fifa perspectives jul 2016 · fifa perspectives jul 2016 wealth forum awards fifa perspectives...
TRANSCRIPT
The 7th edition of the Wealth Forum Advisor Awards were given away on July 1st, 2016 in Mumbai. These annual awards
recognize distribution excellence at a pan-industry level, across all distribution segments - IFAs, regional distributors and
national distributors.
Category Winner
Business Growth Champion – IFA North - Metros AM Wealth Managers, Delhi
Business Growth Champion - IFA East - Non Metros Pradeep Kumar Jain, Ranchi
Business Growth Champion - IFA West - Metros Sapient Wealth Advisors, Pune
Business Growth Champion – IFA West – Non Metros Think Financial Consultants, Nagpur
Business Growth Champion - IFA West - Mumbai Paresh Kariya, Mumbai
Business Growth Champion - IFA - All India Paresh Kariya, Mumbai
Retail Growth Champion - IFA North - Non Metros Ashish Modani, Jaipur
Retail Growth Champion - IFA East - Non Metros Pradeep Kumar Jain, Ranchi
Retail Growth Champion - IFA West - Metros Sapient Wealth Advisors, Pune
Retail Growth Champion – IFA West – Non Metros Think Financial Consultants, Nagpur
Retail Growth Champion - IFA West - Mumbai Krushna Finserv LLP, Navi Mumbai
Retail Growth Champion - IFA - All India Krushna Finserv LLP, Navi Mumbai
Distributor of the Year - IFA North - Non Metros Ashish Modani, Jaipur
Distributor of the Year - IFA East - Non Metros Pradeep Kumar Jain, Ranchi
Distributor of the Year – IFA West – Metros Sapient Wealth Advisors, Pune
Distributor of the Year - IFA West – Mumbai Krushna Finserv LLP, Navi Mumbai
Distributor of the Year - IFA West - Non Metros Think Financial Consultants, Nagpur
Distributor of the Year - IFA - All India Krushna Finserv LLP, Navi Mumbai
FIFA Perspectives Jul 2016
Wealth Forum Awards
FIFA Perspectives brought to you by Wealth Forum
Wealth Forum Awards
FIFA Perspectives brought to you by Wealth Forum
UTI MF, CNBC-TV18 announces the winners of Financial Advisor 2015-2016 which was held on 17th June 2016 at
Mumbai.
We are proud to inform that FIFA members received awards across various categories for IFAs.
FIFA would like to congratulate all the winners:
The link to the awards is below: https://www.youtube.com/watch?v=m5x9ouq2pcs
Category Winners
Best Performing Individual Financial Advisor - Cities(Tier
2)(North)
Ashish Modani
Best Performing Individual Financial Advisor - Cities(Tier 2)(East) Pallav Bagaria
Best Performing Individual Financial Advisor - Cities(Tier
2)(West)
Wealth Managers (India) Private Limited
Best Performing Individual Financial Advisor - Up Country (Tier
2) (East)
Lallit Tripathi
Best Performing Individual Financial Advisor - Up Country (Tier
2) (West)
Keynote Consultancy
Best Performing Individual Financial Advisor - Mega Cities (East) Anjali Investment & Consultants
Best Performing Individual Financial Advisor - Mega Cities
(West)
Brain Point Investment Centre Pvt LTD
Best Performing Individual Financial Advisor--Woman National Prescient Financial Solutions
FIFA Perspectives Jul 2016
FIFA Award Winners
FIFA Perspectives brought to you by Wealth Forum
Recently, FIFA had organised an event called "Demystifying FATCA and FBAR requirements" in Bangalore on 18th July
2016.
Over 35 advisors raptly listened to Lalit Abichandani, CPA from the US with over 25 years' experience addressing them in
Bangalore on the topic "Demystifying FATCA and FBAR requirements". The format was in Q & A format and Lalit brought
his experience to bear in addressing common issues and questions that he has faced. Having got his early experience in
Indian income tax before moving to the US, he was able to relate to many matters affecting Indian taxes too.
Questions continued flowing even after his presentation with advisors keen to find a solution to their peculiar problem.
Some of the questions asked were: 1. Who are the people who have to file FBAR and what needs to be included? 2. If somebody worked in the US earlier on an H1B or L1 visa, and had a 401k account created then, do they need to file taxes in the US and FBAR too? 3. In case a US person is a joint account holder in India with his Indian resident parent, what is the reporting requirement? Any taxes due? 4. What are the implications of transferring funds to a US citizen by an Indian resident? Does it make a difference if the individuals are not related? 5. In case of rental income received in India under the Indian taxable limits, should that be reported/ taxed in the US returns? 6. If an NRI transfers property to a family member and the family member sells the property a day later, is there any tax impact on the transferor? The program was organised by FIFA in Bangalore under the aegis of The Financial Alphabet the financial literacy firm co-
founded by International Money Matters and Lovaii Navlakhi. In summarising, Lovaii recommended that we seek
professional help for complex issues as half knowledge would only result in more confusion for our client.
