My Financial Plan: Planning Financial Lives with Purpose

Arvind Krishnan,Founder & CEO

Arvind Krishnan

Founder & CEO

Most people find financial planning complex or confusing and choose to put it off. Is financial planning as daunting as it is generally perceived? Financial Planning Standards Board(FPSB)defines financial planning as"a process of developing strategies to help people manage their financial affairs to meet life goals". It involves charting and following a roadmap to help individuals reach where they want to be in the next 10, 15, or even 20 years. UAE based My Financial Plan helps individual sreach their financial goals by providing tools and information to educate users on the workings of life insurance and other financial products in the market. Consequently,individuals can have more meaningful conversations with their financial advisers, and in turn, stay on the right track to achieving financial security.

"We firmly believe if individuals become financially educated, they will save more money and also challenge financial service providers and advisers to develop products that truly respond to their needs. And that should have a positive impact on both individuals' investment levels and economic growth," highlights Arvind Krishnan, Founder & CEO at My Financial Plan.

My Financial Plan does not provide direct financial advice but instead collaborates with qualified and experienced financial advisers who help clients achieve their financial goals. A financial planner is responsible for providing comfort to individuals and their families while also ensuring that they consistently do the ‘right' thing. He assists clients in achieving their life goals through
efficient financial resource management of financial resources. My Financial Plan helps design efficient financial resource management of financial resources. My Financial Plan helps design effective client specific plans by collecting data about clients' present financial state. The company assists the adviser in helping clients set financial goals, identifies issues if any and recommends alternatives whenever required, along with implementing and periodically reviewing and revising the client's plan.

My Financial Plan helps the clients craft a customized financial plan that makes sense to them and have a meaningful conversation with their financial adviser

My Financial Plan also offers adviser education, which involves assisting advisers in selecting the appropriate and creative solutions for their clients' needs. These solutions might consist of a single product or a combination of multiple products and services depending on client requirements. Whether a client is looking for a complete financial plan or a goal specific plan. My Financial Plan helps advisers break out of established patterns and look at their tasks with a fresh perspective. "We begin by pinpointing factors of current as well as future importance to the advisers and their clients, and further help strategise an effective course of action to meeting these objectives," says Twinkle Shah, Head of Partner Strategy. "We dig deeper, think smarter to provide bespoke solutions that enrich their clients'lives," adds Arvind.

In addition to insurance planning, My Financial Plan assists clients with investment, estate, and retirement planning in the most tax-efficient way. Hence, besides collaborating with major insurance firms via insurance brokers, the company consistently looks to partner with top investment management firms globally. On the Estate equalization front, an adviser approached about a resident Indian family, Male Client aged 60 & Female Client aged 57. They have three children, one settled in India and the other two settled abroad. The client wished to put a planning in place to ensure their two children living abroad get part of their entitled inheritance. However, out of their $9 million EstateValue, 55 percent of assets ($5 million House and Business) were skewed to Child one as they are based in India. My Financial Plan worked with the adviser to build a solution where the Estate Value increased from $9 million to $15 million. This increased each child's share from$3 million to $5 million(66percentincrease)and equalised the client's estate for inheritance. The company will continue scripting success stories for clients across India and the Middle East by partnering with proficient advisers, technical consultants, lawyers, estate and trust planning experts and so forth.