Advise with the Family Needs Progress Report

The success of a financial advisor is incidental to the success of his clients. Your wealth is a by-product of your client's wealth. Therefore, we always propagate, keep your focus on the client's betterment.

A financial advisor should help people achieve their financial goals and guide them in the journey of wealth creation by offering integrated and comprehensive financial advice to them.

When you assume the role of a financial planner, your clients entrust you with their life's savings and look up to you as a mentor who will guide them through the way of achieving their goals in life. The core role of a financial advisor is thus helping people define their goals, and help them work towards achieving those goals by selecting the right investment products. And it doesn't end here, you have to help them periodically review the goals and keep their Financial Plan on track. This entire process is complex and requires significant time and efforts on your part.

To reduce the complexity and to help you keep the financial planning process simple and organized, we have developed a new tool, the Family Needs Progress Report. It is a unique report which has a simple and easy to understand interface for the user, i.e. your client.

This report exhibits snapshots of all family needs/goals of your client, and each snapshot will state the vital stats pertaining to the goal like:

• The time left to achieve the goal

• The required target amount

• The current value of the investments mapped against the goal

• The future value of the investments mapped against the goal

• The Gap in Progress

• The Investment options to fill in the Gap

How will the report help the Partners?

The Family Needs Progress Report, is a tool designed to help you offer better advice to your clients and also help you in your business development as follows:

1. It helps you in identifying newer business opportunities as the report suggests investment options to clients to fill in their progress gaps. The options can be Additional SIP / Lump sum Investments to fill the gap in projected Target Amount.

2. This report extends business opportunity beyond mutual funds. When the report highlights a gap between the target amount to achieve a goal and the future value of the investment mapped to that goal, then it is a kind of an alarm that the client needs to do additional investments, and that is an opportunity for you as you can suggest other products like MARS.

3. It will help avoid SIP stoppages as the client's SIPs will be mapped to their Family Needs /goals. And whenever the client plans to stop his SIP or redeem his investment, the report will remind him that this investment is linked with one of his life's goals, and his actions can hamper the goal achievement.

4. The report helps the advisor in effectuating comprehensive financial planning for his clients. Since the entire financial life of your client is in this report, it is like a step by step guide to his financial plan. He need not go anywhere else for any of his investment needs in the future, since the report will show him whenever an action is needed on his part. Hence, it helps in establishing a long term relationship between the client and the advisor.

How does it work?

Step 1. Identify the Family Needs: As a first step, you need to help your client in defining his goals. We have provided a Family Needs Master which can help you in identifying & defining the family needs of your client.

> You can create multiple family needs for your clients without any limitation.

> You can add a tinge of Personal touch to the family needs by customizing the name of the family need and by adding a Photo. For example, your client's goal is investing for his daughter Amrita's wedding, so you can write the family need as Wedding Fund for Amrita and add Amrita's picture against the goal.

> You need to enter the Maturity date, which is actually the month and year in which the client needs the money.

> Define the amount & returns expected from his investments which would be getting mapped to this Family Need.

Step 2. Map the Portfolio: Next, you need to map the client's existing investments against each of his family needs as defined in Step 1. The Client's investments in Mutual Funds, including lump sums and SIPs and investment in MARS can be mapped. You will be able to map investments of all Investors in your client's family who are mapped to this Group.

Step 3. Review the Family Needs Progress periodically: Once you have mapped the investments, the report can be viewed by the client. The next step is to review the report periodically, to see if things are in place and take corrective measures, if required. Incorporate any changes in the client's needs or the rate of returns from the mapped investments, etc.

So the bottomline is, Financial Planning revolves around your client's family needs management and NJ's Family Needs Progress Report is designed to aid you in carrying out your job effectively.

You can view this report as: Home page of Client Desk as Family Need Progress Report and in detail format under Consolidated > Family Need Valuation

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