His columns and TV appearances have made a well known name in the financial advisory domain. Jayshree Pyasi finds that Gaurav is not just a writer but also a financial planner, teacher and a trainer
Background
Gaurav hails from a business family so the idea of setting up his own business has been with him since childhood. Coming from a conventional Gujarati family, Gaurav understood the importance of wealth management at an early stage.
“I was expected to write my own budget and was taught book-keeping at a very young age. My dad used to take me to Nani Palkhiwala’s budget speeches which were a source of inspiration and knowledge,” reminiscences Gaurav.
As Gaurav recalls, he was very clear about his career path; a career aptitude test in school showed that he was destined to set up his own financial services and he ended up doing the same.
Initial days of struggle
Gaurav had always wanted to be on his own. And it was due to this reason that in spite of an MBA, Gaurav chose to look for independent projects.
His first venture was with MarketLink who had tied up with a foreign bank to build up their independent direct sales and marketing force. Gaurav takes pride in the fact that he is amongst the first people who gave direct sales, tele-advertising and marketing the momentum it needed to make it the revolution it is today. He worked on the project for two and a half years.
His next project was more challenging. A bank was looking to set up a branch in Coimbatore. Gaurav offered to set up their team in Coimbatore but since he did not have money to go to Coimbatore he asked them to fund him!
“This could have gone either way for me. I could have lost the project but the bank agreed. Apparently, they believed in my skills and gave me a chance to prove myself,” says Gaurav.
But setting up a sales team was a daunting task. Gaurav recalls, “With no experience or big name backing us, it was difficult to put a team together.”
Gaurav recalls similar instances in Mumbai where he and his wife used to keep waiting for people to respond to the classified ads.
But in those trying times, Gaurav received immense support from everyone around him, be it his family or the Xerox wala who used to Xerox his documents on monthly basis and take payments from Gaurav on the tenth of every month.
Gaurav repaid their support by being loyal to them. He still does not have a photocopier at his office. He still takes computers for his office from the man who assembled the first computer for him. He didn’t get a vending machine for his office and insists that ‘chotu’ who has been serving him tea for so long is a better tea maker.
Setting up of ACE (A Cutting Edge)
In the first decade of Gaurav focused more on distributing financial products including bank accounts loans, insurance and ATM cards. His data for prospective clients was generated through a painstaking process and was a byproduct of his independent efforts.
In 2000 Gaurav realized that he did not want to be just a distributor of products but wanted to advice people on their financial matters. To further his knowledge Gaurav took up the certified financial planning course and is a part of the first batch of CFPs in India.
“We decided that we would like to write prescription than to sell medicine. By the year 2000, we were sitting on a huge database, so migrating from one area of expertise in personal financial sector to another area was comparatively easier,” says Gaurav.
ACE today
At ACE, Gaurav concentrates on making his clients reach financial autonomy. For him financial planning is not about living a wealthy financial life but a healthy financial life.
“ACE is all about transforming financial lives. We deal with clients’ emotions related to their money and try to ease their anxiety,” asserts Gaurav.
ACE stands tall in the financial planning space in Mumbai. ACE caters to 80-100 families on a retainership basis. With hundreds of families serviced, Gaurav has touched upon many lives. He has boxes full of letters of thanks and appreciation from clients, readers, viewers and advisors alike.
“I keep on getting appreciative mails and emails from satisfied clients. Some people do not do ‘GrahPravesh Pooja’ of their house without me. There has always been an emotional connection with my clients at some level,” says Gaurav.
Multifaceted Gaurav
Gaurav is not just a financial planner and advisor but also a writer, columnist, teacher and a trainer too. He has authored ‘Essential Guide to Carefree Retirement’ and was a consulting editor of ‘Layman's Guide to Wealth Creation’. He is also a visiting faculty in various management institutes.
Gaurav Mashruwala is one of the first advisors who started charging a fee. Rather than fight competition, Gaurav believes in staying ahead.“I do not believe in fighting stiff competition but creating a new segment where I am amongst the first movers. I have the constant urge to upgrade myself whether it is in the terms of my knowledge and skills as financial planner,” says Gaurav.
Words of advice
When asked to share a piece of wisdom for the benefit of young IFAs, Gaurav says, “As long as one loves the profession then one would never have to work for it, as work becomes fun. So, to be successful, be in love with your profession and be passionate about your work.”