Financial independence is an aspiration that requires well-thought-out strategies, diligent savings, and sound investments. Financial advisors have played a pivotal role in helping individuals and families secure their financial future in India. By guiding clients through the details of wealth management, investments, and tax planning, these professionals provide tailored advice to meet long-term financial goals.

Here, we explore a few case studies highlighting how experienced financial advisors in India have guided their clients toward financial independence, using their expertise and knowledge of Indian financial systems.

The Role of a Financial Advisor in India

A financial advisor is crucial in helping individuals achieve financial independence in India. They provide personalized advice based on their client’s unique financial goals and risk tolerance. Some of the key services offered by financial advisors in India include:

• Financial planning: Creating a comprehensive financial plan that outlines an individual’s short-term and long-term goals.
• Investment advice: Recommending suitable investment options based on an individual’s risk profile and financial objectives.
• Retirement planning: Assessing an individual’s retirement needs and developing a retirement income strategy.
• Tax planning: Identifying tax-efficient investment strategies to minimize tax liabilities.
• Risk management: Helping individuals protect their assets against unforeseen events like illness or disability.

In January 2013, SEBI introduced its Registered Investment Adviser (RIA) regulations. Many of these advisors had already offered financial advice before 2013 and promptly registered under the new rules once they were introduced.

Here’s some insight into RIAs’ approach to financial advice, what to expect from financial advisory firms, and the challenges they face at the client level. Many advisors shared that convincing clients to act on advice can be tricky, even when it clearly aligns with their best interests. This highlights one of the key challenges RIAs face: ensuring that clients trust and follow their financial recommendations.

Here’s a look at some of the most respected names in the industry:

1.Vishal Dhawan of Plan Ahead Wealth Advisors is known for his transparency, even disclosing his portfolio online. His firm has assets under advice of Rs. 1,000 crore and serves 300-350 families.

• Assets under advice: ₹1,000 crore
• Clients: 300-350 families
• Location: Mumbai
• Start of practice: 2003

Vishal Dhawan emphasizes transparency in financial advice by listing his and his wife’s personal portfolios on their website. His proudest achievements include helping clients reach their financial goals, which they initially thought were unaffordable.

2. Suresh Sadagopan, Principal Officer, Ladder7 Wealth Planners

Suresh Sadagopan of Ladder7 Wealth Planners is selective about his clients, focusing on those serious about financial planning. He believes that many people make the mistake of not saving enough.

• Assets under advice: ₹500 crore
• Clients: 160
• Location: Mumbai
• Start of practice: 2004

Suresh Sadagopan is selective with his clients, taking only those who align with advisory practice. Most of his clients are aged 40-55, and he identifies overspending and undersaving as common mistakes people make.

3. Renu Maheshwari, Co-founder, Finscholarz Wealth Managers

Renu Maheshwari of Finscholarz Wealth Managers is a pioneer in Tamil Nadu. She emphasizes the emotional side of personal finance and strongly dislikes clients who seek quick riches.

• Assets under advice: ₹130 crore
• Clients: 120 families
• Location: Chennai
• Start of practice: 2013

As the first RIA in Tamil Nadu, Renu Maheshwari highlights the emotional connection with personal finance. She focuses on understanding client needs, rejecting those wanting quick wealth accumulation.

4.Vivek Rege, Founder and CEO, VR Wealth Advisors

Vivek Rege of VR Wealth Advisors believes in growing his business through referrals and avoids clients who engage with multiple advisors. His firm also offers a distribution arm for smaller investors.

• Assets under advice: ₹600 crore
• Clients: 140 families
• Location: Mumbai
• Start of practice: 2003

Vivek Rege prefers to grow his clientele through referrals, ensuring alignment in thought processes. He avoids clients seeking multiple advisors or those prioritizing risky returns. He also runs a distribution arm for smaller investments.

5.Kalpesh Ashar, Founder, Full Circle Financial Planners and Advisors

Kalpesh Ashar of Full Circle Financial Planners and Advisors is proud of his ability to clean up messy portfolios. He dislikes clients who chase high returns at any cost.

• Assets under advice: Not disclosed
• Clients: 55-60 families
• Location: Mumbai
• Start of practice: 2005

Kalpesh Ashar’s proudest moment involved restructuring a client’s mis-sold insurance portfolio, putting them on a transparent investment path. He is frustrated by clients who chase high returns despite sound advice.

6.Lovaii Navlakhi, Managing Director & CEO, International Money Matters

Lovaii Navlakhi of International Money Matters uses scientific risk profiling to determine client suitability. He also relies on his team members as his financial advisor.

• Assets under advice: ₹1,800 crore
• Clients: 400 families
• Location: Bengaluru
• Start of practice: 2001

Lovaii Navlakhi relies on scientific risk profiling to assess clients’ risk tolerance, a method inspired by the 2008-09 crisis. He even consults a financial advisor from his team to avoid emotional bias.

7.Shyam Sunder & Priya Sunder, Founders, PeakAlpha Investment Services

Shyam and Priya Sunder of PeakAlpha Investment Services believe in advice that stands the test of time. They have seen a significant increase in client aspirations over the years.

• Assets under advice: ₹1,350 crore
• Clients: 1,000+ families
• Location: Bengaluru
• Start of practice: 2005

Priya and Shyam Sunder emphasize the importance of timeless advice. They aim for consistency, ensuring their recommendations hold up over time. Their clients’ changing aspirations, such as funding overseas education, have reshaped their financial planning strategies.

8.Tarun Birani, Founder and CEO, TBNG Capital Advisors

Tarun Birani of TBNG Capital Advisors is passionate about helping clients shift from risky investment approaches to goal-based planning. He avoids mixing insurance and investment.

• Assets under advice: ₹400 crore
• Clients: 170+ families
• Location: Mumbai
• Start of practice: Early 2000s

Tarun Birani started his advisory practice after witnessing brokerage clients being pushed into unsuitable products. He believes in separating insurance from investments and only recommends a minimum five-year horizon for equity investments.

9. Dilshad Billimoria, Managing Director & Principal Officer, Dilzer Consultants

Dilshad Billimoria of Dilzer Consultants emphasizes teamwork to avoid individual biases in her advice. She started her career in mutual fund distribution and strongly focused on client needs.

• Assets under advice: ₹550 crore
• Clients: 200+ families
• Location: Bengaluru
• Start of practice: Early 2000s

After taking the CFP course in 2008, Dilshad Billimoria shifted from selling products to a client-centric approach. Her teamwork-based model ensures unbiased advice, providing tailored solutions for long-term client benefits.

Achieving financial independence provides individuals with peace of mind and long-term security. In India, this journey can be accelerated with the guidance of a qualified financial advisor who helps with goal-setting and provides crucial stock market basics to optimize investments. By gaining a clear understanding of how financial advisors operate and navigating the complexities of the Indian financial landscape, individuals can make well-informed decisions, ensuring both their present and future economic well-being are secure for themselves and their families.