Leading financial planners of India and foreign countries shared their experiences and gave tips on business development.
Over 180 delegates and speakers including financial planning experts, fund officials and wealth managers gathered at the Financial Planning Symposium 2013-14 held on November 17 in Mumbai.
The theme of the symposium was ‘Managing Financial Planning Practice Amidst Dynamic Economic Environment’.
In a panel discussion on ‘Retirement Planning - The Emerging Scenario in India and the Global Experience’ moderated by Richard Salmen, Senior VP, GTRUST Financial Partners, industry experts like Deepa Kotnis, Chief General Manager, PFRDA, David D Mirabito, Former President Estate Planning Council, New York, Kapil Narang of Ameriprise India, Kathleen A Keegan of KM Capital, Satya Mitra, Tax and Financial Consultant and Vishal Kapoor, GM, Wealth Management , Standard Chartered Bank suggested financial advisers to target young professionals through pensions products since these products give tax advantage and accumulate wealth for old age. Financial planners from foreign countries said that this strategy worked out well for them too.
In another panel discussion on ‘Financial Planning and Life Planning’ moderated by Dan B Moisand, Former President FPA, the speakers deliberated on four areas – health protection, life protection, wealth creation and wealth protection.
On soft skill development, the panel opined to deepen the conversation with their clients by asking open ended questions. Some panelists also recommended advisers to build a healthy relationship through friendly conversations and by developing emotional quotients. Mukesh Dedhia of Ghalla Bhansali group stressed the need to understand clients with the help of psychology study and behavioral science.
Panel discussions were also held on ‘Segmenting Practice Serving Different Demographics and Segments’ and ‘Need for Regulations in Financial Advisory - Implications for Financial Planning.
