If a client faces any financial issue, an advisor should be able to weather the crisis, says this Kolkata-based advisor.
Malhar Majumder is a CFP and a trainer by
profession. He believes in researching and discovering new strategies and
products in the financial planning space.
After completing his ICWA and CS in 1995, he joined Berger Paints as a compliance executive. Malhar was interested in legal subjects, and he enjoyed his first assignment. His hunger to learn new things made him quit his job in 1997 and become an accountant with Durgapur Projects Ltd. His responsibility was to look after the PF investments of the company’s 6,000 employees. This was his first brush with investment planning.
His company invested in the government’s Special Deposit Scheme (SDS), which gave 9% to 9.5% returns annually. But the scheme was scrapped in 2001 and Malhar had to figure out another alternative. He decided to invest in gilt funds.
Trusting his competence and judgement, even retired employees contacted Malhar to manage their investments. Post Office, UTI and LIC were popular venues back then. “Over a period of time, I realised that I was much more interested in investment planning rather than an accountant’s job,” says Malhar.
Seeking greener pastures, he moved to Mumbai In 2002, where he continued working in accounts with a local firm, hoping to master his financial skills. He attended a CFP seminar held by FPSB in 2003. He liked the concept, but was sceptical whether Indians would be ready to pay a fee for their financial plan.
Malhar quit his job, returned to Kolkata, and cleared a few NISM courses. He launched Value Shares in 2004. “Launching a firm was easy but selling financial products was difficult because I had never done a sales job. I only had the experience of working for corporate and government companies where people had to wait in queue to meet me and seek my suggestions on investment. It was difficult approaching people to sell products,” says Malhar.
Malhar became a CFP, but he feels people were not ready to accept detailed financial advice. “After completing my CFP, I prepared a 30-page questionnaire for a walk-in client and asked her to fill it up so that I could draft her financial plan. I never saw her again,” he says.
He closed down his venture and joined FPSB as a knowledge management officer. Malhar had to take care of PR, research and interaction with clients. He enjoyed teaching students the concepts of financial planning. After he quit FPSB, IMS Mumbai roped him in train bank officials across India.
People started approaching him for financial planning. Last year, he started Gliese Consulting Pvt with 25 clients across India. Malhar continues to conduct planning seminars, and plans to add 50-100 clients every year.
“I
call myself a trouble shooter. If an investor has any problem, be it recovery
of PF money, tax issues or negative rating in CIBIL records, I solve the issue
and write a financial plan,” says Malhar.