Steven Fernandes took insurance advisory as a
part-time job to supplement his income in 2000. Today, he provides
comprehensive financial planning to 35 families.
Steven Fernandes worked as a Business Executive with printing firm Repro India.Steven was mulling of ways to supplement his income. An avid follower of the developments in business and finance, one day, he came across an article in Outlook Money which talked about the prospects of insurance business. Inspired by the article, Steven enrolled with Kotak Life Insurance. After attending a day-long training session, he began researching insurance products.
His job left him with little time to pursue his part-time career but Steven was intent on making it big as an insurance advisor. He began meeting his friends and acquaintances on weekends to apprise them of his services. Though initially, client conversion was tough, Steven learned the ropes quickly and saw his client base expand steadily. Over a period of time his client base grew further and he decided to quit his job in 2001.
Steven soon took up mutual fund distribution
too which provided him with a good stream of income. Steven realized that he
wanted to provide a holistic solution to his clients which went much beyond
just selling insurance policies and mutual funds.
This is when he sought Gaurav Mashruwala’s
advice who suggested that Steven take up financial planning. Gaurav also
recommended the CFP program to Steven. That was the turning point in Steven’s
career.
He made the shift to providing comprehensive
financial planning in 2009 when the entry loads got abolished. He floated a
company called Proficient Financial Planners the same year.
Steven’s earnings were impacted by the entry
load ban. He sent emails to all his clients informing them of his intent to
offer financial planning services for a fee. Some of his clients agreed. One of
his first fee clients was among the clients who had bought a Kotak Life policy.
The client was so impressed with his financial plan that he offered to pay Rs
5000 for it on his own!
Steven began spreading the word about financial planning in companies but it didn’t pay off. He then began writing in media which gave him good visibility. Today, his case studies are published regularly in Business Standard newspaper. He gives presentations occasionally in churches also.
Steven is also a part of a business networking group called ‘Dimensions’ which helps him connect with a wide range of entrepreneurs and talk about his services. Steven is also a member of The Financial Planners Guild, India.
With a staff of three, Steven provides comprehensive financial planning services to 35 families currently, which he plans expanding to 100 families.