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India's insurance sector is set to witness remarkable growth, with its Assets Under Management (AUM) projected to surge to $11 trillion by 2047 from $0.7 trillion in 2023, according to a report by Boston Consulting Group (BCG) and India InsurTech Association (IIA). This expansion aligns with India's broader economic goals, including achieving "Health for All" by 2047, as the country's GDP is expected to reach $ 30 trillion by then. The report also highlighted that India's financial assets are also anticipated to grow significantly, climbing to $120 trillion by 2047 from the current $6.4 trillion. However, despite the promising outlook, insurance penetration in the country remains low, particularly in the health and non-life insurance segments. As per the data in the report, India's health insurance penetration is just 0.31%, far below the levels seen in countries like the United States (5.26%) and China (0.77%). Non-life insurance penetration in India stands at 1%, compared to 1.8% in China and 9.3% in the US. On the other hand, life insurance penetration in India is relatively strong at 2.8%. However, it still falls short of the global average of 2.9%. The report stressed the need to increase insurance coverage, particularly in health insurance, where 45% of medical expenses are still borne out-of-pocket by individuals. Multiple macroeconomic tailwinds are already driving growth in the industry. The goal is to achieve 100% coverage for all citizens and reduce out-of-pocket medical expenses to less than 10%. India envisions becoming the world's third-largest insurance market, with over 10 companies in the global top 50 and more than 100 insurtechs operating at scale. It said, "Driving penetration is a key focus area; Health insurance is most underpenetrated, with 45%+ medical spends still out of pocket." The report highlights that while India has made significant strides in improving insurance penetration, there is considerable scope for growth, especially in the health and non-life insurance segments. Achieving these goals will be crucial for securing the financial health and well-being of the country's population in the coming decades.

India's insurance sector AUM is projected to grow to $11 trillion by 2047 from $0.7 trillion now, says BCG Report

<ul><li>The mutual fund industry’s assets under management (AUM) in January stood at ₹39.6 lakh crore.</li><li>This comes in the backdrop of erratic market movements in January due to a number of factors including a sharp sell-off from foreign institutional investors (FIIs), crisis in the Adani Group that battered the stocks, interest rate hike and budget expectations, and corporates’ December-quarter earnings.</li><li><keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">Mutual Funds</keyword> were net buyers of shares worth ₹21,353 crore in January while FIIs withdrew ₹29,950 crore, according to a report by IDBI Capital.</li><li><keyword id="8196887" type="General" weightage="20" keywordseo="SIP-inflows" source="Orion">SIP inflows</keyword> in January stood at ₹13,856 crore, compared with ₹13,573 crore in December. </li></ul>The mutual fund industry’s assets under management (AUM) has declined for the second consecutive month in January – inching down to ₹39.6 lakh crore amid volatile market conditions, shows a report by Motilal Oswal. This comes in the backdrop of erratic market movements in January due to a number of factors including a sharp sell-off from foreign institutional investors (FIIs), crisis in the Adani Group that battered the stocks, interest rate hike and budget expectations, and corporates’ December-quarter earnings. The <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> ended 2.4% lower month-on-month at 17,662 in January 2023 – the second consecutive month of decline. Until January 24, the benchmark index was largely flat, but the <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">Hindenburg report</a> on the Adani Group triggered a sharp decline. As a result, Nifty50 closed 443 points lower in January. “In January 2023, DIIs (domestic institutional investors) reported the highest inflows since July 2022 at $4.1 billion. FIIs recorded the second consecutive month of outflows at $3.7 billion,” Motilal Oswal Investment Services said in a report. Assets under management of equity mutual funds (including ELSS and index funds) were at ₹16.5 lakh crore in January, down 0.9% from last month, led by a decline in market indices, the report said. “The month saw notable changes in the sector and stock allocation of funds. On a sequential basis, the weights of technology, automobiles, capital goods, consumer, metals, insurance, and utilities increased, while the weights of banks (private &amp; PSU), NBFCs, cement, retail, chemicals, infrastructure, and textiles moderated,” said the report. Mutual funds were net equity buyers of shares worth ₹21,353 crore in January while FIIs withdrew ₹29,950 crore, according to a report by IDBI Capital. Some of the credit for this buying in equities also goes to retail investors who are consistent with their SIP (systematic investment plan) contributions despite volatility. SIP inflows in January stood at ₹13,856 crore, compared with ₹13,573 crore in December. Stocks added and sold by mutual funds in January 2023 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Major new additions </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Major exits </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ujjivan Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JMC Projects </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hi-Tech Pipes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DFM Foods </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Atul Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hariom Pipe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jindal Saw </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr></tbody></table>Source: IDBI Capital Among the top 10 funds, the highest sequential decrease in equity value was seen in Axis Mutual Fund (-5.4%) followed by Aditya Birla Sun Life Mutual Fund (-2.9%), UTI Mutual Fund (-2.2%), DSP Mutual Fund (-2.0%), and Mirae Asset Mutual Fund (-1.8%), as per the Motilal Oswal report. Mutual funds’ assets have been impacted as Indian benchmarks have been sliding, underperforming global peers including in the US, the UK, China and others in 2023 so far. While there have been <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-equities-worth-28851-crore-in-january-in-financial-services-oil-gas-stocks/articleshow/97862620.cms">huge outflows</a> by foreign institutional Investors (FIIs) recently, domestic institutional investors (DIIs) are also busy infusing capital with support from mutual funds. The rout in the <a href="https://www.businessinsider.in/stock-market/news/adani-group-companies-lose-3-22-lakh-crore-in-market-value-amidst-tussle-with-hindenburg-research/articleshow/97374612.cms">Adani Group stocks</a> following the release of a damning report by US-based short seller Hindenburg on January 24 also impacted foreign capital flows – FPIs are flocking to other ‘attractive’ markets and shorting Indian equities SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-q3-net-loss-widens-to-7990-crore-average-revenue-per-user-edges-up-to-135/articleshow/97939836.cms">Vodafone Idea Q3 net loss widens to ₹7,990 crore, average revenue per user edges up to ₹135</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/heres-what-sustainable-fashion-includes-and-why-its-worth-caring-about/articleshow/97936674.cms">An ethical choice or just another fad? Here’s what sustainable fashion includes and why it’s worth caring about</a>

