5 Risks your business faces and how to mitigate them

Amar Pandit , CFA , CFP

Amar Pandit

A respected entrepreneur with 25+ years of Experience, Amar Pandit is the Founder of several companies that are making a Happy difference in the lives of people. He is currently the Founder of Happyness Factory, a world-class online investment & goal-based financial planning platform through which he aims to help every Indian family save and invest wisely. He is very passionate about spreading financial literacy and is the author of 4 bestselling books (+ 2 more to release in 2020), 8 Sketch Books, Board Game and 700 + columns.

January 2, 2020 | 2 Minute Read

Your Wealth Managenment business is exposes to five major risks

  1. Regulatory Risk
  2. Revenue Compression
  3. Digital Competition
  4. Increasing Cost
  5. Market Risk

The only way to mitigate these risks is by creating an ‘Emotional Connect’ with your Ideal Customer (what we call as ‘Share of Heart’).

The future of wealth management lies in your ability to act as a financial coach for your clients by having meaningful conversations about helping them live their best financial life possible. Focus on ‘Share of Heart’ of your Clients as this will transform your business to another level.

Customer Satisfaction and Customer Service are passé. You need to obsess about Customer Delight and getting your clients to love you and your firm. Yes, it is possible and if you manage to do this, you would have created a very strong moat for your business and it will continue to grow despite any risk that might come your way.

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My objective here is to add real value to as many IFAs as possible and help you build the wealth management firm of the future. Let me know your thoughts and if there any topics that you would like me to cover.