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TRANSCRIPT
Updates
Financial Planning Symposium 2013-14
On
“Managing Financial Planning Practice Amidst Dynamic
Economic Environment”
Held On
November 18, 2013
At
Mumbai
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Table of Contents
I. Introduction … … … … … … … … … … 2
Introduction of the event
II. Objectives … … … … … … … … … … 3
Objectives of the event
III. Event Details … … … … … … … … … … 4-6 Date, time, venue details, program schedule
IV. Participant Details … … … … … … … … 7
Details of the guests who attended the event
V. Event Report … … … … … … … … … … 8-12 Event Flow and salient points of the speakers etc.
VI. Press Release … … … … … … … … … … 13-14
VII. Media Report … … … … … … … … … … 15
VIII. Conclusion … … … … … … … … … … 16
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I. Introduction
Financial Planning Standards Board India (FPSB India) organized the Financial Planning Symposium 2013-14 on November 18, 2013 at The
Club, D.N. Nagar, Andheri (West), Mumbai-400053 on the theme of “Managing Financial Planning Practice amidst Dynamic Economic
Environment.”
Financial Planning Symposium 2013-14 was a one day event which attempted to connect the financial planning practitioners in India and U.S.
on a common platform along with other stakeholders to deliberate upon the regulatory and practice aspects related to the financial planning
profession.
Ms. Deepa Kotnis, Chief General Manager (CGM), Pension Fund
Regulatory and Development Authority (PFRDA) delivered a Special Address during the inaugural session of the event. A Delegation of 17
leading Financial Planning professionals from U.S. and members of Financial Planning Association (FPA), U.S. participated as speakers and
panelists in the Symposium. Senior professionals from the leading financial sector institutions in India and established financial planning
professionals in India also participated as speakers and panellists. The event witnessed an attendance of over 180 delegates.
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II. Objectives
The objectives of the Financial Planning Symposium 2013-14 were:
To connect all stakeholders in the financial planning community in
India and the U.S. on a common platform and to deliberate upon the regulatory and practice aspects related to the financial planning
profession. To share knowledge and experience of the financial planning
practitioners in India and U.S. with the other stakeholders in the financial planning community and to discuss measures for the
growth of financial planning profession in the interest of the consumers.
To aid the development of financial planning practice in India
through the knowledge insights provided through the deliberations on the Practice Management front.
To communicate about the role of CFP Certification as the highest standard of certification worldwide in the Financial Planning domain.
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III. Event Details
The event details and the program schedule were as below:
Date: Monday, November 18, 2013
Time: 09:00 hrs – 16:00 hrs Venue: The Colonial Hall, The Club, DN Nagar, Andheri (West), Mumbai-
400053
09:00 hrs - 09:30 hrs Registration and Breakfast
09:30 hrs -10:00 hrs
Inaugural Session
Welcome Address by Mr. Ranjeet S. Mudholkar, CFPCM, Vice Chairman
& CEO, FPSB India Special Address by Mr. Richard Salmen, CFP®, Past President,
Financial Planning Association (FPA), and Senior Vice President and Senior Advisor, GTRUST Financial Partners
Special Address by Ms. Deepa Kotnis, Chief General Manager, Pension Fund Regulatory and Development Authority (PFRDA)
10:30 hrs -11:00 hrs
Session I – “Need for Regulations in Financial Advisory – Implications for Financial Planning”
Chairperson of the Session:
Mr. Richard Salmen, CFP®, Past President, Financial Planning Association (FPA), and Senior Vice President and Senior Advisor,
GTRUST Financial Partners
Participants: Mr. Arvind Rao, CFPCM, Chief Planner, Dreamz Infinite Financial
Planners Ms. Catherine Latto, CFP®, President, Latto & Associates, Inc.
