Sep 01, 2006 07:08 PM
10883 Views
I don’t comment on genuine, reliable agents (they are diamonds but this is for those coal pieces who claim themselves as Financial planner, and some of them are certified too.)
In general, they never give you correct information. They always view their feasibility first. Their target first, always put your Dollar in danger for their *cents.
One of my friends (hope he must not read it) is MF advisor, He always make tentative comments, talks politely, uses every relation like bhaiya, mataji, uncle, kakaji, dadaji, except pitaji; looks like god’s cow BUT…. I am telling you he always calculating his monthly incentives, his target, their under table agreements to promote one product (Don’t tell me that it is not true)
Some of his credentials (& their result)
Uncleji, it is new fund from Reliance, just like growth/Vision fund.
(Uncle ji believes on name, performances of growth/Vision fund and put good amount in Reliance equity)
Result: Reliance Growth/Vision are leader (60% Return) but Equity is last in the ladder (2% in six months).
Guptaji, your fund NAV is 11.75, we invested on 10. you are gaining a lot
(No comparison given, Actually fund 18% return when sensex has given 23%. But Guptaji believe on Agent, So He is happy; actually he lost a genuine return)
Saheb, Aapka paisa 1.5 time ho gaya hai, take it from here and put in Current NFO, sasta mil raha hai.
(Saheb taken money from DSPML Tiger fund and put in Tata midcap
Result: DSP is star performer, midcap is under performing, Saheb lost oppertunity)
He is exceptionally well salesnman, He has invested 20000/- of a retired person in Reliance ELSS scheme, Great!!! A retired person and his non working wife took ELSS fund becoz of him. (Money locked for 3 years for no reason)
He was winner in his Zone in Mutual fund business (Now you can guess, How??)
He never promote old, established performing funds, becoz he doesn’t get much incentives for promoting old fund.
I swear, He don’t have much concept of SIP, STP, SWP, Bonus option, use of dividend and growth option, but having very good relations with his ‘clients’. (after recent correction, his mobile bill came down to 700/- from 3500-4000/- per month)
Many times he himself not satisfied with the fund’s Approach (like Magnum COMMA) but sold application for over a crore Rs.And many more, it is just a tip of iceberg.
My suggestion is It is your money & you have to care it, Consultants grow like mushrooms in every market boom and disappears afterwards. Leaving you suffering with their uninformed decisions.
Please Check your consultant’s knowledge and credibility, Don’t believe on your neighborhood changu-mangu.
Always assess firmness of your agent based on questioning on different occasions.
Don’t go by his words, just listen and ask him to come next day; if he still comes then put some query, if he gives satisfactorily answer then Ask for suggested amount to invest, and put only 10% of the suggested amount. This remedy works to repeal money oriented agents.
Try to get (hard to get but try…) some person who remembers the information about your investment and every time modify based on your requirements. Last but not least; His advice must be consistent, over a period of time and he must defend his view with his sound approach towards money management.
