In an interview with Yogita Khatri of myiris.com, Kirit Nagda, CEO, Relationship Life Time Services says, ``Knowledge of financial avenues available in today`s environment should be given from school & college levels compulsory.``
Kirit Nagda is working in finance field for last 27 years. He has been financial advisor since 2002. He takes care of research & strategic issues besides taking overall responsibility of the consultancy with updated current financial scenario.
What is Relationship Life Time Services about and what are the services you offer to the clients?
Relationship Life Time Services (www.myfinancialplanner.co.in) is an independent, customer driven financial planning & wealth advisory consultancy with its strong focus on independent & unbiased objective based advice. The company is dedicated to providing customized financial planning & wealth management services.
Tell us about your current business model, AUM etc. and what are your typical clients like?
The soul of our business model is strongly believe in providing financial planning and wealth management advice rather than just selling financial products. We are very sure from the start that we do not want to become a brokerage generating company. We have 500+ clients. We have both domestic and NRI clients.
What do you consider today the biggest weaknesses in the relationship between a client and his financial advisor?
In my opinion, I think the actual shortcoming here is a self understanding level & resistance to change. People need to ask themselves now they need a friend, relative or someone who would actually manage wealth carefully. People tend to forget why they actually need a financial advisor; it`s not just about setting goals but also working to achieve them.
What are the most important things a client should demand from his financial advisor with regard to a good investment strategy?
From my view it should be transparency, honesty, ethical, in action attitude & keep.
In these turbulent times, what are the options a retail investor should look at?
Despite the turbulence, there will always be plethora of investment options available. Market timing is like flipping a coin & so it is very important for investors to look inwards - to take the very first three steps to investing - identify an investment goal, identify the time horizon to get to it, identify the level of risk that he or she can take.
How many life insurance companies do you deal with? How much is the whole insurance business in your total?
As of now we are dealing with two life insurance companies.
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 manager?
We are empanelled with mostly all top fund houses & are dealing with 10-15 of them. Our maximum AUM is in Reliance & HDFC Mutual Fund. There are no all-time favorite schemes; it all depends on individual needs & requirements of the portfolio. But yes, if I were to chose one, it would be HDFC Equity Fund & no doubt so his fund manager Prashant Jain, the one thing that makes him different from other high-performing peers is he doesn`t take undue risk, sticks to his conviction. No wonder the market wonders how he goes on & on & on.
What role should gold and gold ETFs play in the portfolios of retail investors?
Gold ETFs are effective form of investments compare to the physical gold. In addition, it is an excellent portfolio diversifier & an investor should at least have 5%-10% of investment in it, depending upon individual portfolio.
Taking a look into the future, what do you see as the most important trends in wealth management, especially given the background of the financial crisis?
One of the major changes we see is the accelerated evolution toward holistic management of wealth strategies. There is now an expanding understanding of risk & asset allocation strategies. Capital management strategies are explicitly quantifying risks and playing a more critical role in driving decision-making.
What are your business plans for over next few years? Where do you see yourself 3 years from now?
For now, we can just say to ensure creation of the desired, value for customers through constant improvement, innovation & commitment to service & quality.
Is there anything else you would like to share with our readers?
Knowledge of financial avenues available in today`s environment should be given from school & college levels compulsory.
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