Vishal Dhawan, Founder & Chief Financial Planner, Plan Ahead Wealth Advisors
While searching a book on robust practices for financial advisors, I came across a book ‘Complete Guide to Practice Management: Tips, Tools, and Templates for the Financial Adviser’ authored by Deena Katz. Deena Katz is one of the most influential person and internationally recognized in the financial planning profession.
This book is a complete guide on how to run a professional financial practice. It covers the following areas:
- Process of setting up an office
- Using technology effectively
- Administration, staffing and marketing
- Adapting changes in market
- Categorizing clients
- Building a long term relationship
The book not only talks about ‘what’ needs to be done but it also covers the execution part - ‘how’ to execute a financial plan.
Besides, I learned that managing your time is important. Also, I learned that delegation is essential so that you can save time and concentrate on other important matters related to business.
I have got many insights from this book and I recommend it to all budding as well as established advisors.
Nisreen Mamaji, Founder, Money Works Financial Advisors
I read this book ‘Common Sense on Mutual Funds’ by John Bogle. This book doesn't talk about what we already know - beating the market, picking right mutual funds, asset allocation or Modern Portfolio Theory. Rather, the book delves deep on how the mutual fund industry functions. It throws light on a very important topic which is the cost structure of mutual funds.
I used to believe that high costs are justified in some cases but after reading this book I realized that even a small difference in cost makes an enormous difference in the returns in the long term. The book also examines the fundamentals of the mutual fund investing in today’s turbulent markets. I would recommend this book to both advisors and investors.
Another book which inspired me is ‘Rich Dad and Poor Dad: What the Rich Teach their Kids about Money that the Poor and Middle Class Do Not’ authored by Robert Kiyosaki and Sharon Lechter. The book talks about the importance of financial independence and building wealth through investing, starting and owning businesses and increasing one's financial intelligence.
