Financial Services provides the investor information about various financial products and helps him to transact in them. This is a comprehensive ongoing process which starts with providing him inputs of suitable investment products which can help him define his financial requirements, tracking its progress along the way and recommending appropriate changes when needed.
Traditional financial services is all about math and money. You look at how much you earn, figure out how much you will need in the future to maintain your desired lifestyle and try to come up with a strategy that will help you reach the magic number that will allow you to retire. The process is generally about as exciting as balancing a cheque book and as emotionally draining as paying taxes. Unfortunately, many people choose not to deal with it all, preferring to put off worrying about the future until it arrives.
Modern Financial Services focus more on who you are and who you want to be than it is about money. Today one has to make an effort to figure out how to maintain their current lifestyles throughout their life. To achieve this, they look at how to change their current lifestyle to achieve the lifestyle of their dreams. Today, one must strategise to ensure that finances are managed prudently to so as to meet all financial requirements.
The following process helps to achieve financial well being:
Doing a “Suitability Check” to understand the attitude and ability of an investor.
Providing information on various investment products which may be reasonably appropriate.
Processing transactions of the finalized products.
Continuous dynamic review.