Mutual fund assets under management decline for second straight month in January amid market turmoil

Financial institutions in India continue to be at the bottom of the list of sectors paying the lowest salary hike to their employees, as per Aon Hewitt recent annual salary increase survey. The sector has seen a drop from 9.5% to a 8.1%. 
 
According to Roopank Chaudhary - Associate Partner &amp; Head, McLagan India, there has been a signficant drop since last year, yet it's not as bad as it looks. "This figure can be justified as demonetisation has hit this sector badly compared to others," he said. 
 
Here's a sector-wise analysis of financial institutions, by Roopank: 
 
Banking "With sister industries like the Small <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Banks coming to life and certain NBFCs feeding off the increasing GNPA figures (GNPA as of June 2016 for public and private sector banks was approximately Rs 6 lakh crore) from the Banks to 5 major multinational banks downsizing their operations in India. The year has seen several regulatory measures to supervise the mis-selling of financial products/services, cyber security especially and as a broad measure to create a customer-friendly banking environment," he said. 
 
Two major moves that have been taken as an effort to make the banking space more customer oriented is the large investment in technology as well as the focus on ‘financial inclusion’. Both these initiatives have further been backed by the government through the ‘demonetization’ movement or setting up of Unified Payment Interface (UPI) in August 2016 acted as the impetus and propaganda for retail customers to bank through online channels. 
 
On the other hand, large multinational banks have downsized their operations in India due to tight regulations and need for capital in their domestic markets. Some have even quoted that the reason for shutting down branches is the change in the consumer patterns of banking online. Such a shift could is also reflected in the overall salary increase projected for 2017 at 7.9%, a figure lower than the optimistic projections till last year. But this decrease in the overall salary increase could also suggest that the firms may look at targeting the high performing employees with a higher percentage of the kitty. In fact, Banks have differentiated strongly between average and high performers with the multiplier being 1.81x in 2016. With an overall attrition rate of 16.7% in 2016 induced due to many of the reasons above, there is a need for banks to differentiate basis performance especially in key verticals such as risk, compliance and analytics. 
 
<keyword id="48051" type="ORGANIZATION" weightage="20" keywordseo="investment-banking">Investment Banking</keyword> 
Investment Banking &amp; Capital Markets trends in India remained strong in 2016 despite slowdown globally and in Asia. Overall it was a year of higher M&amp;A activity, buoyant IPOs and nervous FIIs. The outbound deals picked up impressively in 2016, and a lot of activity in start-ups was seen. Key sectors that saw outbound activity were Energy &amp; Oil, while Hi-Tech attracted majority of inbound activity. A relatively stable top management of domestic houses ensured business stickiness and top slots of league tables were replaced by these firms. IPOs were up significantly, while QIPs disappointed yet another year. 
 From an HR standpoint, Promotions were marginally up, increases and bonuses were flat. The industry pyramid saw a burgeoning bottom layer on account of fresh hiring. From Equities Markets standpoint, the dwindling margins in Cash Equity Trading for MNCs resulted few ramp-downs and thus change in Equities talent landscape. The global economic anxiety, weak <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> performance resulted into FII volatility &amp; pullouts, and we saw FII pullouts even from Debt market driven by hike in US Fed Rates. Sensex volatility however resulted into higher Trading Volumes and positive trend was seen in promotions and pay increases for Equities Research / Sales &amp; Trading talent base. 
 
Overall, Bulge firms continued to lead the pay levels and bonuses were highest for Investment Banking compared to Equity or Fixed Income talent base. 
 
Funds/Asset Management 
 
With lower bank interest rates and demonetization, the average assets under management (AUM) of the Indian mutual fund industry crossed 17 lakh CR December 31, 2016. Assets managed by the Indian mutual fund industry have grown from INR 13.49 lakh CR in December 2015 to Rs 17.06 lakh CR in December 2016 – a 26% growth in assets over the last year. 
 
Although retail continues to contribute to a significant share in the pie, Institutional Assets grew at a faster rate in 2015-16 as compared to Retail Assets. The overall growth seen in Retail Assets was approximately 13.74% as compared to 18.26% for Institutional Assets – contrary to the trends seen in the previous years. Consolidation continues in this sector, with most of the top 10 mutual funds seeing a growth in AUM as compared to the previous year. 
 
