Due to public demand I launched my Financial Planning service on 1st April, 2011 and the response was just fantastic!
The first client was a Vice President of the R Group (he told me that there are 3000 people like him, but I think he was exaggerating).
Client: Subra will you do F P for me?
S: Of course sir, my pleasure.
Client: Here is my portfolio and other details..which I had sent you…can we discuss your comments?
Subra: Hmmm most of the unit linked plans I have asked you to surrender, I have asked you to surrender your 4 credit cards and redeem 37 out of the 42 schemes in which you have invested.
Client: You want me to surrender all the children plan, make the endowment plans and pension plans fully paid up, – are you not increasing the risk?
Subra: No sir, I am simplifying your life. Actually reducing your risk.
Client: Oh, I see, that is good, I presume?
subra: well not sure…you are talking from your point of view, correct? Hmmm
Client: You have said all I need is ONE term life insurance, ONE index fund, ONE credit card and ONE savings account? OMG this is scary.
Subra: if you have come to me and believe I make ‘smart people richer’ please believe Leonardo da Vinci who said ‘simplicity is the ultimate sophistication’.
Client: I still do not understand why you stopped me from investing Rs. 60 Lakhs in the nice Private Equity concept fund that XYZ123 had brought in the morning?
Subra: Look first of all stop calling yourself a rich man. That you were perhaps long ago…really long ago! On a liquid networth of Rs. 2.8 crores, you CANNOT AFFORD a Rs. 72 lakh ‘Private equity’ fund investment, so @#$%^& stay away.
Client: You have shaken my belief – and worse you said you will charge a fee too!
Subra: yes sir, the fees is Rs. 35,000 per annum.
Client: But you did not do anything!!
Subra: No sir. However the fees is simple – Rs. 1000 for the investing advice. Rs. 34000 for keeping you away from all of the other product sellers. …..
Subra: Sir there is also a theory….
Client: these are all products approved by the regulator like IRDA or SEBI…how can that be bad?
Subra: for questions like this please visit my blog www.subramoney.com and read ‘confusopoly’ a newly coined word mentioned by a few people. One is a cartoon and one is a cartoonist.
God bless you!
PS: Mr. R, a partner of a big Management consulting firm, who was also Subra’s friend and well wisher advised him to stick to blogging and writing. Truth and FP did not have too much of a connection.
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