Mr. Dan B. Moisand, CFP®, Past President, Financial Planning Association (FPA), and Principal, Moisand Fitzgerald Tamayo, LLC
Mr. Michael B. Keeler, CFP®, President, GFS and Associates Mr. Suresh Sadagopan, CFPCM, Founder, Ladder7 Financial
Advisories
11:00 hrs – 11:15 hrs Tea Break
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11:15 hrs – 12:15 hrs
Session II – “Retirement Planning – The Emerging Scenario in India and the Global Experience”
Chairperson of the Session:
Mr. Richard Salmen, CFP®, Past President, Financial Planning Association (FPA), and Senior Vice President and Senior Advisor,
GTRUST Financial Partners Participants:
Mr. David D. Mirabito, CFP®, Past President, Estate Planning Council (Central New York), and Investment Advisor Representative,
MetLife Ms. Deepa Kotnis, Chief General Manager, Pension Fund Regulatory
and Development Authority (PFRDA) Mr. Kapil Narang, Chief Operating Officer, Ameriprise India Advisory
Services
Ms. Kathleen A. Keegan, CFP®, Former President, Long Island Chapter of the FPA, and Owner, K-M Capital, Inc.
Mr. Satya Mitra, Tax and Financial Consultant, The Guru Tax and Financial Services
Mr. Vishal Kapoor, GM - Wealth Management (India & South Asia), Standard Chartered Private Bank
12:15 hrs – 13:15 hrs
Session III – “Financial Planning and Life Planning”
Chairperson of the Session: Mr. Dan B. Moisand, CFP®, Past President, Financial Planning
Association (FPA), and Principal, Moisand Fitzgerald Tamayo, LLC Participants:
Ms. Barbara J. Gawdzik, CFP®, Financial Planner, David A. Noyes &
Company Mr. David Rehrer, CFP®, CRPC®, Senior Vice President Wealth
Management, Merrill Lynch Mr. Lovaii Navlakhi, CFPCM, Founder and CEO, International Money
Matters Pvt. Ltd. Ms. Mary E. Zimmerman, CFP®, RLP®, Owner, PATH Financial
Strategies, LLC Mr. Rajendra Kalur, CFPCM, CEO, TrustPlutus Wealth Managers (I)
Pvt. Ltd. Mr. Richard Salmen, CFP®, Past President, Financial Planning
Association (FPA), and Senior Vice President and Senior Advisor, GTRUST Financial Partners
Mr. Sudip Bandyopadhyay, MD and CEO, Destimoney Securities
13:15 hrs-14:00 hrs
Lunch Break
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14:00 hrs-15:00 hrs
Session IV – “Segmenting Practice – Serving Different Demographics and Segments”
Chairperson of the Session:
Mr. Dan B. Moisand, CFP®, Past President, Financial Planning Association (FPA), and Principal, Moisand Fitzgerald Tamayo, LLC
Participants: Ms. Bonnie Suveerachaimontian, Lifestream Financial
Mr. James R. Littleton, Owner, J.R. Littleton Associates Ms. Jane Beule, CFP®, President, Griffin Black, Inc.
Mr. K. Wade Carpenter, Partner, Summit Wealth Advisors Ms. Poonam Rungta, CFPCM, Director, LJ Business School
15:00 hrs-16:00 hrs
Session V – “Delivering Financial Planning – The Growing
Emphasis on Soft Skills”
Chairperson of the Session: Mr. Dan B. Moisand, CFP®, Past President, Financial Planning
Association (FPA), and Principal, Moisand Fitzgerald Tamayo, LLC Participants:
Ms. Amy Jo Lauber, Owner, Lauber Financial Planning Mr. Hari Maragos, CFP®, Senior Financial Planner - Principal SMSF
Specialist Advisor™, Victoria Wealth Management Pty Ltd. Mr. Mukesh D. Dedhia, CFPCM, Managing Director, Ghalla & Bhansali
Securities Pvt. Ltd. Ms. Susanna Tang, CFP®, Chairperson, Silicon Valley Chapter of the
Financial Planning Association Mr. Vivek Rege, CFPCM, Managing Director, V R Wealth Advisors Pvt.
Ltd.
