A few days ago I did a post saying types of clients / Ifa…..continuing that.
Type 3 of clients:
They visit an IFA ask for details. Very intelligently they collect all that they think they should know. Then they go and do it by themselves.
Great. So it goes like this:
Should I invest in equities or in debt schemes?
IFA: equity of course, you have a lot of money in debt instruments already.
Potential client: hmmm
IFA: given your risk profile you need to have much more in equity than you currently have.
PC: but equity is volatile, is it not?
IFA: yes sir/ madam but you are only 33 years of age and you have another 30 years to invest, so equity makes sense.
PC: but if I invest with you how much will u charge me as a fee?
IFa: sir I will charge you Rs. 10,000 and I will want you to invest through me.
then the client vanishes. Completely.
Then one day client surfaces with a sheepish grin. Hey he has saved Rs. 10,000 is it not?
Ifa: so you did not invest at all?
non client: of course i did. I invested in an equity fund, one debt fund, 3 balanced funds and one pension plan from a life insurance company.
Ifa; wow that is fantastic. How much did you invest?
non client: about Rs. 35 lakhs.
Ifa: but I had told you that if you invest more than Rs. 10L i will not charge you the Rs. 10k fees…
non client: yes but the bank also did not charge me any fees.
Ifa: Which insurance policy did you buy?
non client: I bought a term insurance policy – and this is better …I even get back the premium that I paid.
Ifa: That is excellent, which company did you buy it from?
non client: I bought it from LIC, because they have the best claim settlement ratio.
Ifa: I think this is brilliant, you choose the mutual funds, bought it direct (without my help), bought term insurance (directly with the banks help), you have really saved Rs. 10,000 of fees. Congrats.
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