Financial advisers -what they do Part 2

I did an article on what you do as an adviser…and why you should send it across to your friends and relatives. Many of them think that you pick investment options. Here are some more things that you do -and these are far, far more important…

1. You act as a counselor for their choice of college, bridegroom, change of jobs, divorce, marriage,……..well mostly free of course.
2. You tell them about how to structure their business. Oops. Yes you give a perspective, do you not?
3. You get them to get off debt as soon as possible.
4. You hand hold them when their neighbor tells them how he is getting 30% per year, risk free, from trading options.
5. You tell them that the ‘Golden Deer’ that Sita wanted was a myth.
6. You tell them that gambling is addicting – like Yudhishtara found out, AFTER the event.
7. You are the voice of reason – and after a fight the couple turns to you for arbitration
8. You are the voice of reason – when big expensive things are being planned.
9. You help them plan their kids education and marriage – while keeping the couple’s dignified retirement is kept in your mind.
10. You explain the “term insurance with return of premium” is like French Fries and Term insurance is like boiled potato. The derivative is terrible version of the original.
11. You handhold them between jobs, during a divorce, during a partnership break – and you have the maturity of silence.
12. You give free advice to his friends, kids, parents, …and you know it is FREE.
13. You shift money from Indian equities to US equities and maybe 5 years later shift it back. Or maybe you don’t.
14. You explain that debt funds and equity funds have risk, and the ONLY way to conquer risk is by patience.
15. You tell him that investing in an MNC telecom provider and the Birla group company is not being flashy, it was a requirement. AND the money will be recovered – in due course of time.
16. You like being a therapist and some times receiving therapy – and you surely show it to them.

Well 35 points in 2 days! I am sure you have enough to talk to your client about what you do. Oh of course you do financial planning and product selection too….

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