Financial Services Information

During a forum back in 2010, then president of Citi Personal Banking and Wealth Management said that America would never have experienced the 2008 financial crisis if it was the Lehman Sisters and not the Lehman Brothers.

That being said, the financial services industry is still undoubtedly a man’s world. Based on a report by the Bureau of Labor Statistics, only 31% of financial advisors in the US are women, which means almost 8 out of 10 financial brokers and consultants are men. This is contraindicative to the recent findings of a research done by Pershing, a financial consultancy firm under the BNY Mellon group, which revealed a projected rise in demand for women financial advisors.

From the standpoint of financial advisor recruiters, this is a simple economic situation – high demand and low supply equals a lot of opportunities. If you’re a woman in the financial industry, this is a great time to look for better jobs and greener pastures. In doing so, it pays to know what your main advantages are over your male counterparts. This would allow you to strongly position yourself during job interviews.

So, what exactly are your key advantages as a female financial advisor?

Women Understands Women

Women-owned businesses account to trillions of dollars per year. According to the same report from Pershings, female investors are more likely to hire financial consultants than their male counterparts – 46% versus 36%. The study also shows that female clients are more likely to develop a long-term and loyal relationship with a consulting firm. Not coincidentally, most of these women entrepreneurs prefer to hire female advisors. Why do you think is that? For one, it is a consensus in the industry that women clients require more intensive consulting and they take more time than female clients. This is because female investors are more detail-oriented.

Also, the number of wealthy women who are not necessarily investors or entrepreneurs is rising. These are those who just got divorced, was recently widowed, etc. They have real money and they need help in managing their finances. According to financial services recruiters, this new breed of rich women are more comfortable working with female consultants because they are more patient, are typically good listeners and wouldn’t mind hearing about the personal stories of their clients.

Women Generate Clients in More Varied Ways than Men

According to the 2012 Fidelity Broker and Advisor Sentiment survey, 71% of female wealth managers attend industry gatherings and in-person seminars. This is significantly higher compared to the 36% of men who attend such networking events. The report says nothing conclusive about this information but it’s easy to draw an educated hypothesis – women develop more connections and therefore, more opportunities to acquire new clients. Also, women are more open to clients who are looking beyond the traditional investment platforms.

Experts also observe that female financial advisors are craftier in promoting their expertise. Carol Pepper, the woman behind the New York-based investment firm Pepper International wrote a book to promote her services. Chapin Hill Advisors president Kathy Boyle often gives speeches to create thought leadership for the firm. She also use blogging as a tool to reach potential clients.

Women have made and are continuously making their mark in the financial services arena and though they are still outnumbered, it wouldn’t be surprising if they equal or surpass the number of financial advisors in the future.

When it comes to investments and various financial services, London continues to be a world class financial centre.. The finance industry as a whole comprises of many different institutions. This wide variety of businesses with different specialism means that people are often spoilt for choice – and Richmond is no different. When it comes to independent financial planning, Richmond is a great place to begin searching for help. Many cities around the world can boast a large amount of financial companies to choose from when it comes to getting help from an investment advisor. London, in particular, continues to be a very important financial hub worldwide – with a good mix of very experienced, highly qualified people and fresh ideas.

The main purpose of financial planners and helpers is to guide people into making proper decisions for their long term financial health. A good advisor will take the time to get to know you, discuss where you are now and where see yourself over the next few years, when you plan to retire and how you wish to spend your retirement. It is important that you are clear about the standard of living you hope to have once retired. He or she will also look at what assets you currently have, your income levels and your current and expected outgoings. Your income and outgoings will change over the years – you might be able to pay off your mortgage, your children will finish full time education and you might perhaps be planning to buy that longed for second home abroad. Both short term and long term financial goals should be considered, before developing a strategy. A good financial plan will include investment planning, retirement planning and pensions, tax planning and ensuring that there is adequate insurance cover.

Developing a good investment strategy to achieve someone’s long term goals is a highly specialist area and often best left to the experts. A good financial advisor, who is likely to be highly qualified in the area of financial planning, will develop a plan that has an appropriate level of risk and return that is consistent with the agreed aims and objectives. An effective investment plan should consider how your assets will be allocated – this will cover how well diversified is the portfolio of investments is across a range of industries and geographical regions. The key of objective of your financial advisor is to try and maximize the return on your investment portfolio while minimising the level of risk to which you might be exposed. He or she will know the best methods of investing your money in a variety of financial vehicles, making sure that your investments are also tax efficient. Your specialist investment advisor should take the time to regularly evaluate your investment portfolio and check that your financial planning strategy is still on track. This will involve reviewing your portfolio of investments and ensuring that it is still consistent with the current aims. The financial planning specialist can provide ongoing management of your investment portfolio.

When selecting your investment advisor, do check that there will be regular reviews of your financial planning strategy, checking how your portfolio of investments is faring and deciding if any corrective action needs to be taken. Your advisor should give you measured advice, that is long term in view rather than focusing on the short term events in the stock market. Your financial planner will have detailed knowledge of a broad range of investment opportunities and should be in a good position to recommend the best options for you and your long term financial plan.

