Ritu Nanda Chairperson, RNIS College of Insurance

She ventured into the insurance sector nineteen years ago after winding up her kitchen appliances company. People were apprehensive, but she was determined and went ahead with full zeal and enthusiasm. Today, after two decades, she is the country’s most successful LIC agent. Her name figures in the Guinness book of world records for selling 17,000 pension policies in a single day and LIC of India has awarded her with ‘Brand Ambassador’ and the ‘Best Insurance Advisor’ of the decade.

This wasn’t all for the lady with the iron will. RNIS College of Insurance under her Chairmanship grooms today thousands of brokers and insurance professionals, and churns out certified financial planners in the country. The lady who wears all these hats is none other than Ritu Nanda. On February 21, 2007, she took out time from her busy schedule and spoke at length about Certified Financial Planning-the latest course offered by her institute besides unfolding some aspects of her life to National Network of Education’s (NNE) correspondent.

Your institute caters to financial planning. What is financial planning all about?

Financial planning is the setting and achieving of long term financial goals of an individual through investments, tax planning, asset allocation, risk management, retirement planning, and estate planning. It is undertaken by a Certified Financial Planner (CFPCM), trained and licensed to undertake the financial planning. He/she submits a written-down advanced financial plan for his client.

Are there are any professional courses available for making a career in financial planning?

The Certified Financial Planner (CFP) Education Program from the Financial Planning Standard Board, India is a globally accepted course in the financial services market.

Give us a brief idea of the course.

The course consists of six modules and a student has to appear for examination in all modules except the first. The various modules in the course are:

• Introduction to financial Planning
• Risk Management and Insurance Planning
• Retirement Planning and Employee Benefits
• Investment Planning
• Tax and Estate Planning
• Financial Plan Construction

What are the eligibility criterion and the duration of the course?

To enroll in the Certified Financial Planner course, a student needs to be a graduate in any discipline from a recognized university. An under-graduate can also enroll in the course but the examination for Module 6(financial plan construction) cannot be taken till the candidate becomes a graduate.

As far as the course duration is concerned, there are six examination schedules in a year. The completion of the course depends entirely on the candidate. The FPSB board allows a candidate to appear in 2 modules at one go. If a candidate does that and passes in each exam, then he/she can finish off the course with in a period of 8-9 months time, otherwise a maximum of 7 years are allowed for a candidate to complete the course.

The approved education providers charges anywhere between Rs.30,000-Rs.40,000 for the course. The registration and examination fee of Financial Planning Standards Board, India is additional.

What are the job prospects?

Bright, a candidate can earn a starting salary of around 4-5 lakhs per annum. The salary increases as the candidate gains experience in the industry. A CFP can even start his/her own practice.

Most important quality a candidate must possess to have a successful career in financial planning?

A candidate should abide by the code of ethics framed by the regulator in order to gain success in the financial service industry.

In our country, where people stick to the conventional ways of investment, how do you see the future of financial planning industry?

Time is changing. Perceptions & expectations of investors have also changed. There is a flood of information on financial products in the media. MNCs with their overseas marketing perceptions and techiniques have spread awareness for the need of an informed decision through CFP practitioners. Investors are internationally mobile and would expect global standards in our country as well.

What would you advise to the students interested in making financial planning a career option?

There is a proliferation of courses offering diplomas, degrees, and certificates today. Many fly-by-night operators have also appeared on the scene. MBA and other financial services training courses are being aligned with the financial planning concept. What will make difference is the Certificate of FPSB India, Mumbai, which is affiliated to the global FPSB, Denver, USA. The course is practiced in 21 countries. It is, indeed, a global certificate standing tall in the financial services market.

An insurance agent is supposed to have good network, this is a major deterrent in the performance of the most of the agents. A word of advice to such professionals.

Developing clients is not at all difficult. Anybody can do it. An inexperienced guy can also be successful in making clients. People want to save and invest in a plan that gives them good returns. If you have such plan and know how to present in a right (technical) manner, there is no reason why a client won’t listen to you and buy your product. Moreover, an agent should talk to a client in his language. An agent should not forget that a satisfied client can earn him 10 more clients.

You have been a source of inspiration for the budding entrepreneurs. How has been your journey to this mark?

Great! I have learnt a lot in all these years. From running Nikitasha, a Kitchen appliance company to the ‘Escolife’, the journey has been taughtful. I have learnt at every step. I am proud of the fact that around 3,00,000 insurance professionals in the country are pass outs of my college. We have made it because of the faith and commitment in our work.

You figure among the top 1000 insurance professionals in the world. How did you manage this?

I never thought any work to be small. I used to take pride in being a LIC agent for the fact that I was doing good to so many people by saving their taxes and making their money grow. Nineteen years ago, when I started, an insurance agent wasn’t much looked up but today the scene has changed. An agent is very important part of any insurance corporation.

There are many more things to your credit than just the institute. What have been the virtues behind your success?

Whatever you see today is the result of hard work, dedication and commitment. The support extended by my family has also played a major role, especially the support from my husband side. My husband is my mentor and I have always looked upto him.

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(As told to Priya Kapoor)