Jago Investor, which is perhaps the best Indian personal finance blog, did a survey on what people wanted from a financial planner, and I thought the results were quite interesting, and worth sharing here.
I hadn’t taken the survey but if I had, my views would’ve fallen with the majority on almost all the issues, and none of the majority responses surprised me (the wording of the questions had a little do with that as well).
What did surprise me however was that 93% of the respondents were male. That doesn’t seem to be consistent with ratio of men and women readers.
Manish wasn’t surprised by the results and said it correctly represented his demographic. Although I’ve never done a survey here which would show the split between men and women, in answering comments and responding to emails, I would’ve thought the ratio is even or at least much more balanced than those results. This is something worth exploring further because if this ratio is correct then it doesn’t correctly reflect the ratio of working men and women, and it will be interesting to find out why that is.
The other thing that caught my attention was this result.
75% people said they will not go for any financial planning with corporates like ICICI Direct, Edelweiss or such firms.
On the face of it, this sounds like bad news of companies like ICICI Direct, but when you think about it some more, you realize that the financial planning market is just so small that it doesn’t make much of a difference to big corporates if people don’t want to go to them for their financial planning.
This does present a good opportunity to individual planners who are trying to build a business in this niche area and are taking risks leaving comfortable jobs, in many cases with these same big corporates.
This survey should hopefully give them some encouragement and gives a good perspective on this new industry, which is still in its formative years. The whole survey is a quick and interesting read and can be found here.