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| Writer | Dr. Mahesh Kumar Sarva |
| Category | Business & Career |
| Language | English |
| Publisher | Lovely Professional University |
| Publish Date | * |
| Pages | 271 |
| File Size | 7 MB |
| File Type |
As one of the most rapidly developing service industries in India and aided by a world of economic, technological, and social change, the role of financial planning is increasingly important in the Indian community.
Personal Financial Planning PDF – Mahesh Kumar Sarva
In India, we have endured major economic and regulatory change, including widespread changes in the banking system and, through the late ‘1990s, a reducing inflation rate in stark contrast to the double-digit inflation earlier. We have seen turbulent times in the stock market and the adoption of the depository system, a transition to rolling settlement, and the introduction of derivatives.
A well-developed debt market remains a distant dream, forcing investors to hold on to illiquid instruments. Senior citizens are facing the brunt of the impact of these changes, and as the average age of our population climbs, there is increasing pressure on the early introduction of a social security system for financial support.
Shadowing and, at times, pre-empting this environment has led to an expansion in the type and style of investment products available in the market. Indians, by and large, have increasingly embraced the new investment environment, and the rising popularity of managed funds shows an increasing sophistication in the consumer’s approach to their investments.
Personal Financial Planning PDF – Mahesh Kumar Sarva
The opening up of the insurance sector and the imminent arrival of broad-ranging pension reforms have primed both the economy and society for the development of personal financial planning. India is not alone in witnessing the emergence of the financial planning profession, as several other countries have adopted the Certified Financial Planner (CFP) mark from the US-based Certified Financial Planner Board of Standards.
In recent years, we have seen Australia, the United Kingdom, Germany, France, Japan, Canada, South Africa, New Zealand, Switzerland, Singapore, Malaysia, South Korea, and Hong Kong securing the right to use the CFP mark as a means of designating the standing of a financial planner. The CFP designation is based on the education and experience of the practitioner.
Your enrolment in the CFP Professional Education Program is one major step toward achieving CFP status. In India today, advice on the financial needs of individuals is being given by bank managers, accountants, share brokers, real estate and life insurance agents.
Personal Financial Planning PDF – Mahesh Kumar Sarva
With the growth in the professional recognition of financial planning continuing unabated the world over, people are increasingly turning to the financial planner for comprehensive financial advice. For example, a recent study done in April 2000 in Australia showed that 31.3% of the 1200 adults surveyed would approach a financial planner/adviser, up from 27.1% in the survey of June 1997.
Internationally, it is not just the wealthy and those about to retire who are turning to financial planners for advice. For example, families with young children, a loan, and other financial commitments are increasingly seeking professional advice on managing their current finances and building a sound financial future.
Financial planners are in a unique position to assist all Indians who are willing to place a value on sound financial advice because of the range of services they can offer. An increasing community awareness of such services is no doubt linked to the growth in the profession.
Personal Financial Planning PDF