What inspired you to take up financial advisory?
I started my career in banking over two decades back when the only thing on offer for investment was bank deposits or RBI bonds. At that time, 'private banking' was introduced in a few foreign banks. The 'private banking ' departments brought in the concept of building portfolios for HNIs through investments in MFs, direct equity, corporate deposits, RBI bonds etc. Later, the concept of 'Financial Planning' was introduced in India. That is when I started realising the huge scope of financial advisory and the impact it can have on family wealth. So in 2003, I decided to quit banking and take the plunge as an entrepreneur to start a boutique wealth management firm for a select clientele.
What are the challenges that are unique to women IFAs?
The hurdles are similar to those faced by women in most fields - juggling the home & business front. I believe success largely depends on meritocracy. Capital League is run by professionally qualified women. Our clients take us seriously because we take ourselves seriously. We are continuously investing our time & resources in keeping ourselves updated with the latest developments in our field. Our team members regularly undergo training in both technical & soft skills.
Clients take our advice because they know that advice has been offered after a lot of thought & consideration to what is appropriate for that client’s family. Also, the advice is backed by in-house research & due diligence.
Do women take better investment decisions? If yes, why?
Women by nature are wired differently than men. This is the reason boards of all large global corporations try to have gender diversity. This is also the reason it has now been made mandatory to have a woman on the board of Indian companies.
Women generally tend to think of money more in terms of goals/end objectives like higher education, funding a house, retirement etc. This trait is supportive of long term financial planning.
Women by nature are nurturers so they think and react differently. I would not support a generic statement like women or men are 'better' in any specific field. But there is a definite value-add to have diversity in thinking & approach to any field.
What is your advice to budding women financial planners?
Every year I see more women IFAs joining the fraternity.
I believe technology has helped this field a lot. Women financial planners can leverage technology to get access to views of fund managers, updates on products & updates on market developments. Technology has also made it vastly easier to keep in touch with clients, create portfolios and address issues from anywhere over a smart phone or laptop. This has given women much more flexibility in both working hours & working locations.