FIFA Perspectives Jul 2016
Events :
Bangalore
FIFA Perspectives brought to you by Wealth Forum
Events :
Bangalore
FIFA Perspectives brought to you by Wealth Forum
The Search for the Lost Dutchman’s Gold Mine – was held on 16th July 2016 exclusively for FIFA North East in support
with Reliance Mutual Fund
"Dutchman" is a fun team building simulation that focuses on themes of leadership, planning and communications. It is
THE world-class exercise on inter-team collaboration. It also links to issues of quality, leadership, systems,
communications and a variety of other organizational issues.
We all entered the room set with round tables, colourful packets of information, stakes of resource cards, cowboy hats,
colored bandannas, etc. and yes to the loud music which gave us all the energy and kept us excited throughout.
The exercise then started with dividing the entire crowd into smaller groups of 4-5 people and then asking them for a
team Name and Slogan. The Challenge in the game is to mine maximum Gold and to have fun. We were supposed to find
the lost mine of Jacob Waltz, the Dutchman, in the Superstition Mountains of Arizona. The way to that Gold mine had
bumpy roads, regular climate changes, snow; tyre punctures etc. which all were very exciting and interesting. The teams
gave it all and it was one of the most fun filled and learning events for everyone. At last the team named ‘Rhino Roadies’
were the winners who mined 6 Gold Coins and performed exceptionally well.
To conclude, Dutchman is a powerful and proven team building event that plays with organizations of all kinds. The
Feedback from sessions was extremely good due to the energy the play creates, a solid instructional design and its
outstanding debriefing qualities. Players left with tangible ideas for better communications, improved teamwork and
ideas for leadership.
FIFA Perspectives Jul 2016
Events : Guwahati
FIFA Perspectives brought to you by Wealth Forum
Events : Guwahati
FIFA Perspectives brought to you by Wealth Forum
Webinar on ‘Demystifying FATCA/ FBAR for US Persons’ was held in Mumbai on Wednesday, 20th July 2016. A number of our members have been facing challenges in handling NRI clients especially that resident in US. Keeping this
in mind FIFA had organised this Knowledge Sharing Session:
The ability to guide NRI clients complying with FATCA can give competitive edge to IFA’s. After the introduction of FATCA,
FBAR (Foreign Bank Account Report) which has been in existence for many years has gained attention. Essentially, every
US "person" (a US citizen, a green card holder, and a US earner) needs to submit a FBAR if they have assets outside the
US in excess of $10,000.
As you know, ignorance of law is no excuse. What advice do you give your clients if they have now realised that they have
been in default? How should you be better informed if your US client now wants to invest in India? We need to know
how to handle this practically and not just read out the law.
The doubts on the above subject were clarified by Mr. Lalit Abichandani, CPA based in New York since 1990, who runs
Abic CPA Advisors. You can read more about him on www.yourtaxadvisor.com.
Webinar has been uploaded on website. The link to the webinar is as below:
http://fifaindia.org/events/video gallary
Members will have to Log-In to view it.
We would like to thank Mr. Lovaii Navlakhi, Founder Member, FIFA for inviting Mr. Lalit Abhichandani to this webcast.
FIFA Perspectives Jul 2016
Events : Mumbai
FIFA Perspectives brought to you by Wealth Forum
Commission Disclosure
You are aware that a Joint representation prepared by FIFA on behalf of United Forum and FIAI for withdrawal of Commission Disclosure was submitted to AMFI on 12th May 2016.
Collating views from all our members as well as member associations of United Forum integrating into one view took more time than anticipated.
The representation submitted to SEBI is available on our website.
On 16th May 2016 we met Mr Rajendra, CEO AMFI and discussed Commission Disclosure issue. He had gone through our representation and most of the points have also been taken up by them with SEBI. He suggested that we could also make a representation to SEBI directly.
Before submitting SEBI, the United Forum and FIAI decided to use a professional external agency to assist in preparing a representation to SEBI.
Our submission to AMFI had to be completely redrafted for submission to SEBI and required in depths discussions for presenting a fair and rational case.
The process involved a number of meetings and consultations and a number of drafts prepared and reviewed before a 24 page representation was finalised.