There are many different methods that financial institutions use to invest money, and many of these methods are too intricate for most people to understand. Extensive research really needs to be done by a professional before any decisions are made. Financial services, London are a tremendous asset to the UK economy, generating a vast amount of financial expertise notably independent financial planning. Richmond is one such place that can especially benefit from being close to a world class financial centre. There a numerous well qualified investment advisor. London has plenty of people who can help those in need of investment advice. A person should always make sure that they have done extensive research before committing to a particular advisor.

Financial planning is the systematized process of meeting your financial objectives through appropriate investment avenues. Every investor harbours a different aim, in this regard. For some it is wealth creation for wealth’s sake, others aspire to buy a home (or several), whereas others wish to build their assets so that they may leave behind some financial security for their loved ones. However, to fulfil these dreams one must first analyse their current financial situations. Financial planning begins by looking at a person’s income, their savings and assets, their tax records, their expenses and debts, their appetite for taking financial risks and even their age, before laying down a tangible and realistic investment plan suited to these observations. Financial planning is ultimately the move one makes to take charge of their and their family’s long term financial security.

Mutual fund investments are relevant to financial planning as they are the epitome of all those financial products that allow us to achieve our financial goals. The ramifications of mutual fund investing, what they consist of and how they will contribute to our financial well being are pre-determined. Every fund has a different goal, which allows investors to invest only in those that will be advantageous to them. Equity mutual funds strengthen one’s finances in the long run, focusing on growth with short term risk. Thus, when engaged in planning your finances, try and figure out what your needs in the long term will be, taking into account old age, your children’s education, and inflationary prices and so on and so forth. Having calculated your potential requirements, invest in an appropriate equity mutual fund that, at the time of maturity will provide you with enough returns to meet your predicted needs. If they do not, then one can always reinvest the gathered returns.

This is a more convenient move than the painful process of building an equity portfolio in the stock market, one share after another. Mutual funds are highly beneficial in the process of planning your finances as they help you to focus your investments today based on your anticipated need for tomorrow in one swift move, rather than wasting your time with other more elaborate investment tools and duties that can be outsourced. For e.g., mutual fund investors are not required to have a keen knowledge of the market as executive decisions are all made by the fund manager.

The combined convenience of a mutual fund along with the experience of the manager as well as the lucrative nature of the medium itself results in a winning combination for anyone looking to invest with the view of long-term growth.

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http://egov.eletsonline.com/2013/10/enhancing-financial-inclusion-in-india/

Anurag Jain Joint Secretary, Department of Financial Services Ministry of Finance, Government of India

-Government has issued detailed strategy and guidelines on Financial Inclusion, advising banks to open branches in all habitations of 5,000 or more population in underbanked districts and 10,000 or more population in other districts,- says Anurag Jain. In Conversation with Nayana Singh.

Today Financial Inclusion is a key focus area for the Government of India. Tell us about the work that you are doing for promoting Financial Inclusion in the country? We need to develop policies and systems for proving basic financial services like insurance, banking and the related facilities to all sections of society. It is well known today that the expansion of the banking and insurance networks are being planned very aggressively. RBI and similarly IRDA have already come up with guidelines that enable certain kind of branches to be opened without any permission. In the ministries last budget speech, the Hon’ble Finance Minister had set a very aggressive target for opening up of new branch offices for banking and insurance verticals. Another major step that we have taken is to map the entire country into zones that are not being adequately serviced by the banking industry. In such areas, other systems, like the Banking Correspondents model, are being developed to provide banking related services. In 2006, RBI permitted banks to use the services of intermediaries for providing financial and banking services through the use of Business Facilitators (BFs) and Business Correspondents (BCs). Business Correspondents act as retail agents of the banks in providing banking services at locations other than a bank branch/ATM. BCs and the BC Agents (BCAs) represent the bank concerned and enable a bank to expand its outreach and offer limited range of banking services at low cost, particularly where setting up a brick and mortar branch is not viable. BCs as agents of the banks, thus, are an integral part of the business strategy for achieving greater financial inclusion.

Financial Inclusion

Banks play a key role in implementation of DBT and this involves four important steps: Opening of accounts of all beneficiaries Seeding of bank accounts with Aadhaar numbers and uploading on the NPCI mapper Undertaking funds transfer using the National Automated Clearing House – Aadhaar Payment Bridge System (NACH-APBS) Strengthening of banking infrastructure to enable beneficiary to withdraw money Financial Inclusion

What kind of impact are the initiatives taken by the Finance Ministry having in the rural areas? Please tell us about the challenges that you face in bringing Financial Inclusion in the country. The challenges will always be there, but we are working to bring improvements. It is only a matter of time before we are able to reach out to every corner of the country. The point is that if you look at from the point of viability, then it becomes obvious that the brick and mortar kind of branches will not be financially viable in the sparsely populated rural areas. Therefore we need to come up with innovative approaches like Ultra Small Branches (USBs) and the BC model. Opening a brick and mortar kind of branch, even if it is of minimum staff strength, will cost lot of money, so we have to rely on the USBs and the BCs. You see an USB can work very effectively with only one employee and an affiliated BC. Regional Rural Banks (RRBs) are also allowed to open branches in Tier 2 to Tier 6 centres (with population up to 99,999 as per Census 2001) without the need to take permission from the Reserve Bank in each case, subject to reporting, provided they fulfil certain conditions. The challenges that we face are being overcome by use of new technology. Today BCs can share data by using small hand held devices. This enables us to reduce cost, while providing timely services in remote areas.

