Once, I was having a conversation with a businessman.
Like most people do, he asked me what I do for a living. I told him, "I am a financial advisor."
He smiled and said, "I was also a financial advisor several years back."
That immediately caught my attention.
He went on to explain that he worked in a multinational bank with operations in wealth management, corporate and investment banking, and treasury services. He quit during the 2008 sub-prime crisis.
He then became curious about what exactly I do in a tier-3 city like Sivakasi, which is full of old-money business families.
So I explained our work at TMOTRAC:
- We start with budgeting
- Then risk assessment
- Then emergency fund planning
- Health insurance and term insurance guidance
- Retirement planning
- Goal-based investment planning
Apart from these structured sessions, we also handle:
- Ad-hoc financial doubts
- Support during market volatility
- Periodic portfolio reviews
- Fiduciary guidance before major financial decisions
After listening to all this, he looked genuinely shocked and asked: "Are these really the jobs of a financial advisor?"
Now it was my turn to be shocked.
I asked him what his day-to-day job looked like during his time as a "financial advisor". His answer was simple: his only responsibility was to identify high-net-worth individuals and somehow sell mutual funds in large ticket sizes.
That was it — no budgeting, no risk profiling, no goal mapping, no long-term planning. Just sales.
What Real Financial Advisory Looks Like
Today, as a solo practitioner (with a small marketing support team and interns), I handle almost everything myself:
- Creating awareness in a genuine way
- Engaging with people who show interest
- Prospecting and onboarding
- Conducting multiple planning sessions
- Hand-holding clients during volatile markets
- Following up patiently when someone gets cold feet
Meanwhile, many so-called "financial advisors" operate very differently. They look for people who already have large balances in savings accounts, current accounts, or fixed deposits. They visit them without appointments. They push products. Suitability is secondary. Targets are primary.
Why would they deeply worry about suitability when they may not even understand the product fully, they represent a big brand, and they know they might be transferred or resigned in a few months?
If something goes wrong, the client is asked to submit a written request and wait. Weeks pass. Months pass. By the time the client visits the branch again — the person who sold the product is "out of station", or transferred, or moved to another bank, or left the job. There is zero accountability.
Two Very Different Roles
In India, many people assume: "My bank manager is my financial advisor." But these are two very different roles requiring very different skill sets.
A good banker manages banking operations. A good financial advisor designs and monitors your life-long financial plan.
So when choosing a financial advisor:
- Don't get blinded by the brand name
- Evaluate the person
- See if they ask the right questions
- Check whether you are comfortable saying NO to them
- Observe whether they respect that NO
Trust is essential in money matters. But blind trust is dangerous.
This blog is not blaming individuals. It is about questioning a system that mixes sales with advice.
If you ever feel confused about whom to trust with your financial life, you can always reach out to TMOTRAC. Stay on right financial track, with TMOTRAC.