On 28th June we sent a detailed representation on Commission Disclosure on behalf of United Forum and FIAI.
We have requested for an opportunity for a personal meeting with SEBI to give our feedback.
Over the last month we have also engaged in a series of meetings with the Ministry of Finance in this connection.
July 5, 2016 : Meeting with Mr. Jayant Sinha (United Forum representatives)
On commission disclosure, he said a meeting of IFAs was organised with SEBI and SEBI will engage in a consultative process.
He also suggested we should wait for some time for SEBI to revert.
He however highlighted the need for all distributors to be organised as one all India body with one or two officials interacting with government and regulator instead of various different representations form individuals / associations.
An Update on Recent Representations:
FIFA Perspectives brought to you by Wealth Forum
Jul 2016 FIFA Perspectives
He urged us to have one common body which can regularly interact with Govt and SEBI and individual members should not be then approaching Govt/SEBI.
He pointed out that as distributors are not organised, SEBI prefers to consult with AMFI on distribution related issues also.
He clearly pointed out for the need of an organised body like CII, would prefer a Sec 25 company with a secretariat, training and certification program for all members.
He wanted all IFAs to be members of one body and also indicated that we should take up the role of SRO to get credibility.
We need to deliberate his suggestions and plan our road ahead.
July 11, 2016 : Meeting with Shakti Kanta Das , Secretary Department of Economic Affairs.
Mr Shakti Kanta Das is also on the Board of SEBI as a government nominee.
On Commission Disclosure
We explained in details the issue of Commission Disclosure and made reference to the Issue of Service Tax.
He wanted to understand the reasons why disclosure should not be made and what were the specific alternative suggestions we had.
He wanted us to submit our detailed representation on Commission with suggestions which we did on the same day itself.
On service tax issue
He asked to submit a separate memorandum and to take up with the Revenue Secretary.
July 27, 2016 : Meeting with MOS - Finance Mr. Arjun Meghwal
Mr Arjun Meghwal is the new MOS – Finance
We explained the issue of Commission Disclosure and the importance of the role of Distributors.
The Minister himself acknowledged that Intermediation is a must for the Mutual Fund Industry and that distributors are needed to go to the investor’s house and explain why he should save money and should buy MFs to meet their goals like retirement, education and marriage.
FIFA Perspectives brought to you by Wealth Forum
An Update on Recent Representations:
He also asked whether we have an association and whether we have approached SEBI.
He said that he has understood the issue, taken our detailed representation and given assurance that he will do needful.
July 27, 2016 : Meeting with Mr. Hasmukh Adhiya,The Revenue Secretary
This meeting was specifically to discuss the Service Tax issue. His office had asked for our representation prior to the meeting.
As expected by us the Secretary was clear the issue was in SEBI domain and we should approach SEBI.
We highlighted the unfair treatment where service tax on AMC fees is allowed to be passed on to investor but not on distributor commission.
Also as a result an indirect tax is becoming a direct tax on distributors.
He acknowledged the anomaly.
He has instructed his department to write to SEBI and look into the matter .He also requested the Joint Secretary in charge of Mutual Funds to pursue the matter with SEBI
FIFA’s Study on Expense Ratios
You are aware that on 15th June FIFA released its Study on Expense Ratio of Mutual Funds and the same was circulated to all members and has also been uploaded on our website.
Initial work on the study commenced in August 2015 last year however due to the amount of work involved and limited resources it took a lot of time to complete the same.
Copies of the report were also circulated to AMFI; all MF CEO’s and head sales. The findings of the study that India had amongst the lowest expense globally country were carried in the media also.
July 21, 2016: Meeting with Mr. Anant Barua ED SEBI
FIFA was invited by SEBI ED, to discuss the study.
FIFA team which had prepared the report made 90 minute presentation to the ED and his team.
The presentation covered in detailed our objective, methodology and the detailed exercise carried out before reaching the conclusions.
FIFA Perspectives brought to you by Wealth Forum
An Update on Recent Representations:
FIFA team answered all the queries that ED had. We believe they were convinced of our findings.
From the feedback received by us from various sources the report was instrumental in SEBI dropping its move for the time being to cut TER.
I would like to take this opportunity to thank the FIFA team of Mr Lalit Gianchandani, Mr Yasir Varawala and Mr Mazhar Arif the authors of this report.
In conclusion we are hopeful that all our joint and united efforts will show results and translate into tremendous growth of the Industry.
