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Financial Planning How can you help your clients make better financial choices this festive season?

How can you help your clients make better financial choices this festive season?

The festive season has begun. So here are a few tips to help your clients manage their money better this festive season.
Banali Banerjee Oct 7, 2016

It’s around that time of the year when we ignore all our financial worries and go on a shopping spree. Yes, the festive season has begun and right from wearing new clothes, eating at a new restaurant or going on a holiday, it is easy to get caught in the euphoric mood. And with so many websites offering attractive deals and discounts, your clients too could fail to resist the temptation and end up splurging.

However, many a time clients feel the pressure to meet the expectations from family of buying expensive gifts and this can affect their finances. For example, suppose your client confides you that her cash flow situation is not good but she still wants to spend more? This may not be an isolated case. More and more Indians like to buy now and pay later, not quite realising that such borrowings could impact their finances severely later.

Also, many employees get bonuses during festivals. So a majority of us like to spend this bonus rather than save it for future. This is where a financial planner has to play an important role to help their clients spend prudently.

So how can you help your clients spend wisely this festive season? Here are a few tips that may help you:

Help them prepare a budget: While you may have made financial plans to help clients achieve their long term goals you would do well to prepare a ‘festive budget’ for your client. “Festivals means connecting with our family and friends.  We go with our emotions rather than logic. Preparing a budget can help investors keep track of their investments which will allow them to focus on their needs,” says Suresh Sadagopan of Ladder7 Advisories.

“We generally prepare a different budget to fulfil festival requirements. If we have set Rs. 50, 000 as festival budget, we make it mandatory for our clients not to breach this limit,” adds Suresh.

Help them use their bonus effectively: For many, festival season also brings in bonuses. But very rarely do we use this bonus smartly. To help clients use bonus prudently, you should help them to identify the right priorities and use the bonus only in accordance with that. For instance, if your client is receiving a Diwali bonus, then you can help them determine how they can use this additional income sensibly. They can use some part to prepay their EMIs or allocate some money towards a contingency fund. Apart from this, you can also help set aside a part of it for festival purchases or for a vacation.

Help them set their expectations right: Whether it is an HNI or a retail client, various studies have revealed that investors always prefer spending over investing. Also, often while expressing our love for the family, we tend to go overboard to give them expensive gifts. “Our lives revolve around our families. Whatever we do is to make them happy but this does not mean that we should go beyond our means. One has to be financially disciplined and to do this it is not necessary to shower your love only through costly gifts. Making proper investments or buying an insurance cover can also add value to a family’s wellbeing,” says Nikhil Kothari of Etica Wealth Management.

Don’t get lured by discounts and sale: Ecommerce websites are showering huge festive discounts which may make us buy more than what we really need. Similarly, when we go out in a mall to buy something specific, we often end up buying other things even if they are not on our buying list.

“We recommend them to shop only for the things which they need. For instance, if my client has bought a cell phone last year, I do not allow them to buy again this year even if they wish to. We have to be strict with their spending,” advises Suresh.

The festive season brings in joy, celebration and prosperity. It is a time when we can enliven our personal lives. A regular check on the finances can help them enjoy this festive season with no worries. 

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Robert Glen · 9 months ago

Project Funding and Banking Instrument Such As {(BG/SBLC/LC/DC/MTN)} for lease and purchase


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Felix Zeman · 2 months ago
Please read my provider's BG/SBLC Sale Transaction Procedure below and see if it will suit your requirements.


1.    Buyer submits Letter Of Intent (LOI) with full banking coordinates (there must be sufficient cash funds in this account), Enlarged 140% Colour copy of Passport , Client Information Sheet , Certificate of Incorporation (if applicable), Corporate Resolution (if applicable), Non-Solicitation Statement, and an Irrevocable Fee Protection Agreement .

2.    After conducting due diligence, the Seller will countersign the LOI and return it to Buyer including details of the BG Issuing bank, and Seller’s Passport copy. This LOI automatically becomes a full commercial recourse contract and will be notarized to avoid contract breach and Buyer will be required to take care of notarization expenses of the contract documents here in UK. After notarization of the contract documents here in the UK, both parties shall lodge the executed contract with their respective Banks.

3.    Within two (2) banking days, the Seller’s Bank shall send a PRE-ADVICE SWIFT MT199 or MT-799 to the Buyer’s Bank. (EXHIBIT A )  The PRE-ADVICE shall be valid for  four (4) banking days only.

4.    Within the same banking day, the Seller shall email a courtesy copy of the PRE-ADVICE SWIFT MT199 or MT-799 to the Buyer for confirmation. Within three (3) banking days after authentication of the PRE-ADVICE SWIFT MT199 or MT-799, the Buyer’s Bank shall reply and send a  SWIFT MT-799 to the Seller’s bank and a courtesy copy shall be sent  to the Seller’s email.

5.    Within three (3) banking days, after authentication of the Buyer’s SWIFT MT-799, the Seller’s BG Issuing Bank shall send the Bank Guarantee via SWIFT MT-760 to the Buyer’s Bank  ( EXHIBIT B ) and a courtesy copy shall be sent to the Buyer’s email. The Buyer’s bank verifies and authenticate the BG sent via SWIFT MT-760.

6.    Within three (3) banking days, after authentication of the BG sent via SWIFT MT-760, the Buyer shall send payment to the Seller via SWIFT MT-103 and concurrently pay Consultants commission fees of Two Percent of each tranche face value. Courtesy copies of the commission payments shall be sent to the respective consultants/beneficiaries and their paymasters.

7.    Within seven (7) banking days after authentication of receipt of payment to the Seller, the Seller’s BG Issuing Bank shall send the hard copy of the BG to the Buyer’s Bank  via Bank Bonded Courier.

8.    All subsequent tranches will be based on the same procedures until collateral or funds become exhausted.

9.    Any unauthorized calls by any party or its representative lawyers to probe or communicate in an improper way to bank(s) in this transaction shall be prohibited and contract terminated.

10. Please, Ready, Study and Understand VERY WELL, we will work STRICTLY base on this Transaction Procedure.


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I look forward to a mutually beneficial business relationship.


Felix Zeman.
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