In addition, there have been 7 exits in the space in the past 4 years. This has led to relatively easy talent availability within the Mutual Fund space and has also influenced hiring costs. The salary increments and forecast for this sector have additionally been influenced by Bank backed AMCs saw salary increments moving in line with the parent entity in 2016. Investment teams continue to draw a significant pay premium along with risk, compliance and analytics. 
 
The talent landscape is seeing an increased focus on hiring, training and retaining key talent in niche roles such as relationship management, digital marketing and training the front-line sales force. Asset Management continues to differentiate strongly on talent with the between average and high performers with the multiplier being 1.84x in 2016. 
 
General <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">Insurance</keyword> 
India continues to be one of the most under insured countries in the world as indicated by both penetration and density levels. Despite the penetration levels, general insurance as a sector has experienced exponential growth over the years with a cumulative growth rate (CAGR) of 14% to 15% since the beginning of the decade. The industry continues to expand, with smaller general insurance players registering a faster growth as compared to more established players in the recent past. Liberalization of FDI in the insurance space has also promised to open doors for much needed capital infusion. 
 
Private sector insurers contribute significantly to the pie, accounting for approximately 49% of market share. The growth of the private sector in 2016 was 21% as compared to 7% for public sector insurers. Consolidation in the sector continues with the top 4 players in the sector accounting for over 50% of the market share. 
The positive headwinds and the buoyant growth reflect in the salary increases rolled out in the sector as well. The projections for 2017 stand at 10.3% as compared to 10.4% in 2016. Attrition however continues to remains a key challenge in the General Insurance space with attrition rates for 2016 registering at 20.1%, only marginally lower than the attrition rate for the previous year (21.6%). 
 
Life Insurance 
2016 saw the Life Insurance industry focus towards expanding customer reach through alternate channels, increase number of partnerships on account of open architecture and driving synergies across businesses to control operating expenses. While Agency model still continues to drive New Business Premiums (NBP) across the industry, the fixed cost heavy life-agent model still needs to be fixed. A number of below-the-line campaigns &amp; partnerships has been a key differentiator for Direct Sales channel. Customer Analytics and dedicated campaigns towards improving UI / UX have played a significant role in e-sales fulfillment. Lately, some of the Life Insurance players have also started to look at Insurance Marketing Firms as a lever of growth. As a combined effect of open architecture, increased FDI limits and high operating costs, the industry today is also headed towards consolidation in order to drive synergies across the organization. On the Talent front, the industry has seen slightly conservative annual increments &amp; bonus payouts. While the 2016 actual average increment stands at 8.3%, the projected annual salary increase for 2017 is 8.2%. 
 
The industry however continues to differentiate between top and average performers; differentiation to the tune of 2.26x in 2016 as against 1.96x in 2015. Though attrition rate has dropped as compared to 2015, attrition continues to be a cause of concern for the industry - overall attrition in 2016 being 56.6% as against 47.9% in 2015 
 
NBFC 
It has been a story of two different halves for the NBFC industry in India in 2016 -17. While the first half of the year saw a strong growth in retail credit and a partial reining in of the delinquency rates that have been plaguing the industry for the last few years, the industry suffered a significant setback due to the demonetization of high value currency notes in November 2016. 
 
The initial impact has been due to liquidity crunch that has plagued the rural and cash intensive sectors where NBFCs have had greater exposure. While the government’s decision to give a 60 day grace period for receivables, later extended by another 30 days has come as a big relief for borrowers, collections have been impacted in the short term, as a result of which the companies are looking at a significant impact on the bottom lines in the near future. The fall in property prices across the country has also forced the lenders to reevaluate their portfolio in the LAP /mortgage sector. 
 
However, there are some green shoots in the long term view. The Government’s favorable policies on specific sectors such as affordable housing and rural sector should drive demand for credit in the long term. The NBFC with their better network in semi-urban and rural areas along with the strong customer connect on the ground will be able to take advantage on this in driving the next wave of growth in the sector. 
 
In terms of fixed pay increases, we see a subdued growth in the sector with overall growth of 8.5%, the first time it has fallen below 10% in this decade. This drop is seen across all levels of the organizations; however, organizations may look at variable pay and targeted increase to high performing employees to retain critical employees in these times of uncertainty. 
 <keyword id="113684" type="COMPANY" weightage="20" keywordseo="microfinance">Microfinance</keyword> 
 
It’s been a year of ups and downs for the micro-finance industry. With some MFIs commencing their small finance bank business, the industry has also shown signs of overheating with around 1.26 million microfinance borrowers with top-up loans have an average loan exposure of INR 45,400, much higher than the national average of INR 22,000. However, the biggest impact to the industry has been in the form of deferred payments from borrowers on account of Demonetization. The industry’s PAR has increased significantly due to lack of cash in the hands of its borrowers. Despite a stressed quarter largely on account of demonetization, the industry promises a positive outlook with quick recovery in the short term. 
 
Given the economic conditions and deferred cash flow, the industry may see conservative annual increments &amp; bonus payouts at the end of this financial year. While the 2016 actual average increment stood at 10.8%, the annual salary increase may fall down to 7.1% (projected). Top Executives / Senior Management may see an even sharper drop in increments with projected annual increment for Senior Management coming down to the tune of 5.4%. Overall attrition in the industry has also gone up; the industry projects an attrition rate of around 29.2% by end of this financial year.

