What inspired you to get into financial advisory?
It was not a planned move. When I was asked to set up the Private Wealth Management Group in ILFS Investsmart, I thought it would be interesting because I had a passion to be a part of new team and setting up new ventures. I decided to join ILFS Investsmart in 1999 and then set up my own wealth management company in 2005 with the support and encouragement from my clients.
What were you doing before venturing into financial advisory?
I completed my Diploma in Cost Accounting and a double Masters in Finance & Marketing from Webster University, Geneva, Switzerland in 1991.
In 1997, I joined the small five-member team of Tanishq, it was a new brand, with just two showrooms. I was with Tanishq for 11 months, during which we set up 11 showrooms and I learnt a lot. It was a holistic learning experience with a focus on marketing.
Subsequently, I joined Jet Airways where I learnt the powerful tool of sales, a very essential part of becoming an entrepreneur. In November 1999, I moved to ILFS Investsmart where my finance skills were tested. I found my calling in ILFS Investmart. I set up the Private Wealth Management Group of ILFS Investmart and was with them for five years. After gaining experience, I decided to start my own venture, Sinhasi Consultants. This was possible only with the support, love and faith that my clients had in me.
How were the initial days of your business? What kind of challenges did you face?
I must say that the initial days were good since I had the support and faith from clients who were happy to invest their money with Sinhasi. They also referred me to new clients. I worked hard all the time since I love what I do! And the markets were also supportive.
The problems began in 2007, when the markets had gone up too much. The return expectations from clients were very high, everyone with or without work experience had become a financial advisor and too many structured products were available with high return promises.
Additionally, the demand of salaries working in this industry had zoomed as they were used to 30 – 40% annual salary increments with fancy bonuses. This was very tough to handle as an entrepreneur. Thankfully, we had the 2008 global market meltdown which brought some sanity in the financial services sector.
This was the testing time for the market leaders. Only the strong advisors survived. Since we were very clear right from the beginning on planning and asset allocation, it was easy for us to move clients into our unique holistic financial planning model. I believe being conservative, following the asset allocation discipline and not getting carried away with adding too many investment products proved to be a great boon to us.
How did you acquire clients?
When I started Sinhasi, many clients moved with me since they were the ones who encouraged me to set up my business. I continue to manage their investments till date. I assume that the hard, committed and focussed work that I did for five years at ILFS Investsmart has paid off.
Tell us about your business model? What kind of services are you offering?
We prepare customized financial plans for all our clients. We believe that money cannot be managed in parts without knowing the whole.
We also deal with specialized experts in managing equity investments and are also experts in the life insurance planning space.
We offer a focused range of relevant investment opportunities and solutions after prudent analysis of each product. We have expertise in direct equity, equity and debt mutual funds, real estate, portfolio management schemes, structured products, private equity funds, FDs, bonds, debentures, post office schemes, life and health insurance, will & estate planning.
What are your biggest learnings as a financial advisor?
Being conservative, disciplined and simple have been my biggest learning throughout this journey. Clearly define client expectations – both in terms of returns as well as service expectations and stick to asset allocation. This business is about mutual respect and this must be clearly understood since investing is for the long term and the relationships must be sustainable.
Protect the client by saying ‘no’ to many products which may be promising great returns but do not suit the risk appetite or asset allocation of the client.
Please share a memorable moment in your financial advisory journey…
There are many moments to share. I can recall our first major event in our office in 2007 where our esteemed clients Kiran Mazumdar Shaw, Sunil Alagh and Dr Sunita Maheshwari, all business leaders, came to our office for a dinner evening.
Also, we conducted our first annual Sinhasi Intelligent Investing Forum in April 2014. We invited many eminent experts to speak at our event. Mohandas Pai, Chairman, Manipal Global Education Services, Prashant Jain, ED & CIO, HDFC AMC, Prof Vaidyanathan, Head - Finance & Control, IIM Bangalore, N Rangachary, retired as the first Chairman, IRDA, V. Balakrishnan, ex CFO, Infosys, were some of the prominent speakers.
What is your key to success?
I am a Yoga teacher and run a Yoga school. Yoga has improved my concentration skills and has helped me become more disciplined and patient. These skills help you in the road of financial advisory. Focus and discipline are the keys to success.
Your future plans
To always keep implementing and upgrading best practices into the Sinhasi advisory and service platform, to expand our client base in a sustainable manner and to address a wider platform on financial literacy.
We want to be the preferred financial advisor and custodian to many professionals who seek expert partners to protect and grow their wealth.