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Author: Ronak Hindocha

9 Free Tech Tools Successful Financial Advisors use. Which ones do You use?

9 Free Tech Tools Successful Financial Advisors use. Which ones do You use?

It is heartening to see Financial Advisors across the country opening up and embracing technology. I have been interacting with lots of advisors lately and my analysis is on the basis of these interactions. Some of them use quite a lot of tools while some of them use at least one or two.

Before you think it is only the young advisors or the ones who are tech savvy or the ones living in bigger metros who are embracing these tools, well – you’re mistaken.  I’ve seen advisors in tier 3 cities, both young and old using these tools effectively. 

What’s driving this behavior?

My analysis suggests the following reasons:

  • It helps them become more efficient
  • It helps them standardize processes
  • They are able to impress their clients
  • They like trying out new technology tools
  • It saves cost & time

Is it too late for me to start using them for my practice?

It’s never too late. Besides, these tools were never available until 2-3 years back. So, I encourage you start getting used to them at the earliest. 

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12 reasons Why your website is not bringing you leads & how to fix them

12 reasons Why your website is not bringing you leads & how to fix them

So, here’s a statistic. 8 out of 10 leads that we get are through our website www.FutureAdvisor.co.in. I have over period reviewed websites of lot of financial advisors in India. I see few mistakes a lot of these sites make and have drawn a conclusion:

These websites are not helping these advisors get enough leads. Ask yourself, is your website in the same category?

What’s the main reason behind a website? If you think the main reason why your website exists is because other financial advisors have it, then don’t read any further.  Else, I believe, you probably want your website to help you increase your business but somehow hasn’t.

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This IFA could not prevent his client from stopping an SIP of Rs.1,50,000. What about you?

This IFA could not prevent his client from stopping an SIP of Rs.1,50,000. What about you?

This is a true incident which happened to me couple of weeks back. As part of our study circle (yes, I am part of one) I keep interacting with lot of IFAs. I met one such IFA who seemed to be visibly worried. I asked him: “What happened?”. “Kya batau Ronakbhai, ek bada SIP stop ho raha hai.” – came the reply

I asked “How come”. He said, “Client had an emergency and wanted some money immediately. I told him that he also had some Insurance policies and he could get a loan as well. But he was adamant.”

On deeper thought I realized that it is because mutual funds are perceived to be very liquid. Unlike FDs or insurance policies. So, in an emergency the first thing that comes to their mind is to liquidate the mutual funds.

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Why Financial Advisors should use Twitter & How you can easily get started

Why Financial Advisors should use Twitter & How you can easily get started

You must be aware of various #hashtags during TV shows and sports events. The idea is to connect the audiences through Twitter, one of the most popular social media platforms. Such has been the effect of Twitter that right from bollywood stars to politicians and cricketers, they’re all there. They’re connecting to their fans (and critics) in ways not possible earlier.

Lots of consumer brands and corporates alike are using twitter as a medium to reach out to their customers and prospects. Right from solving consumer complaints to offering rewards and exclusive offers. In financial services, you will see banks, mutual fund AMCs, life insurance companies having their twitter accounts, also called as a ‘handle’.

But what about the financial advisory community? Are they active? What do they do? If I have to setup my twitter account what do I need to do? Can twitter be a lead generation engine? What should I tweet about? How do I get followers?

Let’s answer these questions, one by one:

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India has very few financial planners. But here’s why the trend is changing fast?

India has very few financial planners. But here’s why the trend is changing fast?

You probably know that India does not have too many financial planners. But this trend is changing rapidly across all other cities in India. What’s forcing this change are the following factors:

Financial Planner India

Growing awareness about fee based financial planning in media

  • From blogs to magazines and newspapers people have been reading a lot about financial planning these days. This was not the case until 2 years back.
  • So much so that Economic Times has started a dedicated supplement called ET Wealth. News channels have dedicated shows on Financial Planning.

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6 reasons why Excel is not the best tool for writing Financial Plans

6 reasons why Excel is not the best tool for writing Financial Plans

We are increasingly seeing lots of financial advisors opting for FutureAdvisor after having used excel sheets for making financial plans. They are quite frank about why they want to shift to online financial planning software like ours. We thought we should write a blog post to highlight some of those points we found were common. This post is dedicated to all those advisors:

1. Excel is tedious and time consuming:

Making a comprehensive plan that is inter linked and with scenarios can be difficult. A Financial Plan has various sections like Goals, Income, Expesnes, Risk Profile, Cash Flows, Networth, Analysis of current portfolio, Insurance Planning, Tax Planning, Loan management, goal tracking, asset allocation, assumptions etc.

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