India's financial institutions were hit hard by Modi's demonetisation move, but here's why BFSI still managed to sail through

<ul><li>As the equity cult travels deeper into India, many women are becoming advisors and distributors of financial products.</li><li>Many women who started with nothing today manage AUMs of ₹100 crore and earn trail income of ₹5 lakh a month.</li><li>Large financial intermediaries like <keyword id="6160673" type="General" weightage="20" keywordseo="nj-wealth" source="Orion">NJ Wealth</keyword> are onboarding more women as distributors as they don’t quit easily and build up the business diligently. </li></ul>An eight figure salary is almost everyone’s dream, be it newly minted B-school graduates or engineers. But how many Indians – even at senior levels – ever come close to an annual income of ₹50 lakh? That’s what Jigna Alpesh Shah thought before she enrolled as a mutual fund distributor back in 2006. Today she manages assets of more than ₹100 crore in Anand, better known as the milk capital of India. She is a housewife between 6 am and 10 am and a wealth manager after that. Her vocation allows her to wear whichever hat she chooses to wear during the course of the day – which can be that of a mother, housewife or career woman. As the equity cult travels deeper into India, many women like Jigna have found their calling as advisors and distributors of financial products. Like the services industry, <keyword id="155162" type="General" weightage="20" keywordseo="mutual-fund-distributors" source="Orion">mutual fund distributors</keyword> like NJ Wealth have also learned that the failure rate of women is very low compared to men as they are persistent and patient. In addition, they don’t easily indulge in misselling just to meet targets. As distributors of financial products, women can choose their workdays rather than adhere to a 9 am to 6 pm grind. Importantly, distribution is a lucrative vocation as a high performing distributor can easily earn trail income of ₹60 lakh p.a. This is big because merely 3.2 mn Indians are above the ₹5 lakh income bracket and they collectively account for 76% of income tax receipts of the government. In a country where the average annual income of a senior professional in India ranges between ₹18-25 lakh and a senior resident doctor’s annual income is between ₹50 and ₹60 lakh, an eight figure salary is surely a pipe dream for most. But if you are ambitious, as a mutual fund distributor you can easily earn a trail income of ₹50 lakh or more, provided you are willing to work hard for the first five years. It is perhaps for these compelling reasons that many more women are joining the equity cult, not just as investors but as advisors. Explains Misbah Baxamusa,CEO of NJ Wealth, “We at NJ Wealth found that women need flexibility in their careers and it is hard for them to hold regular jobs. Being a mutual fund distributor can give them the flexibility they need to get started and in addition to that there is minimal investment needed. We believe that the concept of saving and commitment comes naturally to them. Compared to their male counterparts, women don’t quit easily, once they enroll with us. They stick through the process and build up the business. We have several women today who are managing AUMs of over ₹100 crore.” Today, women account for 15-20% of NJ Wealth’s total distributors. NJ Wealth is focused on enrolling more women as it is a win win for both sides. Compared to industry ratio, it has a much higher ratio of <keyword id="19662661" type="General" weightage="20" keywordseo="women-distributors" source="Orion">women distributors</keyword> but Baxamusa feels that a lot more can join the gravy train. <div type="image" title="Jigna Shah" msid="105950515" hostid="261"></div> Jigna Shah was a housewife when she moved to Anand in 2002 with her husband. Though she is a BSc graduate, she started dabbling in financial products as an insurance agent. She enrolled with NJ in 2006 and now manages an AUM of ₹103 crore and is the highest AUM holder at NJ Wealth’s Anand branch (Gujarat). She says: “I have seen the journey of mutual fund investments and how it gained momentum after 2008-09. It took me over 10 years to take my AUM to ₹100 crore, but now I am looking forward to doubling my AUM in the next five years.” What has also helped her growth is the better understanding now that Indians have on building wealth through investments in financial assets unlike the past. Goal based investing has really caught on, she says. <div type="image" title="dipti" msid="105607260" hostid="261"></div> Sourcing customers was a little harder ten years ago, but with social media gaining traction that has also become easy. Sixty-nine year old Dipti Pourana has been distributing financial products for years now, but she says her business hit the fast track after she enrolled with NJ Wealth as her customers refused to invert unless she was their distributor. The technology platform of NJ is immensely user-friendly that makes the lives of distributors very easy. Pourana became the breadwinner after her husband died. Today she manages an AUM of over ₹200 crore. She says: “Client acquisition has also changed over the years. Earlier we used to physically meet people and pay visits to them, but now we source customers through social media as well. Thanks to this business, I was able to raise my family after my husband’s demise. At the beginning of your career as a mutual fund distributor, life can be hard but over the years, the magic of trail commission will kick in.” <div type="image" title="aranpreet" msid="105717868" hostid="261"></div> The story of Aranpreet Kaur is no different from Pourana. Kaur lost her husband during Covid and since then she has been in the driving seat of their wealth advisory business in Chandigarh. She along with her husband started their investment and financial services company in 2015. Kaur thinks that women make very good financial planners and advisors as they are adept at managing homes. She says: “The reason why women can be more successful in this business is because they understand the problem and suggest solutions to clients, unlike men who are more focused on selling.” Kaur’s pet project is to provide financial literacy to young students, who she still teaches in college. She has taken her college lecturer’s role to the next level by conducting classes on investments and savings. She says: “I am a lecturer at SD College but I am very passionate about investing. While I still teach, I also conduct seminars and programmes on investing with students because it is important. I even help my staff at home and office to invest in mutual funds so that they can save for their children’s education.” NJ Wealth is not only making their investors rich by deploying their hard earned money into financial instruments but are also making their distributors wealthy. NJ has a plug-and-play platform that mutual fund distributors can onboard and get started with seamlessly. They enroll mutual fund distributors on their own platform and provide them with a plethora of services that helps them scale the business. Distributors are encouraged to carry out both physical and digital activities to take the equity cult deeper into India. Of the total number of ARNs (AMFI registration number) who enroll to distribute funds to consumers, the majority of them are onboarded by NJ Wealth. There are four crore mutual fund investors in the country today but many more distributors to bridge the gap between demand and supply as more Indians take to the equity cult.