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IV. Participant Details
The event was attended by all stakeholders including Senior Professionals
from the Financial Sector Institutions, leading financial planning practitioners in India and U.S., CFPCM Certificants, Students of the CFPCM
Certification Program, and the professionals from the Media. The snapshot of the Participant List across all categories is as below:
Participant List-Snapshot
S. No. Participant Category
Attended
(Numbers)
1 CFPCM Certificants 42
2
Professionals from the Charter Member Organizations 32
3 Education Partners 11
4 Media Representatives 08
5 Regulators 01
6 Speakers/Panelists 31
7 Students of CFPCM Certification Program 14
8 FPSB India Staff 18
9 Others 23
Total 180
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V. Event Report
The deliberations were conducted through the following five sessions:
Session I – Theme “Need for Regulations in Financial Advisory –
Implications for Financial Planning”
Session II – Theme “Retirement Planning – The Emerging Scenario
in India and the Global Experience”
Session III – Theme “Financial Planning and Life Planning”
Session IV – Theme “Segmenting Practice – Serving Different Demographics and Segments”
Session V – Theme “Delivering Financial Planning – The Growing
Emphasis on Soft Skills”
Inaugural Session
Mr. Richard Salmen, former President of the FPA and the
leader of the FPA Delegation to
India stated that there has been an effective switch from the
“Commission and Fee-based Model” to the “Fee only” model in
the US. The latter emphasizes „Process‟ over „Products‟ and
necessarily involves infusion of a value proposition on an ongoing
basis.
Ms. Deepa Kotnis, Chief General Manager, PFRDA touched upon
critical features of the National Pension System while stressing
on its low costs and dynamic
asset allocation to achieve the most important goal of an
individual – Retirement. She stated that pension and
retirement solution is a vastly ignored financial goal, and also
said, “We can be young without money, but cannot be old without it”.
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Session I – “Need for Regulations in Financial Advisory –
Implications for Financial Planning”
Mr. Arvind Rao emphasized the need for regulation by
giving analogy of cops manning a traffic signal, and
also the need to adapt to changing scenario. Ms.
Catherine Latto said that the rules of business are fast
changing. We need to embrace rules and regulations and use
them to our advantage. Mr. Dan Moisand said that the
regulations have increased the cost of compliance significantly including
the requirement to document the advisory process. He agreed that they are in the ultimate interest of the client. Mr. Mike Keeler also agreed with
Mr. Moisand that the compliance requirements are on the rise but the rules and regulations are really important for transparency and a level
playing field. Mr. Suresh Sadagopan however was of the view that the Investment Advisers Regulations in India have not been able to
completely address the real concerns of individual advisors and may have favoured institutions, thus actually making the field uneven.
Session II – “Retirement Planning – The Emerging Scenario in
India and the Global Experience”
Ms. Deepa Kotnis said that the literacy about the post-
retirement finances of a
retired couple is very low in India. Mr. Kapil Narang
substantiated this by quoting a Survey conducted by their
firm Ameriprise, which revealed that 24% of
respondents rated retirement as their important goal.
Though it is up from 10% of the respondents a year ago, it is still very less. He quipped that there is
no loan for financing retirement of an individual though all other goals could be financed. Mr. Satya Mitra said that time is an important metric
to assess the retirement goal, whether time left for retirement of time after retirement. Both accumulation and distribution require a good
balancing act. Financial education would help a client to appreciate this
goal. Mr. Vishal Kapoor stated that the accumulate capital has little
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relevance in itself unless it is seen in the context of providing an inflation-
adjusted annuity till the survival of the retired couple. This is a challenge which is aggravating in the face of low returns and a tenacious
inflationary environment.
The session had some interesting questions posed by professionals participating in the Symposium, viz. increasing longevity vs. early
retirement, post-retirement aspirations – ideal need vs. optimal need. Also discussed was the fact that NPS could supplement other investment
avenues by filling the gaps. It was concluded that there are various tools to customize a client‟s retirement solution. However, the skill to use these
tools is where the financial planner comes into prominence.
