Have you ensured the Atmanirbharta of your clients?


The stress on self-reliance and Make in India has increased considerably in recent times when the Prime Minister used and stressed on the word ‘Atmanirbharta’. While Indian industries have localized their operations and businesses are becoming self-reliant, how Atmanirbhar are your clients?

When we talk about being self-reliant or Atmanirbhar, the main focus is on finances. In the current situation when people are losing jobs, facing pay cuts and are uncertain about a promotion, the need for financial self-reliance has increased. You, as an informed and knowledgeable financial advisor, can help your clients become Atmanirbhar when their finances are concerned. Do you know how?

For an Atmanirbhar life, your clients should make a financial plan and stick to it. Financial planning is the process with which your clients can assess their financial goals and plan for them. If they have a financial plan in place, they can build a suitable financial portfolio which would yield funds at important milestones of their life and make them financially self-reliant or Atmanirbhar as you might call it. 

This video explains why financial planning is important –


Send this video to your clients so that they can understand the need of financial planning and act upon it.

Here are some steps, which you can educate your customers about, so that they can become Atmanirbhar with their finances –

  • They should make a budget and stick to it

    The first step in financial planning is assessing the income and expenses. Ask your clients to make a list of their income from all sources in one side and the expected expenses on the other. This would give them their disposable income which is the money that the save after meeting their expenses. Once they know the disposable income, they can invest this income for future goals.

  • Knowledge of financial goals is needed

    Just as the knowledge of the destination is important when planning a journey, knowledge of financial goals is also important when making a financial plan. Every client has a different set of financial goals and you should help your clients identify their financial goals. When they know the goals for which they need funds, they can choose the suitable investment avenues to prepare for such goals.

  • Choosing suitable investment avenues

    Now that your clients know their disposable income and the goals for which funds would be needed, they need to choose suitable investment avenues for the realization of their goals. The avenue should be chosen based on the following factors – 

    • The client’s risk appetite vis-à-vis the risk profile of the avenue
    • The investment horizon
    • Tax efficiency
    • Returns offered

    Your clients should have a well-balanced financial portfolio with a healthy mix of different types of investment instruments for maximum returns through diversification.

  • Building an insurance portfolio

    If the Coronavirus pandemic has taught us something, it is the need of having an optimal insurance portfolio to guard against possible financial losses due to the pandemic. For your clients, having a term insurance plan and a health insurance plan are two of the most important requirements. While term plans would help in case of premature deaths, a health plan would help meet the cost of treatments if your clients or their family members get infected and are hospitalised. In fact, two COVID specific health plans have been launched specifically to cover Coronavirus related hospitalisation. These plans provide comprehensive coverage against the medical expenses incurred due to COVID and are a must.

Your role, as a trusted advisor, is to educate your clients about the need and importance of financial planning and insurance. You can impart your knowledge and help your clients build up a financial portfolio which would take care of their financial needs. Moreover, as a PoSP, you can fulfil the insurance needs of your customers so that they are financially protected if an emergency strikes.

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