The Perception surrounding your Money
On June 25, 2020, Dev Ashish, a SEBI registered investment adviser, tweeted: Many DIY investors are DIY not because they are capable, but because they want to avoid paying any fee. The responses to that were very interesting. One said that he burnt his fingers and so became a Do-It-Yourself (DIY) investor. Another said that he did not get sufficient value from his financial planner. Others suggested that the integrity and competence of the IFAs should also be considered. The perception around money is fascinating. And advisers should never downplay the emotional element of money. It is experiences that shape a client’s perception, and the financial adviser will have to combat that to earn someone’s trust and confidence. If you are an adviser, ask your potential client these questions. You should even try it with existing clients who are difficult, who question you needlessly or never listen to what you say. Their answers will help you tackle the emotion and cloudy reasoning that i...