The MoneyGoalz Story began in 2003, when bancassurance was taking roots in India. This happened to be the year I moved from an insurance company to Retail Banking, and saw the pressure of sales targets on both sides.
Selling an investment plan was all about meeting business targets of the Wealth Relationship Manager, rather than the client’s needs. I am guilty of buying a few low value plans, because a team member said “We need to log in some cases today. Ma’m, please help.”
This exactly is my grouse against the system. We buy investment plans to save taxes, or to manage relationships with the banker/friend/family advisor, not as a part of a well thought out plan.
The Certified Financial Planner is neither an insurance advisor nor mutual fund distributor. A CFP is a professional trained in Risk &Insurance Planning, Investment Planning, Retirement Planning, Estate Planning and Advanced Financial Planning. S/he writes a financial plan for your life goals, for a fee from you, not for a commission from the seller of a product.
SEBI Registered Investment Advisors, too work on advisory model. The level of competencies required are not just restricted to mutual funds and insurance, which is where most advisers have established their comfort zone.
Needless to say, the focal point of the financial plan is YOU and YOUR NEEDS.
Mutual fund distributors facilitate buying and selling of mutual fund units, and earn an upfront commission on the same. They execute financial plans.
A financial coach helps you crystallize your goals, differentiate between wants and needs. S/he helps you with debt management or restructuring, analysing investments, navigating family money issues and planning for the future. Financial coaches are not necessarily financial advisors or distributors of products. They do not recommend a specific product, just give a roadmap.
There are other generic terms like Independent Financial Advisors, Financial Advisors, Financial Planners, Fee-only Financial Planners. One may find a certain amount of overlapping between categories. For example, a CFP may choose to work as a Registered Investment Advisor (RIA), fee-only
financial planner or mutual fund distributor. There are some individuals/platforms which work as loan facilitators. MoneyGoalz attempts to bridge the distance between you and your ideal financial advisor with a connecting platform.
Well, back to my story …. I switched from wealth management assignments to other verticals of banking. In 2015, I quit banking and trained myself as a coach. My interactions with change-makers running NGOs, people undergoing career transitions, setting up new businesses, wanting to study
abroad or inching closer to retirement all brought out the same story – emotions, mindsets and finances are inextricably linked. The story needed to be rewritten for success and happiness.
MoneyGoalz is a personal breakthrough for me – I want to spread financial awareness through online and offline education. I want people to reach the right person for their financial planning needs.
MoneyGoalz looks forward to be a partner and companion in your financial journey