for questions only.
[contact-form][contact-field label=”Name” type=”name” required=”1″][contact-field label=”Email” type=”email” required=”1″][contact-field label=”Ask your question (Got an opinion or comment, use comment box at the bottom of the page. DO NOT post them here)” type=”textarea” required=”1″][/contact-form]
GameChanger– Forget Startups, Join Corporate & Live The Rich Life You want
My second book, Gamechanger: Forget Start-ups, Join Corporate and Still Live the Rich Life you want, co-authored with Pranav Surya is now available at Amazon as paperback (₹ 199) and Kindle (free in unlimited or ₹ 99 – you could read with their free app on PC/tablet/mobile, no Kindle necessary).
It is a book that tells you how to travel anywhere on a budget (eg. to Europe at 50% lower costs) and specific investment advice for young earners.
The ultimate guide to travel by Pranav Surya is a deep dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for ₹199 (you will be emailed the pdf after payment)
You Can Be Rich Too with Goal-Based Investing
My first book with PV Subramanyam helps you ask the risk questions about money, seek simple solutions and find your own personalised answers with nine online calculator modules.
The book is available at:
Amazon Hardcover Rs. 271. 32% OFF
Infibeam Now just Rs. 270 32% OFF. If you use a mobikwik wallet, and purchase via infibeam, you can get up to 100% cashback!!
Flipkart Rs. 279. 30% off
Kindle at Amazon.in (Rs.271) Read with free app
Google PlayRs. 271 Read on your PC/Tablet/Mobile
Now in Hindi!
Order the Hindi version via this link
Connect with us on social media
- Twitter @freefincal
- Subscribe to our Youtube Videos
- Posts feed via: Feedburner
- We are also on Google Plus and Pinterest
Do check out my books
My first book is now available at a 35% discount for Rs. 258. It comes with nine online calculators. Get it now . The Kindle edition is only Rs. 199.
Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You WantMy second book is now only Rs 199 (Kindle Rs. 99) Get it or gift it to a young earner
The ultimate guide to travel by Pranav SuryaThis is a deep dive analysis into vacation planning, finding cheap flights, budget accommodation, what to do when travelling, how travelling slowly is better financially and psychologically with links to the web pages and hand-holding at every step. Get the pdf for ₹199 (instant download)
Free Apps for your Android PhoneAll calculators from our book, “You can be Rich Too” are now available on Google Play!
Install Financial Freedom App! (Google Play Store)
Install Freefincal Retirement Planner App! (Google Play Store)
Find out if you have enough to say "FU" to your employer (Google Play Store)