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Mumbai (Maharashtra) [India], June 30: Mumbai-based 1 Finance, a reimagined consumer financial institution, launched its Advisory Committee for Qualified Financial Advisors (QFAs) – Mumbai Chapter. The committee comprises of a hand-picked panel of QFAs who will contribute to the committee through their expertise in the field of financial advisory. 1 Finance has appointed Viral Bhatt, Founder, Money Mantra, as the Chairman of the Committee. The committee is focusing on creating awareness in the financial advisory community of India and augmenting the offering of 1 Finance for the betterment of financial advisors. The committee will play a critical role in co-creating products and services with 1 Finance basis the experience they bring in by providing recommendations and valuable critical insights in personal financial advisory.
1 Finance offers unbiased, qualified, and hyper-personalised advisory on individuals’ personal finances. It is building a sustainable ecosystem for clients seeking qualified financial advice. The ecosystem will enable advisors too so that they can focus on what’s important – providing the best services and creating a positive impact on individuals’ personal finances. There is a need to upscale advisors in India and empower them in a way where they are not forced to sell products but provide advice that is in the best interest of the clients.
Keval Bhanushali, Co-founder & Chief Executive Officer, 1 Finance, enunciated, “We wanted to provide qualified, unbiased, and hyper-personalised advisory to our consumers by design. We saw two major fundamental gaps: the lack of qualified advisors. There are a few thousand Certified Financial Planners, Chartered Wealth Managers, and Registered Investment Advisors in India. The second and biggest gap is the conflict of interest between employees of big organisations and customers where the incentive structure is misaligned, based on revenue through commission. Thus, by default, it promotes the highest commission paying product over the right product. To eradicate these two problems, we decided to approach leaders of the advisory ecosystem and are glad to have them join us on the mission of creating of a larger pool of qualified and unbiased advisors. We couldn’t have asked for a better committee who is so passionate about the future of advisory business in India.”
Viral Bhatt, Chairman, Advisory Committee for Qualified Financial Advisors – Mumbai Chapter, 1 Finance and Founder, Money Mantra, stated, “The best part of the 1 Finance ecosystem is that the committee of QFAs co-create offerings with the organisation, taking efficiency in personal finances to a whole another level. The committee has a diversified group of individuals from all fields of financial advisory, which will solve the problems faced by QFAs, pan India. The value additions from each member will contribute to enhancing the services provided by 1 Finance. The strong backing of the organisation has solidified our faith in the transparent system that has been created right from day one of its inceptions. It is an honour to be a cog in an institution reimagining the entire financial advisory space whose issues have been unaddressed for too long now.”
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Anooj Mehta, Vice President Partner Success, 1 Finance, mentioned, “The 1 Finance Advisory Committee for QFAs – Mumbai Chapter, is the first step towards building a community of advisors that will help create the foundation of unbiased advisory. This is the future of financial advisory that is being shaped by 1 Finance, where we are the first of its kind ecosystem in its true sense. The committee’s members have extensive knowledge and experience in the industry who are collaborating with us to transform personal finances as a whole for the client ultimately.”
The launch of the Advisory Committee for Qualified Financial Advisors – Mumbai Chapter was a complete success where the committee members came together at the event and shared their views on strengthening the ecosystem. The committee members include financial advisory veterans Anand Doctor, Gaurav Jaykumar Karnik, Mayur Shah, Neeraj Bahal, Nisha Sanghvi, Nitesh Buddhadev, Prathiba Girish, Priyanka Ketkar, Priyesh Sampat, Tivesh D Shah, Vinay Singh, and Yogita Dand. The event was also marked by the presence of the 1 Finance team of senior personnel showing solidarity towards creating something unique that is here to change the way personal finances are conducted.
1 Finance Private Limited is a reimagined consumer financial institution that offers qualified, unbiased, and hyper-personalised advisory on one’s personal finances, including but not limited to assets, liabilities, income, expenses, and insurance.
The Mumbai-based company is backed and mentored by marquee investor Marwadi Chandarana Group, established in the year 1995 and marking its prominence in the higher education sector with Marwadi University, in retail financial services by Marwadi Financial Services, and with algorithmic and high-frequency trading with Marwadi Chandarana Intermediaries Brokers Private Limited (MCIBPL).
1 Finance is the first of its kind ecosystem offering financial planning and advisory solutions to the emerging affluent individuals of India.
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