"Dreams are not what you see in sleep, it is the thing that doesnt let you sleep" - Janab. Abdul Kalam
Non Resident Indian (NRI) Services
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NRI's are divided by the countries where they live and work, but much united because they are all Indians (or) their ancestors were Indian by origin. NRI's could fall into NRI, OCI and PIO categories, but referred here as NRIs.
NRI's have a different profile when it comes to money matters i.e., - Earnings in Foreign Currency - Earning both taxable and tax free income, subject to tax jurisdiction - Maintain multiple bank accounts such as:
- Spending in Foreign, Local and Indian currency depending on situations like work, vacation, home country visit etc., - Citizenship Status (e.g, GC / PR) in the country they live & work) |
NRI's however face major challenges relating to money management and earning gainful return on investments due to the following reasons
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Often, due to their tight professional work schedules, NRIs do not find the time nor have the leeway to build extensive knowledge and understanding of the plethora of financial products in the marketplace and select what is most suitable for their family's financial future.
Often NRI's are much sought after by agents, brokers and salesmen of Foreign and Indian Insurance companies who aggressively push and subscribe them to high risk, sub-optimal, unsuitable and one-size fits all products and schemes that deliver poor returns, do not fit investor's risk profile, turn out quite damaging to exit or liquidate midway and at times tax inefficient too.
Often NRI's are much sought after by agents, brokers and salesmen of Foreign and Indian Insurance companies who aggressively push and subscribe them to high risk, sub-optimal, unsuitable and one-size fits all products and schemes that deliver poor returns, do not fit investor's risk profile, turn out quite damaging to exit or liquidate midway and at times tax inefficient too.
Dhanayoga has been advising Non-Resident Indian (NRI) investors living in countries such as UAE, Oman, Bahrain, Saudi Arabia, Qatar, Spain, Germany, USA and UK with comprehensive financial planning, investment and insurance planning, tax planning, debt counselling, account execution and management services of outstanding quality and value in an independent and thoroughly professional manner. Our approach is outlined below
Dhanayoga's Approach
Financial Planning Steps
Step 1: establishing a partnership
A financial planner is your partner through this journey and will work with you to achieve your goals.
The first step in this process is to understand responsibilities, plan accordingly and agree on how decisions will be made throughout the term of the partnership.
The first step in this process is to understand responsibilities, plan accordingly and agree on how decisions will be made throughout the term of the partnership.
STEP 2: SETTING GOALS
In order to reach your goals and achieve your personal ambitions, you need to know where you are today and where you want to be in the future. You need to have a starting point and an ending point, the time frame and an estimated cost.
Your list of future goals needs to be small actionable list of items say about 4 to 6 at best.
Once you have your "family's goal list" identified, you can begin converting your dreams into financial goals by making them specific and measurable with a date and price. Remember to prioritize goals depending on your current stage of life
Your list of future goals needs to be small actionable list of items say about 4 to 6 at best.
Once you have your "family's goal list" identified, you can begin converting your dreams into financial goals by making them specific and measurable with a date and price. Remember to prioritize goals depending on your current stage of life
STEP 2: ANALYSIS AND EVALUATION
Analysis and evaluation are keys to any successful financial plan. Throughout this partnership, we assess your current financial situation and determine how to accomplish your goals. Depending on requirements, these assessments include analyzing your assets, liabilities in cash flow, insurance coverage and investments or tax strategies (if relevant) and your risk tolerance as well.
STEP 3: RECOMMENDATIONS AND ALTERNATIVES
Based on your goals, we go step-by-step through a plan to help you understand each financial recommendation in order to make a clear decision. Listening and understanding your concerns is crucial to suggesting the right alternatives where required.
STEP 4: IMPLEMENTING RECOMMENDATIONS
Once these recommendations have been implemented, we will be your coach to suitably coordinate with other trusted professionals such as: accountants, stockbrokers, attorneys, notaries or trust managers to ensure smooth implementation.
STEP 5: MONITORING RECOMMENDATIONS
Life events and situations can change in the future, as a result ongoing monitoring is also crucial to achieving results and meeting financial goals. During this step, both you and the financial planner will assess, report, review and modify or adjust recommendations as required on a periodic basis.
How we differ?
Traditional Agent / Broker / Company centered Model |
DHANAYOGA Advisory centered Model |
Agent / Broker / Company Salesman pushing proprietary products |
Advisor, providing professional & independent/unbiased guidance |
Compensated largely on opaque commissions |
Compensated predominantly on transparent fees |
Narrow range of often overpriced, low-quality in-house (or) monopolistic investment products |
Wide variety of competitively-priced, high-quality third-party investment products across multi-asset classes |
Single entrenched vendor often equals higher prices, poor service |
Multiple competing vendors often equals lower prices, great personalized service |
Often beholden to corporate agenda, target driven |
Independent-minded, client-centered |
Cutthroat aggressive and pushy sales culture |
Collaborative advisor culture, customized to your family specific needs |
Shrinking |
Growing |