The government has come up with the ambitious Direct Benefit Transfer (DBT) scheme. What kind of impact do you see DBT having on Financial Inclusion? DBT will definitely serve as an incentive for the people to open bank accounts. After all, there can’t be any DBT if people do not have bank accounts. In some places, where banking facility was not available, people had accounts in post offices or primary cooperative society. Now many of these institutions are not on CBS, so you can’t make transfer of funds. The postal departments are now having an aggressive programme for computerisation; once that happens they will be able to support DBT. Many cooperative banks are also developing the CBS platform. You see, the DBT will force players in the financial space to upgrade their technologies and that will be beneficial from the angle of financial inclusion as then these institutions will be able to deliver many more financial services.

What is the roadmap for implementing DBT in every government department? The DBT programme was rolled out on January 1 this year, beginning with 43 districts and expanding to 121 districts from July one. Transfer of LPG subsidy through DBT was rolled out from June 1 and now covers 20 districts. In LPG, over 2.8 million DBT transactions valued at `116 crore have taken place in seven weeks. The thing is that when people talk about DBT they usually mean Aadhaar linked transfers. Unfortunately in many districts Aadhaar is yet to be generated. The Direct Benefit Transfer for LPG (DBTL) scheme is currently under implementation. In this case the districts have been selected on basis of their success in enrolling the population for Aadhaar. The districts were the Aadhaar generation is highest have been taken up for DBTL. As of now this is working quite well. Once we have sizeable Aadhaar enrolment in all the districts, DBT will become the norm. The bulk of the work in DBT at the moment is in digitization of databases, re-engineering government processes for automating financial transactions, enrolling in Aadhaar and ensuring that every recipient has bank accounts seeded with Aadhaar.

ATMs have become very popular in the urban areas. Do you see the scope of using ATMs for improving access to financial services in rural areas? ATM can provide the 24X7 services, and so it is very important. In rural areas, we have issues about the timing of the bank branches. Normally the branches operate from 9 AM to 6 PM, but villagers normally want services early in the morning or late evening. It is also true that you can’t have bank branch everywhere. So ATMs are important as they will allow the citizens to access their funds in banks whenever they wish. The Finance Ministry has now asked state-run banks to expedite installing ATMs in rural areas.

Ministry of Finance has started the scheme to install White Label ATMs. What kind of progress is being made in that area? The banking space has seen considerable growth through the ATMs, (approximately 87000 ATMs at present) but the same has been restricted principally to the urban/metro areas. Last year, the Reserve Bank of India, had allowed corporates to set up white label ATMs to increase the penetration of ATMs in several areas of the country. Most ATMs, or machines that dispense cash, are owned by banks. But ones that are owned and operated by non-banking companies are called while-label ATMs (WLAs). They function just the same way as any other bank-run ATM. This scheme has picked up late. From Jan 2013 it is started so by Dec 2014 we should have 63000 WLAs in place.

In Kenya and few other countries of Africa mobile banking is a success story. But in India mobile banking is not picking up to a substantial extent. Why is that so? Efforts are being made to popularise mobile banking. Today most public sector banks have enabled mobile banking and it is matter of time before large number of consumers start recognising it as a good medium to meet their banking related needs. As far as policy front is concerned, all the regulations are in place, not it is only a question of taking the product to the consumer. In Africa, mobile banking is popular because it is the only channel for consumers who want to avail of banking facilities, whereas in India consumers have access to a range of facilities. Also the mobile banking charges need to come down. Another point is that even though today we have more than 70 crore mobile users, not everyone is using device with data connectivity. That too needs to change.

DBT Will Enable our Financial institutions to upgrade their technology

Over the last decade Public Sector Banks have made many commendable efforts to integrate IT into their operations. What else can be done to leverage ICT to improve the efficiency of the public sector and cooperative banks? Today it is difficult for us to imagine banking without IT technologies. Most of the banks have integrated operations with Core Banking Solutions (CBS) in place, and most of these platforms are capable of talking to each other. The same is the case with ATMs. The Department of Financial Services has worked to make PSBs become clones in terms of technology, standardisation of manpower recruitment, accounting practices. Cooperative banks are different; their operations are such that they cannot immediately go to the CBS platform. NABARD came up of a scheme to put the cooperative banks on CBS, but its execution will take time. One reason why cooperative banks find it difficult to achieve a 100 percent implementation of CBS is the remote locations of branches. This also makes it impractical to roll out technological solutions to all branches.