Interview - Ms. Sapna Tiwari, Certified Financial Planner (CFP) : A Calibre Creators Exclusive

Sapna Tiwari is a CERTIFIED FINANCIAL PLANNER with about a decade's experience into training industry. Apart from holding CFP certification, she is a post graduate in Economic Administration and Financial Management, Certified Personal Financial Advisor and Licentiate member (LIII) of Insurance Institute of India. She is holding NSE's certifications in equity market, derivatives market and mutual funds as well. 

She has been associated with financial markets and has extensive expertise in stock market and financial instruments such as mutual funds, insurance, equities, derivatives. 

Sapna is the founder of RUPIYAPAISA FINANCIAL SERVICES and seek to plan the future of Indian citizens by providing Financial Planning and Retirement Services. At rupaiyapaisa.net, they strive to save single penny of the investors by safeguarding the interest of Indian people in planning finances for every step of one’s life and secure a Smooth Retirement transition.

Its Affiliation to Financial Planning Standards Board India ensure Certified Financial Planners to propagate the above message on how essential it is to plan one’s Finances Now and for the Future in a very cost effective way. Financial Planning Standards Board India is marks licensing authority for the CFP marks in India, through an Affiliate Agreement with FPSB Ltd. Financial Planning Standards Board India is a non-profit organisation that develops Certification and Education in Financial Planning.

1. CCLL: So Sapna, tell us briefly about yourself and RP.com?  What is your vision and why did you establish it?

Sapna: By profession, I would introduce myself as a Certified Financial Planner (CFP), though it’s not just a profession for me. Making a positive change in people’s financial life is something, I really am passionate about. I have been into finance industry for over a decade now and the fact is that even today a basic product such as Mutual Fund is mystery for majority among common man.

Rupiya Paisa Financial Services was established to make every single Indian realize that they do need a proper financial plan in place as much as they need any basic thing for living a fulfilling life. The concept of financial planning in India is misunderstood massively.

Making an individual invest his/her financial resources in a product with high return is not financial planning at all. With launch of Rupiya Paisa Financial Services, we intend to change this scenario in our country.

2. CCLL: Why is it important to plan one’s finances for life’s uncertainties and family’s needs?

Sapna: Today, the most common issue faced by any person is relationship based issues and stress. Everyone sees that, though have you ever realized that a lot of it is caused because your finances are out of place?

Don’t you meet one person daily who is not sure where all his/her earned money goes every month and nothing is left for saving?  The concern is about his/her future and they are all linked to the insecurity about the future.

In my opinion if your money is well placed to meet your requirements efficiently, other aspects of life go smooth as well in most of the cases.

Also making a provision to meet uncertainties of life is critical. None of us, I am sure would want our beloved one’s to struggle to meet even basic living expenses if something goes wrong.

3. CCLL: How can an individual in his early-career, mid-career and top-end career professionals, businessmen and entrepreneurs plan their future?

Sapna: Starting financial planning at early age gives you an edge as you can maximize the benefits of compounding. It is most advantageous when you start investing for future prior to your marriage, when you don’t have many responsibilities and expenses to take care of.  You can evaluate your irrelevant expenditure (on irrelevant gadgets like mobile phones, fashion accessories, clothing, footwear, etc.)You would be amazed to see the impact of compounding makes on your money if I show you the calculations.

4.  CCLL: How does RP.com help an individual do so?

Experience tells us that individuals have a faint idea about the financial needs for the future but they don’t have the slightest idea of how to go about creating wealth and parking it for future.  They tend to get confused by what is marketed aggressively on various media, what is advised by “ignorant” friends acting as “advisors”.  On the other hand, we at RP.com, follow a step wise approach with complete involvement of client himself/herself, helping in identifying his specific needs, factoring in various parameters like family size, income and future aspirations. We start with helping them build an emergency fund and gradually take them towards their financial goals step by step.

