An Architect by profession, Swati Joshi of Moneybolism shares her journey into financial advisory.
What inspired you to get into financial advisory profession?
I am qualified Architect and was in consulting of interiors before entering the world of finance. I always had a passion for finance and realized that there is a great vacuum here. I discovered that there is very low financial awareness in our country. So I was inspired to get into financial advisory profession, when I started second innings of my career after my kids birth.
What advantages do women financial advisers have over their male counterparts?
Women have to strike a correct work-life balance. When we talk to clients they listen to us very carefully. When a couple comes to us for advice, the women are always more open with me, which gives the added advantage as generally all the household expenses are managed by women?. They start participating in financial decisions easily. I think that is the advantage being a women adviser.
Women do not normally call the shots even at home as far as investment decisions are concerned. This is true even for women who have independent source of income. As a finance professional, why do you think this is happening?
Women have a very good flair for financial management as they are very good at budgeting.
Earlier, our society was such that financial decisions were always taken by the head of the family - father, husband, brother, etc. Due to this culture, women never used to interfere in financial matters. But I think the times are changing. Last week, I organized a seminar at a renowned software firm in Thane. I spoke about women empowerment. It was attended by 65 women and all were very keen understand about finance.
As a woman financial adviser, what are the challenges faced by you?
As a woman, there are many challenges on both the personal and professional front. My job is very demanding as clients are trusting me with their money. So I have to be available 24x7. Being in this field for the last 12 years, I have actually become a family member of my clients. So it’s really challenging to keep the?m happy. One needs a lot of patience in this profession as you are handling people’s emotions. Also, I have to constantly upgrade my knowledge and keep abreast with all the latest developments.
What is your advice to women who aspire to become financial planners?
Financial advisory is a noble profession as it transforms you from an individual to a guide. Your advice changes your client’s life. It is somewhat akin to social work.
I would urge more women to enter this profession. I know this is a tough decision but I think nothing is easy in life. You’ll enjoy this profession more so because women can strike the right work-life balance.
‘My ultimate goal is to see my clients' walk the path of financial freedom’
Deepali Sen of Srujan Financial Advisers shares the challenges and opportunities for women financial planners in India.
What inspired you to get into financial advisory profession?
Coming from AMC background and having dealt with clients closely, I was always excited about entering this profession. The satisfaction of changing people's financial lives through a holistic way is the reward which this profession offers. My ultimate goal is to see my clients' walk the path of financial freedom.
What advantages do women financial advisors have over their male counterparts?
This is certainly a tough one to answer as not all men and women are alike and the differences can be varied as well as nuanced. From my experience, I have found women to be better organized. They have an eye for detail.
I have also found women to be more patient, better listeners, more creative and pragmatic than their male counterparts. This is one of the main reasons we find women workers dominating the service industry. Dealing with myriad sets of clients' being the prerequisite of our trade, this certainly helps.
Women are considered better multi-taskers. This allows them to calibrate their time between the professional and personal priorities.
Women do not normally call the shots even at home as far as investment decisions are concerned. This is true even for women who have independent source of income. As a finance professional, why do you think this is happening?
Patriarchal mindset drives this behavior. Given that we aren't treated as equals in our society, it's no surprise that women are accorded a backseat here too. Having said that, the situation is changing.
As a woman financial advisor, what are the challenges faced by you?
None which I find unique to our tribe.
Your advice to women who aspire to become financial planners?
- Energy, competence and integrity are the three key elements, though not necessarily in the same order. One needs to be passionate about this profession.
- Competence would mean one should have basic understanding of risk, products, markets and client behavior. They should have the ability to discern between ‘needs’ and ‘wants’, not being swayed by external noise and data enjoying dealing with all sorts of clients..
- Integrity would mean not recommending something which one wouldn't buy for oneself.
