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Book Reviews ‘Advisors should follow the 80/20rule; listen 80% and talk 20%’

‘Advisors should follow the 80/20rule; listen 80% and talk 20%’

Ramesh Bhat says that successful advisors should listen more and Yogita Dand found out that around 10,000 hours of work is needed to become an expert in any field.
Darshita Shah Jan 4, 2017

Ramesh Bhat, Aniram

I was attending an event where one of the speakers was Raamdeo Agrawal, co-founder of Motilal Oswal Financial Services. It was at this event that I came across his book ‘The art of wealth creation’. Intrigued by the book’s title, I picked up the book.

Raamdeo has shared his decades of wisdom in this book. An important highlight of this book is that it makes us realize how we make the mistake of ignoring great companies and fall into the trap of buying terrible companies. He has also explained how we should identify successful stocks.

I recommend this book to my clients because it helps them understand that the art of wealth creation can be mastered only over time. 

Another book which I would like to recommend to my peers is ‘Questions Great Financial Advisors Ask and Investors Need to Know’ which is authored by Alan Parisse and David Richman. This book was recommended to me by my daughter.

As the name suggests, the book gives us insightful anecdotes on author’s encounter with various people and all the possible questions they ask. Both the authors have brilliantly diagnosed and understood their clients’ unique investment requirements and what ultimately determines our success as an advisor.

The book taught me that it is necessary to ask the right questions in order to get the best response from clients. Hence one needs to stick to the 80/20 rule; listen 80% and talk 20%.

Yogita Dand, Asky Financial Services

I am reading a book ‘Outliers: The Story of Success’ authored by Malcolm Gladwell. The author says that outlier is truly an exceptional individual who is superior in his or her field. The book is divided into two parts; first part talks about opportunities and the second part deals with legacy. To make his point, Malcolm shares examples of personalities such as Bill Gates, Steve Jobs and many other renowned individuals who are experts in their respective fields. These personalities have become great because they have constantly worked towards achieving their goals. The author estimates that one needs to dedicate a minimum of 10,000 hours to become an ‘outlier’.

The book has taught me that in order to gain expertise in any field, practice is a must. In fact, according to the author any individual can make it to the top if he works towards his goals. One has to chase the opportunity at right time and make the most of it.

 

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