What is the biggest frustration for doctors and financial advisers? I guess it is the same – the client (patient) not listening to you, or listening or not understanding what you are saying – and in the end not implementing the advise of implementing in part.

Take these 2 cases. I was travelling from Navi Mumbai to Thane – a 40 minute journey. The Ola driver was a 56 year old man with 3 grown up children – the youngest in class 8, one finished graduation, and was doing part time MBA while working somewhere and the 2nd son was an engineer. This driver said “I have 3 LIC policies for my 3 children”. I said “excellent” and told him about inflation and how his children should also invest in mutual funds over and above the 3 life policies that he had.

I met another girl – 29 years of age – staying in a slum and belonging to a very poor family. I showed her portfolio to a class…and I got the usual comments – too many schemes (Rs. 11k sip in 7 schemes), overlap, why 3 Elss – she could have done in one fund…etc. etc.

Now let me tell you – what is right, what is an adviser’s knowledge, what is an adviser’s wisdom and what is an adviser’s Love for the student / client.

I could have told the taxi driver “You are a fool…LiC is looting you, the agent is making 40%, gov is looting you, …etc. I had already told the driver that I had written a book, I come on television,…etc. I would have left him with a very poor image of himself. He would have felt bad, I would have vanished, and he would have gone and banged his head against the wall. It was my love for him rather than my “correct thing to do” which was greater. It is like seeing a rich man give a paratha to a beggar. Imagine telling the beggar “this has potatoe, has ghee,…it has too many calories” – that beggar is likely to KILL ME, right? I was happy that a taxi driver was able to pay Rs. 1L per year as premium – his sons had just started earning. I thought it was great that this man thought about life insurance 25 years ago when he was 31..and some of his policies had matured. Amazing that a man rose far above his bretheren (Cheeta camp, not exactly Malabar hill). He did not drink, did not borrow (he bought the car with some fd and rd that he had done, and his portfolios were worth more than Rs. 14L. Amazing. I was not bothered about the portfolio, I loved the process that he followed.

The other 29 year old girl came to meet and could not believe that I would give her advice. Her boss is a friend and I used to give him advise…so she knew me because her boss would speak very highly. She showed her portfolio to an expert who said “you have no focus….blah blah…” so she was shattered – hence the reference to meet with me – THE REAL EXPERT who writes a book, and comes on TV” . Of course she had too many schemes. However, that is not the problem. She had started a SIP at age 19 with Rs. 500 because her boss had asked her to. Every time she had money she would start a SIP…and hence the huge number of schemes. She had a serious amount of money – by their standards. Her statement lies in my friend’s office – her father is a drunkard and mother does household work. Not a great place to leave a statement with Rs. 5L balance. I said “You have done a great job SAVING so much money in 10 years”. She said “nobody in my family knows how much I earn”. Imagine her background – she now has more than 10L in her portfolio.

I believe she was beaming the next day…my friend asked me “what magic did you do”. I said it was just genuine love for this enterprising kid. In due course I will alter her portfolio, but hey….there was no great hurry to hurt that kid. Not many 19 year old middle class kids who can do anything so disciplined. Of course, WE, The parents are to be blamed. Obviously….