Is the product of importance? or is the life cycle/ Goals of importance, we at 3rd EYE adhere to the immaculate practice of keeping the clients interests first as compared to the product and also make sure that our clientele is brought to understand how their goals can be achieved looking at micro as well as macroeconomic parameters in the short term and long term.
In the complex Capital Market, it is difficult to understand product, macroeconomic parameters (Inflation, systematic risk) and microeconomic solutions that would be best for one s prosperity and achievement of goals. Only a trusted professional can be of value add.
The question is who is a trusted professional?
By completing an internationally recognized initial and ongoing CFP certification requirement, a CERTIFIED FINANCIAL PLANNER demonstrates to clients and potential clients a commitment to professionalism and that she or he has met rigorous competency, ethics and professional practice standards to provide comprehensive Consulting services.
Salesman | Consultant |
|---|---|
Intention is only to sell a Financial Products | Intention is to make sure clients interests are best achieved |
Primary source of income is brokerage/ Commission | Works for the clients benefit and not swayed by product commission |
Will give you free advice which turns out to be expensive in long term | Charges Fee for the advice which turns out to be a profitable affair in long run |
Knowledge of only those products and services that generate brokerage or commission. | Constantly uses the principles of behavioural economics and finance and while consulting |
Provides only those products which gives him the highest commission | Provides only such options which is best suitable and beneficial to the client |
Is not Certified | Is Certified to advice by Financial Planning Standards Board Limited |
Does not provide Need Based Advice | Provides Need Based Advice by providing comprehensive consulting |
SERVICES | SELLER | CFPCM |
|---|---|---|
Need Based Advice | X | √ |
Cash flow & Budgeting | X | √ |
Risk management & Risk Analysis | X/√ | √ |
Goal Based Outlay & Allocation Analysis | X | √ |
Retirement Outlay | X/√ | √ |
Goal Based Allocation | X | √ |
Debt Management | X | √ |
Tax Management | X | √ |
Emergency Funding | X | √ |
Portfolio Tacking & Regular Review | X/√ | √ |
Key Result Areas s ( KRA) and Key Performance Indicators ( KPIs) | X | √ |