The search for India's first perfect planner has finally come to an end. Vinod Prajapati of Millionsworth Financial Services has emerged as the winner of the tough contest, which saw participation from 113 financial intermediaries.
The entries of most of the participants were up to mark. According to the jury, Prajapati's entry stood out as he took into account even small details like provisioning for Preeti's mother in law's health care needs for future and offered multiple options to clients to deal with existing liabilities.
Prajapati is a certified financial planner based in Mumbai. He started his own financial services company called Millionsworth in March 2020. Before starting on his own, he used to work with Plan Ahead Wealth Advisors. Prajapati has a bachelor's degree in Management Studies.
How the winner was selected
The contest saw participation from 113 financial intermediaries. After the initial vetting, 47 entries were sent to the jury for evaluation. The jury made certain checks and shortlisted the best 15 for the final round.
Given the high quality of responses, the winner was finally decided on the ability of the MFD to spot even small loopholes. The three criteria used to decide the winner are:
1. Eye for details like making necessary lumpsum provisions for Preeti's mother-in-law other than health insurance
2. Tackling the tricky part as Preeti is not an earning member of the family, the jury felt that there is no need to buy a term insurance for her
3. Offering multiple options to deal with liability of Preeti like working out both the scenarios for payment of home loan i.e. what would happen if she pays of home loan or continues with the EMI
There were a number of entries which did well on one or two parameters but only Prajapati covered all the three among the top entries.
We are thankful to all the participants for making this contest a success. All the participants will be receiving digital certificates.
The winner will get a certificate, trophy and an Amazon voucher.
Here is the case study:
45-year-old Preeti lost her husband Arjun due to covid. Arjun was the sole bread earner in the family and is survived by his wife, ageing mother and 12 year old daughter.
Preeti will get Rs.2 crore from an insurance company and Rs.32 lakh from Arjun’s employer in the form of provident fund and gratuity.
Preeti knows that Arjun was investing in mutual funds through SIPs but she has no idea on how to get this money. The current value of his MF holdings is Rs.17 lakh.
Now, Preeti approaches you to get help on mutual funds. She also wants to you devise a mutual fund investment plan to fund her daughter’s higher education in 6 years and wedding in 15 years.
Preeti also wants your help to generate regular income to meet household expenses which include medical expenses of her mother-in-law. Currently, the family spends Rs.28,000 per month to meet monthly household expenses.
Preeti does not have term insurance and medical insurance. Also, Arjun had an outstanding house loan of Rs.33 lakh.
You can go through Vinod’s entry by clicking here.