FIFA Perspectives brought to you by Wealth Forum
An Update on Recent Representations:
CORPORATE DOSSIER
"Service Profit Chain" by Prof. Keegan
FIFA Perspectives Jul 2016
Snippets
We invite Members to solicit new Membership and invite viewers to register as Members. For details and
registration forms, please visit FIFA Website: www.fifaindia.org
FIFA Perspectives brought to you by Wealth Forum
Jul-16
M Type Members
hip
Type Name of Organisation/ IFA Representative(s) NAME CITY
General O387 Indv Keynote Consultancy Rajesh Hasubha Dhruva Rajkot
General O388 Indv Shruti Investments Dhanesh Arjun Singh Advani Nashik
General O389 N.Ind
v
S&A Wealth Managers Aasit Shah Ahmedabad
Life L56 Indv Royal Investments Yogesh Chintaman Kulkarni Pune
General O390 Indv Vinayak Mahableshwar Kudtarkar Vinayak Mahableshwar Kudtarkar Vascodagam
a General O391 Indv Moni Kumar Sarmah Moni Kumar Sarmah Nagaon
General O392 Indv Santwana Nandi Santwana Nandi Nagaon
General O393 Indv Rajat Das Rajat Das Shillong
General O394 Indv Tridip Kumar Das Tridip Kumar Das Dhubri
General O395 Indv S K Financial Services Shyam Kumar Singh Dibrugarh
General O396 Indv Crassellus Kharkongor Crassellus Kharkongor Shillong
General O397 Indv Chandra Bhanu Jee Chandra Bhanu Jee Shillong
General O398 Indv Pankaj Das Pankaj Das Shillong
General O399 Indv Dinesh Powdel Dinesh Powdel Shillong
General O400 Indv Utpal Bujarbaruah Utpal Bujarbaruah Guwahati
General O401 Indv Shukla Dutta Shukla Dutta Guwahati
Founder F71 N.Ind
v
M/S Money Honey Financial
Services P L
Anupkumar Bhaiya Mumbai
Founder F72 N.Ind
v
Hexagon Capital Advisors P L Thumpudi Bhagavat Banglore
General O402 Indv Riddhi Siddhi Financial Services Samrendra Tibarewalla Kolkata
General O403 Indv Fairdeal Money Management Rajesh Gupta Jalandhar
General O404 Indv Sonal Rajesh Rawani Sonal Rajesh Rawani Mumbai
General O405 Indv Johar Motiwala Johar Motiwala Mumbai
General O406 Indv Anilkumar Wale Anilkumar Wale Sangli
General O407 Indv Arthprerana Health Plus Wealth
Solutions
Prasannaraj Pandyaji Sangli
General O408 Indv Amit Gune Amit Gune Karad
General O409 Indv S K Investments Swanand Kulkarni Miraj
Life L56 Indv Royal Investments Yogesh Chintaman Kulkarni Pune
Life L57 Indv Dhruv Rajesh Rawani Dhruv Rajesh Rawani Mumbai
General O410 Indv Optimist Investment Dhairav Janak Shroff Mumbai
General O411 Indv Probin Agarwalla Probin Agarwalla Siliguri
General O412 Indv Golden Square Serviced & Virtual
Office
Sharath ferdinand Mascarenhas Banglore
General O413 Indv Paras Bharat Momaya Paras Bharat Momaya Sangli
General O414 Indv Sanjay Madhav Naik Sanjay Madhav Naik Sangli
General O415 Indv Smart Money Solutions Ketan Shripad Nanivadekar Aurangabad
Life L58 Indv Investment Yojna Mrigendra Kumar Mishra Ranchi
FIFA Perspectives Jul 2016
FIFA Welcomes its New Members
FIFA Perspectives brought to you by Wealth Forum
Life L59 Indv Marwaha Bros Jugal K Marwaha Jalandhar
General O416 N.Indv Samruddhi Securities & Investment Aniruddha Ashok Jajoo Nashik
Vivekant Prakash Kolte Nashik
General O417 Indv Chhotanagpur Money Market Chandan Mitra Ranchi
General O418 Indv Marwaha Group Neetu Marwaha Jalandhar
General O419 Indv Kalra Investments Manish Kalra Jalandhar
General O420 Indv Marwaha Group Naresh Marwaha Jalandhar
General O421 Indv I-Invest Wealth Management Aavishkar Ranjan Shimla
General O422 Indv Anju Marwaha Anju Marwaha Jalandhar
General O423 Indv Wealthmate Ashwani Tiwari Jalandhar
General O424 Indv Radhika Marwaha Radhika Marwaha Jalandhar
FIFA Perspectives brought to you by Wealth Forum
FIFA Welcomes its New Members