Session III – “Financial Planning and Life Planning”
Ms. Barbara J Gawdzik said
that Life Planning is an overarching domain of which
the goal-based planning is a subset. Mr. Lovaii Navlakhi
compared Life Planning to a scenario where the Financial
Planning is science to the extent of 10% only, the
remaining is art. He emphasized the „Right‟
brained financial adviser as the evolution of the
profession of late. This is all about communicating with the client with her interest as supreme and with a view to eliciting the right behaviour which
would serve the purpose. Life planning is all about knowing and
actualizing the purpose of life. Mr. Rajendra Kalur said that Life planning is more than money. It goes beyond just Financial Planning and it is about
adding richness to the client than making her just rich. He stated that Life planning is Financial Planning done at a higher level.
Mr. Sudip Bandyopadhyay identified four critical components of Life planning, these are: Life Protection, Health Protection, Wealth Creation,
and Wealth Protection. It is not purely financial but touching and fulfilling a greater part of a client‟s life. Ms. Mary E Zimmerman said Life planning
moves a stage beyond financial planning to the ultimate goal of financial independence. It is a not only the achievement of money goals but that
extra something which lend purpose to life.
It is true that it is money that allows life to be lived in the way we want to live. Financial planning leads us to a definite outcome in terms of money
and its uses. Life planning on the other hand gives a series of outcomes
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than a simple straight outcome in terms of numbers. It provides purpose
to money and is fulfilling on reaching the goals.
Session IV – “Segmenting Practice – Serving Different Demographics and Segments”
The session deliberated on
segmentation of financial planning practice across
demographics such as age, gender, work profile,
geography, etc. for building the required focus and
expertise. Ms. Bonnie Suveerachaimontian and
Ms. Jane Beule said that
their practice targets mainly IT professionals what can be
considered as the profession segment of their focus. The specific nature of job and cash flows
generated need to be addressed differently. Mr. James R. Littleton emphasized the segmentation of his business being pre-retirees and just
retired. The challenges posed by the sufficiency of money, the sustenance strategy including the option and timing of resorting to social security and
health issues need a different focus than meeting the working life needs of other clients. It is all about alignment of your practice to suit your style
and specialization. Ms. Poonam Rungta said that in India, financial planning itself is in nascent stage and there is little scope of
segmentation. However, the focus and methodology of dealing with diverse segments has to be different and creates its own challenge.
Session V – “Delivering Financial Planning – The Growing Emphasis on Soft Skills”
Soft skills are an essential
component of any profession, more so for
financial planning given its dynamic aspects touching
various aspects of an individual and household.
There are technical skills and abilities to create outcome in
terms of numbers and achieving financial solutions.
These solutions may often
fall short of fulfilling what
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can be termed as objectives of an individual. There is more to an
individual‟s life than money. It is the emotional quotient and being in calm control of one‟s life which is more important.
Ms. Amy Jo Lauber started with this crucial difference in achieving the
right balance for the client. Mr. Hari Maragos furthered the subject to become an adviser who can be counted by the client in all situations:
financial, personal and emotional in a sort of trusted professional. Mr. Mukesh Dedhia stressed upon the important attribute of not being too
intrusive but yet get the client to do the things what you want. This he referred as „Nudging‟ without openly communicating with the client. This
is more about creating a learning curve for the client and creating a long lasting relationship. Mr. Vivek Rege compared the soft skills to the inbuilt
trait of an adviser‟s personality which complement the technical skills in performing the job.
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VI. Press Release
The Press Release of the Event was as below:
FPSB India organized the Financial Planning Symposium 2013-2014
Mumbai, November 18, 2013: Financial Planning Standards Board
India (FPSB India), the Professional Standards Setting body for financial planners in India, organized the Financial Planning Symposium 2013-2014
on the theme of “Managing Financial Planning Practice amidst Dynamic Economic Environment.”