Women distributors rake in the moolah as investors across Bharat say Mutual Funds Sahi Hai

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Terms apply to offers listed on this page.<ul class="summary-list"><li>Financial consultants provide expert advice on a wide range of topics, like estate planning and wealth management. </li><li>Financial consultants and advisors offer similar financial services, but they have different credentials. </li></ul>When searching for professional money and investment advice, you may have come across titles like "financial consultant" or "<a href="https://www.businessinsider.com/personal-finance/what-does-a-financial-advisor-do">financial advisor</a>." Although these titles sound similar, financial consultants and advisors aren't the same thing. 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Financial consultants must also have at least three years of financial planning experience to earn the ChFC designation.Keep in mind that there are financial consultants who do not have the ChFC certification."As long as they have passed the appropriate state and federal licensing requirements, they can use any name they want — advisor, consultant, planner, wealth manager — provide any range of services, and charge in different ways," says Brent Weiss, CFP and head of financial wellness at <a href="https://www.businessinsider.com/personal-finance/facet-wealth-review">Facet</a>. While these non-certified financial consultants and advisors may still offer useful advice, you won't get the same level of guaranteed expertise that you would with a certified consultant. You also won't get the same degree of trustworthiness as you would with a <a href="https://www.businessinsider.com/personal-finance/cfp">CFP</a> or fiduciary.People seeking professional financial advice should do their best to identify and recognize the different financial licenses and certifications, explains Weiss. "These credentials not only represent a profound understanding of financial principles, but also a commitment to ongoing education and ethical standards," states Weiss.<h2>What does a financial consultant do?</h2>A financial consultant's main job is to create a customized financial plan to help you reach your goals. If you need help coming up with goals, a financial consultant can help with that, too. And depending on their specialties and experience, a financial consultant may offer a variety of services, including: <ul><li><a href="https://www.businessinsider.com/personal-finance/retirement-planning">Retirement planning</a></li><li>Risk management </li><li><a href="https://www.businessinsider.com/personal-finance/estate-planning-strategies">Estate planning</a></li><li>Tax strategies</li><li>Business and financial strategies</li><li>Gifts and <a href="https://www.businessinsider.com/personal-finance/inheritance-tax">inheritances</a></li><li>Insurance advice</li></ul>"In general, financial consultants offer a range of services tailored to individual client needs," says Weiss. "They may look at one aspect of your finances, offer a one-time consult, or review your entire financial picture and develop an ongoing plan. You need to know the right questions to ask to determine the services they will provide."Ensure that the financial consultant you're meeting with specializes in the topics you need guidance on. For example, if you need help with estate planning, make sure you are meeting with a financial consultant who specializes in estate planning strategies. Someone who specializes in tax strategies won't be as useful for your situation.Find a Qualified Financial AdvisorLooking for the right advisor for you?<a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005" target="_blank" rel="noopener"> Datalign Advisory</a> makes finding a financial advisor specific to your needs easier than ever. Datalign Advisory's free tool matches you to an advisor based on your unique financial profile in 3 minutes. All advisors on the platform are registered with the SEC. <a href="https://publishers.datalignadvisory.com/aff_c?offer_id=4&amp;aff_id=1005" target="_blank" rel="noopener">Get started planning your future.</a><h2>What is a financial consultant vs. financial advisor?</h2>While "financial consultant" and "financial advisor" are often used interchangeably, they don't mean the same thing. Financial consultants are a type of financial advisor. All financial advisors are financial consultants, but not all financial consultants are advisors. The best financial advisors are either <a href="https://www.businessinsider.com/personal-finance/fiduciary">fiduciaries</a> or CFP-certified.It's not uncommon for financial experts seeking further education to be certified as both a ChFC and a CFP (or other financial certification like a CFA). Certified financial advisors earn their titles from The Certified Financial Planner Board of Standards, Inc. (<a href="https://www.cfp.net/">CFP Board</a>) after years of education in over 70 financial specialties. To be a certified financial planner (CFP), financial advisors and planners must have extensive practical advisor experience and follow high ethical