These guys are highly qualified , Wears expensive suits , Lives in posh and affluent localities ,drives expensive cars , Good speakers & presenters , Extremely self motivated people, Look very cool and gives impression as they are relentlessly working for social & investors cause .Derives lot of social respect from society. Their job known as Financial Advisory. They don't carry ammunition or weapons but products more dangerous and powerful than nuclear bombs which create financial destruction to your life. They are least bothered about customer's financial fortunes ,they work for their personnel appraisal and bonuses, prescribes only financial products that only gives highest amount of revenues irrespective of associated risks with respective of products . Unlike communal terrorists they won’t cover their faces with masks but wears neck ties . Their motive is increase their Assets under management and revenue and always assures and talk about doubling of our invested money at a very short span of time.
They won't talk much time once your balance is Zero .They call Customer is KING but not treats at least as a Citizen once your balance is NIL . Financial services firms designates their sales staff as Financial Advisors that they look into their priorities but not the investor priorities while conducting financial planning.
Now especially in India , the Wealth Managers or financial planners or Relationship Managers irrespective of their designations their main motive is earn high revenue for the company. Of course its not wrong practice ,Every one have to work with profit motive , But it should not through misguiding and promoting illicit wrong advisory practices which leads to Investors Financial destructions. , they know they are not married to their companies but Profit with human touch is essential for long term sustainability of Relation & Business.
Customers and Investors are afraid and worried to go to Banks not of robbers , but because some one might do their financial planning !!. In reality these highly respected institutions doing their own financial planning but not customers. Recently one of my uncle asked me in surprise why my wealth managers from a reputed Bank is stopped suggesting Mutual Funds for investment, and only talk about Stock Portfolio Management Services (PMS) , derivative structured products and private equity products (P.E) .For some well known financial advisory firms irrespective of customer's needs & requirements wealth management means only Life Insurance since it gives highest revenue .
I am not against to any of these Financial advisory firms and persons , I have high regards and respect for the profession of financial advisory. But the problem lies in with most of the advisors and their prescription of products . We have clearly witnessed the lacuna in recent Citi Bank Gurgoan case and there are number of issues and instances which won't come to lime light because of illicit financial advisory . A communal terrorist might create destruction to the lives with their explosives and weapons . But the products these financial extremists carry in their bags like Derivative structured and high bandwidth financial products create greater destruction to your financial life and makes miserable if Investors are not educated on the risks associated with the same. Because of wrong advisory the entire life savings of a Investor will be evaporated in a single day .You don't get these destruction stories on print & electronic media as prime news to know .
In India there is no proper code of conduct to regulate , restrict and control activities of this financial advisory services .We have to blame all the financial regulators also for messing and perplexing the entire advisory activities. AMFI , IRDA,SEBI all the monetary & regulatory bodies are failed to construct , develop a standard uniform code of conduct for Financial advisory services . Since we are very well aware how these regulatory bodies acted in recent past
Ministry of Finance should take initiative to develop standard code of conduct for Financial advisory at base level as priority before they constitute Financial Stability and Development Council (FSDC) as super regulator . From Financial advisory firms perspective , they have construct and develop stringent norms to appraise products and stress on strong risk disclosure norms to customers before they distribute and sell Financial Products to prevent this fervid financial extremism & Extremists while advising financial products.
They won't talk much time once your balance is Zero .They call Customer is KING but not treats at least as a Citizen once your balance is NIL . Financial services firms designates their sales staff as Financial Advisors that they look into their priorities but not the investor priorities while conducting financial planning.
Now especially in India , the Wealth Managers or financial planners or Relationship Managers irrespective of their designations their main motive is earn high revenue for the company. Of course its not wrong practice ,Every one have to work with profit motive , But it should not through misguiding and promoting illicit wrong advisory practices which leads to Investors Financial destructions. , they know they are not married to their companies but Profit with human touch is essential for long term sustainability of Relation & Business.
Customers and Investors are afraid and worried to go to Banks not of robbers , but because some one might do their financial planning !!. In reality these highly respected institutions doing their own financial planning but not customers. Recently one of my uncle asked me in surprise why my wealth managers from a reputed Bank is stopped suggesting Mutual Funds for investment, and only talk about Stock Portfolio Management Services (PMS) , derivative structured products and private equity products (P.E) .For some well known financial advisory firms irrespective of customer's needs & requirements wealth management means only Life Insurance since it gives highest revenue .
I am not against to any of these Financial advisory firms and persons , I have high regards and respect for the profession of financial advisory. But the problem lies in with most of the advisors and their prescription of products . We have clearly witnessed the lacuna in recent Citi Bank Gurgoan case and there are number of issues and instances which won't come to lime light because of illicit financial advisory . A communal terrorist might create destruction to the lives with their explosives and weapons . But the products these financial extremists carry in their bags like Derivative structured and high bandwidth financial products create greater destruction to your financial life and makes miserable if Investors are not educated on the risks associated with the same. Because of wrong advisory the entire life savings of a Investor will be evaporated in a single day .You don't get these destruction stories on print & electronic media as prime news to know .
In India there is no proper code of conduct to regulate , restrict and control activities of this financial advisory services .We have to blame all the financial regulators also for messing and perplexing the entire advisory activities. AMFI , IRDA,SEBI all the monetary & regulatory bodies are failed to construct , develop a standard uniform code of conduct for Financial advisory services . Since we are very well aware how these regulatory bodies acted in recent past
Ministry of Finance should take initiative to develop standard code of conduct for Financial advisory at base level as priority before they constitute Financial Stability and Development Council (FSDC) as super regulator . From Financial advisory firms perspective , they have construct and develop stringent norms to appraise products and stress on strong risk disclosure norms to customers before they distribute and sell Financial Products to prevent this fervid financial extremism & Extremists while advising financial products.
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