Financial Planning Symposium 2013-14 was a one day event which
attempted to connect the financial planning practitioners in India and U.S.
on a common platform along with other stakeholders to deliberate upon the regulatory and practice aspects related to the financial planning
profession. Over 20 leading Financial Planning professionals from U.S. and members of Financial Planning Association (FPA), U.S. participated as
speakers and panelists in the Symposium. The deliberations were conducted through the following five sessions:
Session I – Theme “Need for Regulations in Financial Advisory –
Implications for Financial Planning” Session II – Theme “Retirement Planning – The Emerging Scenario
in India and the Global Experience” Session III – Theme “Financial Planning and Life Planning”
Session IV – Theme “Segmenting Practice – Serving Different Demographics and Segments”
Session V – Theme “Delivering Financial Planning – The Growing
Emphasis on Soft Skills”
The Symposium presented an opportunity for the senior industry professionals, financial planning practitioners as well as other
stakeholders to share their knowledge and experience and to discuss measures for the growth of financial planning profession in the interest of
the consumers.
Ms. Deepa Kotnis, Chief General Manager (CGM), Pension Fund Regulatory and Development Authority (PFRDA) said, “I believe that
Employee Provident Fund (EPF) is not a competitor to National Pension System (NPS) as EPF is not a Retirement Product as people withdraw
from their accounts over the years and at the time of their Retirement not much is left to buy annuities. Presently with PFRDA Act into the place, we
are working on the further regulations including the regulations for
Retirement Advisers, and FPSB India is amongst the institutions we are
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engaging for the promotion of NPS through Certified Financial Planners
(CFP) Certificants and for the establishment of regulations of Retirement Advisers as well.”
Mr. Ranjeet S Mudholkar, Vice Chairman & CEO, Financial Planning
Standards Board India (FPSB India) said, “FPSB India is pleased to facilitate in-depth interactions amongst the Financial Planning community
in India and U.S. We believe that apart from the mutual exchange of knowledge amongst participants, such interactions would also lead to the
further progression of the Financial Planning industry in the interest of consumers.”
Mr. Richard Salmen, Leader FPA Delegation, and Past President-
Financial Planning Association (FPA) said “While speaking with the Indian Financial Planners we have learnt about the challenges they face
transitioning from a Commission based compensation structure to a Fee
based compensation structure. Indian Financial Planners need to know that this transition has been taking place in the U.S. for many years.
When Financial Planners focus on the value of the process and communicate the same to their clients, then these clients are more willing
to pay fees.”
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VII. Media Report
The event generated a positive media coverage, the details of which are as below:
Print Media Coverage
S.
No. Date
Publication
Name City Page Article Title
1
November
19, 2013
Maharashtra
Times Mumbai 8
NPS does not have a
competition with EPF
2 November 20, 2013 Navshakti Mumbai 14
Provident Fund is not Retirement Product
3 November 20, 2013 Prahaar Mumbai 9
Financial Planning is the need of the hour
4 November 20, 2013 Surajya Pune 3
Financial Planning Symposium organized
5
November
20, 2013 Loksatta Mumbai 8 Symposium organized
6
November
20, 2013 Mint Mumbai 16
Why financial planners
need soft skills
7
November
20, 2013 Mint Mumbai 16
People are uneducated
about real returns
8 November 23, 2013
Hindustan Times Mumbai 14
Why financial planners need soft skills
Online Media Coverage
S. No. Date
Publication Name
Article Title Article Link
1 November 18, 2013
India News Times
FPSB India organizes
the Financial
Planning
Symposium 2013-2014
http://tinyurl.com/nwyhvdv
2 November
18, 2013 Café Mutual
PFRDA to create new
distribution force for
NPS
http://tinyurl.com/qd6y78n
3 November
20, 2013 Café Mutual
FPSBI holds Financial
Planning Symposium
http://tinyurl.com/m3lhsur
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VIII. Conclusion
The event was successful in terms of reinforcing the strong connection
amongst the Financial Planning community in India and U.S. Various practice management aspects were deliberated in the sessions which
helped financial planners in India and U.S. in understanding the commonalities between their practices, discuss the common issues, and
seek way forward with their Financial Planning practices.
The FPA delegation was in general pleased with the Financial Planning practice taking roots in India in true sense rather than institutionalized
dissemination of financial products. They reposed faith in the practices here right from client engagement through periodical plan monitoring.
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