standards."While a ChFC has more education and experience than many others in the field, it's really more like a CFP-light," Weiss says. "The CFP Professional designation remains the gold standard."Most CFPs adhere to <a href="https://www.businessinsider.com/personal-finance/fiduciary-duty">fiduciary duty</a> regulations. This is a legal and ethical duty that requires financial advisors to put the best interest of the client first. ChFCs can earn fiduciary status, but they are not required to. So if you came down to picking between an advisor with ChFC credentials versus a certified CFP, the CFP is typically the better option. However, financial consultants and ChFCs can still provide knowledgeable financial advice on a range of topics. If you or someone you know,has had a good experience with a financial consultant, there's no reason to switch to someone else. Strong customer reviews, recommendations, and years of experience can speak to the quality of a financial consult almost just as much as certification can. <h2>What fees do financial consultants charge?</h2>How a financial consultant charges you can vary. Some financial consultants may charge a flat rate, hourly rate, project fee, or a percentage of your <a href="https://www.businessinsider.com/personal-finance/asset-management">assets under management</a> (AUM). When considering a potential financial consultant, one of the first questions you should ask is how they charge. "Try to avoid fee models that create conflicts of interest, like commissions and paying a percentage of how much you invest. You want your advisor to offer unbiased advice and sit on the same side of the table as you," says Weiss.<h2>How to find a financial consultant</h2>The easiest way to find a financial consultant is through referrals from friends, family, or colleagues. However, you can also find consultants online through organizations such as:<ul><li><a href="https://www.sec.gov/litigations/sec-action-look-up">SEC's advisor search tool</a></li><li><a href="https://brokercheck.finra.org/" target="_blank" rel="noopener">FINRA's Broker Check tool</a></li><li><a href="https://zoefin.com/" target="_blank" rel="noopener">Zoe Financial</a></li><li><a href="https://www.letsmakeaplan.org/" target="_blank" rel="noopener">CFP Board website</a></li><li><a href="https://www.businessinsider.com/personal-finance/facet-wealth-review">Facet Wealth</a></li></ul>On these websites, you can access a wide range of advisors, planners, and consultants with varying certifications and credentials on different financial and investment topics. Make sure to thoroughly look through your options to find the one that best fits your needs."When meeting a potential financial consultant, ask about their qualifications, experience, areas of expertise, and fee structure. It's also important to understand their approach to financial planning, how they tailor their services to individual client needs, and the types of clients they work with," says Weiss.<h2>Financial consultant — Frequently asked questions (FAQs)</h2><h3 class="faq-question">Do financial consultants make money?</h3>Yes. Financial consultants make money by charging clients a flat rate, hourly rate, AUM fee, or project fee. Some financial consultants may also earn commissions, which means they make a profit when they recommend and sell certain financial products to clients. However, financial consultants who are certified as CFPs or fiduciaries can't earn commissions.<h3 class="faq-question">Are financial consultants worth it?</h3>Financial consultants are worth it if you're seeking professional financial advice and guidance on topics like retirement, tax planning, estate planning, insurance products, and inheritance. Financial consultants assist clients in implementing custom financial plans to help them reach their goals. <h3 class="faq-question">How do you become a financial consultant?</h3>You can become a financial consultant after several years of experience in finance or a related field. As long as you meet state and federal licensing requirements, you can refer to yourself as a financial consultant. However, to become a chartered financial consultant you must earn your certification through the American College of Financial Services. <h2>Should you hire a financial consultant?</h2>Financial consultants are finance and investment experts who provide a wide range of services to clients like estate planning, wealth management, retirement planning, insurance strategies, and general financial planning. Anyone with a bank account and financial goals can benefit from meeting with a financial consultant. However, "financial consultant" is a general term that doesn't guarantee a level of trustworthiness or expertise. Technically, anyone meeting state and federal licensing standards can call themselves a financial consultant or financial planner. For that reason, make sure to do your research on all potential financial consultants and advisors. While non-certified consultants can still offer beneficial advice, certified ChFCs have the reputation, experience, and training necessary to get you where you need to go.

