People have realized importance of emergency funds, shows a survey conducted by IFANow, Indian social networking platform for personal finance.
IFANow had surveyed 524 MFDs/advisors in India to get an understanding of their sentiment and impact of regulatory changes, digitalization and so on.
The survey revealed that 75% of respondents agree that their clients have approached them to plan for emergencies like pandemic. Further, 53% MFDs said that their clients want to save more without keeping in mind any specific goals. Another 16% MFDs have said that there is no change in preference of their clients.
Other key highlights of the survey:
- 52% of MFDs said that they would consider becoming an RIA but frequent regulatory changes is holding them back
- Clients willingness to pay fees, compliance issues, ability to charge fees and infrastructure costs are some of the factors holding MFDs back from applying for RIA license
- Distributors are open to collaborate with RIAs as plan B. 68% of MFDs said they are willing to collaborate with existing RIAs to offer financial planning to their clients