We have tried to take a very simple approach rather than a complex one so that any common man, even without any technical knowledge of finance can relate to it.

5. CCLL: That’s amazing.  How different is RP.com from other service providers in doing so?

Sapna: Our vision is to make financial planning affordable and approachable for every Indian in the simplest steps.

I am not saying financial planning in itself is a new concept in India, though sometimes it’s not followed in its real form or sometimes it’s too complex and expensive for a normal middle class person. We plan to change that.

6. CCLL: What is the difference between an ordinary LIC agent, a Mutual Fund Advisor or a Bank’s Sales Executive selling insurance, mutual funds and everything and a CFP?

Sapna: It’s very simple. The difference is similar as between a chemist and a practicing doctor.

Though here, many chemists pretend to be doctors themselves and dispense medicines. The parties named here focus on selling products, though unfortunately only to earn high commissions in most of the cases because they push products with high commissions and achieve targets. Often, in that process, the interest of client is lost.

A CFP on other hand, focuses on client, and evaluates all possible options as per best of his knowledge, and recommends a strategy on how to go investing in sound products giving guaranteed high financial benefits for his hard earned money.

7. CCLL: How has the feedback been of your client’s who have got their financial planning done from you? Any instances without naming anyone in particular?

Sapna: In most of the cases, it has been an eye opener.

At RP.com, we don’t just target to merely prepare a plan and hand that over to client.  We strive to educate the client by actually involving him/her with the process. And that actually is the start point of change in their lives.

8. With limited means of income and high expectations of material needs in today’s time, how should one manage to save money for future planning without compromising on any of them?

Sapna: Well, from what I have experienced and seen, income in never sufficient. How you manage that limited income, makes all the difference.

Most of us are financially lazy, we know subconsciously the importance of sitting down and working on our monthly budget, but somehow we become negligent when it comes to actually doing it. We expect our money to work for it but we fail to take out the time and effort to give it a direction for that work.

My request to all readers is that take charge today. Income is never limited or sufficient. It all depends on your approach towards effectively managing it.

9. CCLL: Of course, there is no limit to maximum, but what minimum one must save that can take care of child’s education, marriage, old age & retirement and health care problems.

Sapna: There is no limit to minimum as well. It is important to remember that every drop counts while making an ocean. A small amount saved today will multiply with years into a big amount and going forward, one regrets not saving more while one could. We are talking about humans here; every single person is unique and hence has different needs physically, emotionally and even financially.

10.CCLL:Now, money is strongly linked to Inflation.  Give us an example of the cost of money, say 20 or 30 years from now?

Sapna: I assume, we all are familiar with the kind of impact inflation makes on our money. If I have to show you in figures then, If today you are spending INR.50,000/- to meet your living expenses, then after 25 years assuming a minimum of 6% compounded annual inflation, you would need a minimum of INR 2,14,000/- to maintain the same standard of living.  By this yardstick, you may do a back of the envelope calculation if the rate of inflation is higher, which certainly is going to be the case.

11.CCLL: Any parting words of advice from you for our readers?

Sapna: Educate yourself. Don’t rely on what your agent/advisor tells you blindly. They will aggressively push you to invest in a product, which according to them, will give high returns. Trust me, come out of your mental block and you will find your life a lot easier.  Planning plays an important role, be it your personal life, career, sports, business or any other aspects of your life.  Therefore, financial planning is also crucial.  Investments made after proper planning, in proper tools, will give you’re the peace and satisfaction that you have a sound future ahead of you and that most of your financial worries have been taken care of.

CCLL: Sapna, on behalf of Calibre Creators and our readers, we thank you for your valuable time and inputs.  We send you our best wishes in bringing about financial awareness.

 

RUPIYAPAISA FINANCIAL SERVICES

56A Level 2, Dewan Centre SV Road.
Jogeshwari West,  Mumbai - 400102

Phone:+91 8879523507
Email Address: info@rupiyapaisa.net

Website: www.rupiyapaisa.net