What is a financial consultant, and what do they do?

<keyword id="128187" type="PERSON" weightage="20" keywordseo="Sandeep-Bakhshi">Sandeep Bakhshi</keyword>, ICICI Bank's MD &amp; CEO, is a staunch believer in creating value for all stakeholders. Under his leadership, the bank has been following the guiding philosophy of 'Fair to Customer, Fair to Bank', emphasizing the need to deliver on the promise of a fair value proposition for customers while effectively increasing shareholder value. Under his leadership, ICICI Bank is poised to emerge even stronger as a trusted financial service provider to its customers. Below are some interesting details about Bakhshi and his journey to becoming Managing Director &amp; CEO of ICICI Bank, one of the country's leading banks. Sandeep Bakhshi’s early career with ICICI Group Sandeep Bakhshi has been working with the ICICI Group for over the past three decades. He joined the erstwhile Industrial Credit and Investment Corporation of India (ICICI) Ltd in 1986. His rise in ICICI and later other companies in the group, including ICICI Bank, has been steady. He was hand-picked by his mentors — KV Kamath and N Vaghul -- to head different businesses within ICICI. His work responsibilities included business development, project appraisals, project monitoring, and business restructuring in the initial years. He was handed the charge of risk management for the Northern Zonal office. He subsequently looked after the corporate clients for the Northern and Eastern regions of ICICI. Journey with insurance subsidiaries Sandeep Bakhshi came to be known as the man most trusted to handle massive changes and tumultuous phases. He built the general insurance business from scratch, which he joined in 2002. He was chiefly responsible for grooming the company at a time when the insurance industry was at a nascent stage. Today, ICICI Lombard General Insurance Company is one of the country's largest private sector general insurance companies. Bakhshi was brought into the Bank in 2009 as Deputy Managing Director to fight rising delinquencies. After he deftly handled it, he was put in charge of ICICI Prudential Life Insurance Company in 2010. During his tenure at ICICI Prudential Life Insurance Company, Sandeep Bakhshi took charge of digital adoption, which resulted in disruptive changes across the industry. He is credited for taking the first insurance company in the country public. During Bakhshi's tenure, the Assets under Management (AUM) of ICICI Prudential Life Insurance Company rose to ₹1.4 lakh crore in 2018 from ₹57,319 crore in 2010. <div type="image" title="image1" msid="78597882" hostid="261" caption="&amp;lt;p&amp;gt;Sandeep Bakhshi ICICI Bank, MD &amp;amp;amp; CEO&amp;lt;/p&amp;gt;"></div> His management style and philosophy Throughout his career at ICICI Group, Sandeep Bakhshi, the current <keyword id="25344" type="ORGANIZATION" weightage="20" keywordseo="icici-bank-ceo">ICICI Bank CEO</keyword>, has maintained a customer-first approach, believing that the most vital part of any business is delivering the best products to the customer. He ardently follows the approach – “Fair to Customer, Fair to Bank” — which balances the importance of giving a fair proposition to customers while ensuring that the bank delivers value to its shareholders and stakeholders. He encourages independent thinking across teams, giving them the space to grow. Reforms at ICICI Bank under Sandeep Bakhshi’s leadership Good leaders can infuse organisations with fresh energy. Under Bakhshi’s leadership, the bank has gone through transformative cultural and structural reforms. He introduced the philosophy of “One Bank, One Team, One Goal” that has brought teams closer by breaking down symbols of hierarchy. These changes have been swift, decisive, and effective. Hobbies and interests Sandeep Bakhshi is a fan of vintage Bollywood, particularly old Hindi songs, and is a fan of SD Burman, OP Nayyar, and Madan Mohan. He also enjoys wildlife parks and visits around five to six sanctuaries a year. Leadership with passion His three decades at ICICI Group have only made him more passionate about his work. In an interview, Sandeep Bakhshi had said, “Every day I believe that I am in ICICI because I need ICICI. ICICI can get a 100 Sandeep Bakhshis, but for me, there is no better opportunity than ICICI. He knows the organisation inside-out and has the insights needed to guide it smoothly. Education Sandeep Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh, and has a postgraduate degree in management from XLRI, Jamshedpur. He grew up in a defense services family.

What you didn’t know about Sandeep Bakhshi, ICICI Bank Chief

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0FCIMKPQOP&amp;SMLS=1&amp;RW=1344&amp;RH=847#/SearchResult&amp;VBID=2C0FCIMKPQOP&amp;SMLS=1&amp;RW=1344&amp;RH=847&amp;PN=2&amp;POPUPPN=97&amp;POPUPIID=2C0BF18HSKQ0">Reuters/Jason Reed</a>U.S. President Barack Obama greets doctors on stage after delivering remarks on the need for health insurance reform this year, in the Rose Garden of the White House in Washington.</div></div></div>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.<a href="http://www.insurancequotes.com/health/future-of-obamacare-10815">Millennials are most likely to support Obamacare</a> (InsuranceQuotes.com)An InsuranceQuotes.com report has found millennials are the most likely group to support the Affordable Care Act. According to the report, 54% of 18 to 29-year olds are in favor of keeping Obamacare in place and 61% say they aren't worried about having access to affordable healthcare in the future. A. Mark Fendrick, director of the Center for Value-Based Insurance Design at the University of Michigan, says this makes sense. He told InsuranceQuotes.com, "First of all, young people think they are going to be healthy forever, so they feel their need for health insurance is less, which also means they don't worry about it as much." He continued, "And secondly, this is also the result of one of the most popular aspects of the ACA, which is that children can stay insured through their parents until age 26. So there's really no reason most 19-year-olds have to worry about being uninsured."<a href="http://www.businessinsider.com/report-bill-gross-is-suing-pimco-2015-10">Bill Gross is suing Pimco</a> (Business Insider)Bill Gross is suing Pimco, the company he co-founded, for "hundreds of millions of dollars." In a complaint, Gross alleges he was forced out of the firm as a result of "a lust for power, greed, and a desire to improve their own financial position." With Gross out, younger executives were able to split up his 20% profit share, according to the complaint. Gross was named Morningstar Fund Manager of the Decade 2000-2009.<a href="http://www.businessinsider.com/deutsche-bank-just-announced-a-massive-write-down-and-the-stock-is-getting-crushed-2015-10">Deutsche Bank announced a huge write-down</a> (Business Insider)Deutsche Bank announced a €5.8 billion ($6.5 billion) write-down of goodwill and a €600 million write-down on its 20% stake of Hua Xia Bank in China. The write-down has the bank projecting a €6.2 billion loss in the third quarter. Deutsche Bank's board of directors says it will recommend a cut to, and possible elimination of, its dividend.<a href="http://www.blackrock.com/corporate/en-us/literature/whitepaper/viewpoint-us-equity-market-structure-october-2015.pdf">BlackRock wants the stock market to shut down when it gets too volatile</a> (BlackRock)On August 24, the S&amp;P 500 plunged more than 5% before paring its losses. In a whitepaper examining the plunge, BlackRock concludes markets should automatically stop trading if too many individual names are halted. The firm also believes regulators should examine revising limit up/down moves, circuit breaker rules and better define what constitutes an erroneous trade.<a href="http://www.thinkadvisor.com/2015/10/08/recruiting-roundup-raymond-james-nabs-300m-wells-f?ref=hp-financial-news">Advisors continue to move around</a> (Think Advisor)Raymond James reeled in two advisor teams, totaling $450 million AUM. According to Think Advisor, the team of Margaret Boyd and James "Beau" Boyd brings $300 million worth of assets from Wells Fargo Advisors into the fold while Bijan Mohseni and David Townsend contribute $150 million of client assets from AXA Advisors. In other news, Sandra Smith joined Ameriprise's office in Midtown Manhattan, bringing with her $230 million AUM from MJ Whitman, Think Advisor reports.

