Ms. Pooja Bhinde CFPCM
PB Investments - Mumbai
ES: Please introduce yourself and also share your vision and mission or goals in life.
Pooja: I am Pooja Bhinde , practising Certified Financial Planner (CFPCM ) by profession. I cleared my CFP way back in 2008 along with my Masters in commerce. Since then engaged into financial services and investment advisory business and have been serving clients. Personal Finance has become my passion. Hence I give my heart and soul to my work. Since 5 years, I am being invited as a Personal Finance Expert on leading business channels like ZEE Business, CNBC, BTVI etc. to solve viewer’s queries on various Financial Planning topics and Mutual fund specific shows etc.
My vision & mission or Goal in life is - to spread as much awareness about Savings & Investments to all class of people, to serve as a Financial Doctor for all my clients and to help them achieve all the goals with proper planning & make them "Financially Independent”
ES: What made you to join NJ as NJ Partner?
Pooja: When I decided to practise as a CFP and became a Distributor for Mutual funds and other financial services, I dint clearly know how to start and where to start from. Since I was new to this business, I was not much aware about selling and servicing to clients. Then got introduced to NJ distributor’s network and got all the trainings done with them to start business. I gained the right confidence to sell and also got support whenever needed.
ES: Do you promote the idea of savings through MF SIP in your clients?
Pooja: Definitely. Being a CFP, the approach to my clients is very simple and clear. First do right budgeting, define all the goals (short / mid / long), consider inflation, decide time horizon and then calculate the amount required for each and every goal. Attach each SIP to each goal and this way SIPs are the best tool against various financial goals to create wealth in long term
SIPs have the benefit of Averaging & Power of Compounding. Has Auto debit facility and flexible to stop / start anytime. Hence this is a convenient investment to start with for any client as the investment amount is very less
ES: Client communications is an integral part of your business. Please share any best practices / services related to communications adopted by you.
Pooja: It is very important to meet your client for the first time. The first meet / consultancy is all about identifying the Goals, talk about the past investments done, explain the importance of Insurance (Life / General) and do Tax planning. Every Individual is different, hence customised planning is done depending on the risk appetite of the clients (aggressive or conservative)
At Last the discussion about investments/ schemes needs to be done to achieve the goals as per the Time horizon (Short / mid / Long) and maintain a Contingency fund in Liquid fund
Client Needs are primary and client does not react positively to markets every time. Hence a diversified Portfolio is important
Create A Children Fund for children education
Create A Retirement Fund for Retirement Planning
Create A Travel fund for Vacations every years
Create A Contingency Fund for payment of premiums / PPF etc or other emergency requirements
Insurance is Mandatory (Life / Health)
Create a WILL to avoid any discrepancy in future
Client Meets should be arranged twice a year to discuss about the portfolio, change in any schemes or goals, update about new products, addition in family etc
Whatsapp is the best communication tool to all the clients in this busy world. It’s our daily business but not your clients to think about finance & investments all the time. Hence a whatsapp message about any new products or monthly MCS video / image is a good way to connect to your clients and also to keep them updated
ES: How much importance do you give to Insurance in you advisory practice?
Pooja: Insurance comes before Investments according to me. Hence educate all my clients to be adequately insured. A Term Plan is must for every individual till the working age to secure their family and future needs. You can create wealth in long term if you contribute to your savings but if an unforeseen event happens during this period, whole financial planning goes for a toss. Hence Beware! And a Health Insurance Plan is equally important
Many of my young clients do not take insurance saying they are covered with their companies. But it’s equally important as if you leave the job, the insurance is also gone and by the time you get a new job, you have no insurance at all. Also post retirement, there is no insurance left
Hence giving them correct guidance is very important. If they are planning a baby, a maternity plan works well.
ES: How do you assess /see the future of financial advisory business in India? How can we as Partners be ready / prepared to make the most of it?
Pooja: Future is good as there is awareness of financial advisory widespread. As we have Family Doctors & Family CA’s, we also have Family Financial Advisors now. Initially, investments were made by tips or peer pressure or following elder’s investment ideas in the family. Now-a day’s majority of the population i.e. the youth’s approach to finance is very personal, realistic and goal-oriented
People want to retire early in this stressful life and enjoy the retirement life (which is 20-25 years) Hence they need financial advisors to plan and handle their investments & give timely reviews. Also there are so many products available in the market coz of which there is mi-selling also hence your client needs right advice
We have to be ready for this and the change is happening already. Now-a days we enrol our clients on E-Wealth and hence the paper work is slowly getting less. Whatsapp broadcast or mailers helps to stay connected. Educating clients on Liquid fund purchases on their Mobile apps and also inform them how & where to inform their insurer customer care for the claim will ease your work. Admin work like sending account statements & services like stop / switch SIPs, renewal insurance premium reminders, fixing appointments etc. to be delegated to your staff
ES: Can you please share your short term and long term targets for your business.
Pooja: I believe in Slow and Steady wins the race. Hence I do not set any high targets for me. I work at my pace and try to beat my old records / targets every year. Keep doing the good work and you will achieve every target!