In the latest edition of ‘Principal Business Champions – Winning Ideas’, advisors have shared touching stories of being a true friend of their client by helping him in difficult times.
A joint initiative of Principal Mutual Fund and Cafemutual, ‘Principal Business Champions – Winning Ideas’ offers IFAs a platform to share their experiences with each other.
This time too, the contest received tremendous response from the advisory community. Here are the entries that received the highest votes.
Winner on Twitter: Mukul H. Agarwal, Circle Wealth Advisors, Mumbai
We secured a client financially after her husband committed suicide.
A client committed suicide as he was facing financial difficulties in business. However, both the police and family members suspected the wife’s involvement.
Already distraught at her husband’s unexpected demise, the accusations were a big blow to her. We decided to intervene and set up multiple meetings with family members to clear the air. Simultaneously, we also took steps to secure the client’s wife and kid financially.
We started the process by transferring all investments in her name and filing the death claim. This money would help the wife manage their immediate expenses. Next step was transferring their house in the wife’s name. The absence of a proper nomination and an outstanding home loan were the hurdles we had to overcome during the process. As it was a suicide case, the insurer demanded multiple documents before paying the mortgage loan. We had to enlist the help of lawyers and visit the insurer, bank and police station multiple times to complete the transfer. The entire process took a year. Through these efforts, we were able to secure the family financially.
Winner on Website: Porush Sharaf and Raj Awasthi, Kalpataru Wealth Solutions, Mumbai
We helped a client rightfully claim her inheritance.
One of my elderly client’s mother was reluctant to share her wealth with children as she believed that her children would recklessly splurge her wealth and abandon her once they inherited wealth. As a result, when her mother expired, the client had no clue about her mother’s bank balance and investments.
To trace her wealth, we had to go through her bank statement thoroughly. Moreover, with no nomination, transferring these assets in the client’s name was a challenge. We enlisted a lawyer to help us with all the formalities. We also invested these assets carefully to fulfil the client’s retirement needs. The entire process took two and a half years but today the client is leading a happy retired life.
Winner on Facebook: Mithun Jathal, ClientFirst, Ahmedabad
I helped a client facing cash crunch get a loan against his investments
A client was facing severe cash shortage in business. As the company’s income tax returns did not show substantial profits, he was unable to secure a working capital loan from a bank. In addition, the client did not want to redeem his investments, which he had invested for children education. So, he approached me for an alternative. I took a stock of the client’s PPF, insurance and mutual fund investments and helped him secure a loan against these securities.
In two years, he has not only repaid the loan, he started investing again as he knew that he could use his investments as collateral.