Millennials are big fans of Obamacare

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors.<a href="http://www.thinkadvisor.com/2015/09/21/gundlach-what-to-do-when-the-fed-finally-raises-ra?ref=hp-financial-news">Jeff Gundlach discusses what to do when rates rise</a> (Think Advisor)Bond guru Jeff Gundlach of DoubleLine participated in a webinar, "The Road Ahead: What's Next for Fixed Income," along with James Ross, global head of SPDR Exchange Traded Funds. Think Advisor reports Gundlach told advisors to take on more interest rate risk and less credit risk if they believe the Fed is going to raise rates in December. Specifically, Gundlach suggested to buy long-dated Treasuries and sell high-yield bonds. "The long bond wants the Fed to tighten," Gundlach noted. However, Gundlach personally believes the Fed won't hike this year. He pointed to weak inflation data, US GDP, junk bond prices and unfavorable emerging market conditions for reasons he believes the Fed will remain on hold into 2016. Currently, traders are projecting a 63.6% probability for a March rate hike.<a href="http://www.businessinsider.com/lloyd-blankfein-has-lymphoma-2015-9">Lloyd Blankfein has "highly curable" lymphoma</a> (Business Insider)Goldman Sachs CEO Lloyd Blankfein has "highly curable" lymphoma, according to a statement released on the firm's website. Blankfein will continue to lead the firm, but will cut back on travel and public appearances as he undergoes chemotherapy. Business Insider's Portia Crowe reports COO Gary Cohn will be making more public appearances in the interim.<a href="http://www.investmentnews.com/article/20150921/FREE/150929992/pimco-on-the-mend-but-still-feeling-impact-of-gross-exit-a-year-later">Pimco is still feeling the effects of Bill Gross' departure</a> (Investment News)Pimco's assets under management fell to $1.15 trillion at the end of June, down 21% since Bill Gross departed the firm 10 months prior. Investment News says outflows are expected to have continued in the third quarter as both July ($2.5 billion) and August ($1.8 billion) saw investors pull their money from the firm's flagship Total Return Bond Fund. A similar fund, the Total Return Fund, saw AUM decline by 44%, from the start of October 2014 until the end of June 2015, to $182 billion, according to Investment News.<a href="http://www.reuters.com/article/2015/09/22/usa-healthcare-uninsured-idUSL1N11S10820150922">The new Obamacare numbers are out</a> (Reuters)Reuters reports data from the US Department of Health and Human Services shows 17.6 million Americans are now covered under the Affordable Care Act. This is well ahead of the March estimate of 16.4 million Americans. In a speech, HHS Secretary Sylvia Burwell said the number of uninsured Americans has fallen for three reasons. She attributed the decline to young people being allowed to stay on their parents' insurance plans longer, the expansion of Medicaid and individuals being allowed to purchase subsidized health insurance, Reuters says.<a href="http://www.financial-planning.com/news/regulatory_compliance/total-finra-fines-drop-for-first-half-of-2015-2694218-1.html">FINRA fines fell in the first half of 2015</a> (Financial Planning)A study released by the law firm Sutherland, Asbill &amp; Brennan has found <a href="http://www.financial-planning.com/news/regulatory_compliance/total-finra-fines-drop-for-first-half-of-2015-2694218-1.html">fines against the financial services industry are down 12.5%</a>, compared to last year, to $37.5 million. "I think because we are a few years removed from the market crisis or the great recession, FINRA is focusing more on bread-and-butter type issues," Brian Rubin, head of the firm's Washington litigation practice and one of the study's authors, told Financial Planning. The firm concluded despite the drop in total fines, the amount of "supersized fines" are ticking higher. There have been six fines in excess of $1 million so far in 2015, bringing in a total of $17.8 million. That number is up from two in 2013 and five in 2014, according to the study. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mexican-drug-lord-el-chapo-life-2015-7">Inside the dangerous life of Mexican drug lord 'El Chapo'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="AwODRrdjpxY0Wgl_KBKbxrL4_hnb_GZx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "insurance AUM projection 2047" and got 9 results

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