Advisors’ co-ordination!

If on your way to prosperity you have accumulated many advisers how do you ensure that they are on the same page?

Let me tell you the woes of one of my friends. Typically he has 3 Relationship Managers, one I F A, one Portfolio Manager, one C A who files the Income tax returns. Hopefully he will get a financial planner soon and that would complete the circus.

I said circus because the client has no clue why he has so many advisers. The 3 Relationship Managers of course came free with the bank account and the I F A does a lot of his paperwork. His portfolio has 24 fund schemes – not including multiple folios in the same scheme (one bank does not tell him his folio number – just sends him a statement.

One relationship manager shifted his equity funds from Growth to Dividend (it is a joke – it was done to change the ARN, but the client does not know). Since the growth Nav had spurted well he ended up paying Rs. 100,000 as STCG. L O L – do not think the RM had a clue of what was happening. One RM redeemed Franklin Prima, and in the same week another RM invested in Franklin India Prima. The fund has started doing well since then. L O L.

Either you are a whiz and have a good view of what should happen in your money life, or you co-ordinate better.

Of course I need not tell you that he does not have an Investment Policy statement or an Investment philosophy statement, goals, a will, ….but yes he has 24 schemes and maybe 30 folios (if not more).

He was angry when I said all this and more.

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