The Association of Registered Investment Advisers (ARIA) recently conducted its Annual Flagship Summit - ASPIRE 2022 to uncover the emerging trends in the financial advisory business. It hosted expert speakers who shared their views with the attendees on business planning, prospecting, client management and fast-moving technology trends amongst other topics.
TV Mohandas Pai was the keynote speaker at the summit. TV Mohandas is the Chairman of 3one4 Capital, Co-founder & Chairman of Aarin Capital and Chairman of Manipal Global Education. He spoke about trust as an important asset for financial planners.
In addition, ASPIRE 2022 hosted Nithin Kamath, Founder, Zerodha who highlighted the importance of considering risk when it comes to investing.
Here are the excerpts:
TV Mohandas Pai
You are in the marketplace when you are a trusted player. Trust will define your brand equity.
To work in a regulated environment, you must have professional qualifications and continuously upgrade yourself. You should have a problem-solving attitude & ‘Client First’ focus. Your advice should be based on data & facts. Further, fiduciary responsibilities bind you. While compliances are complex, the best way to manage is to hire people of a high standard with high ethics. Placing the client’s interest first, the code of conduct is a badge of honour.
Nithin Kamath
The problem with most investors is that they don't consider risk and focus on rewards that are not in control. You have to make a significant difference in your client’s life. 'Advisory First' the ecosystem is the way to go. Platforms like us can't exist unless clients do well with their money.
Also, robo advisory does not work when people want to make money decisions. There is a need for more RIAs who understand client needs and can plan holistically. However, we have to find ways to use technology and reach more people. This is where platforms can make a difference.
Lastly, in his concluding thoughts, Nithin shared with the attendees, ‘Don't chase reward - consider risk’ is the best advice that he ever received.
