Are We “Robbing Peter and Paying Paul”?

Niraj : Hey Anurag, why do you look so tensed and depressed ? Is everything alright?

Anurag : What to say Niraj !! There is no humanity left in this world.

Niraj : Really ?? Why do you say so ?

Anurag : As you know we are approaching March end, my Banker approached me to buy some insurance policies from him. I don’t trust him, so I called up a friend who is a financial advisor. I asked him if I should buy these policies. He said that I should not buy them.

Niraj : I think he is right.

Anurag : Yes, I know he is right. But then my banker started forcing me to buy at least some good mutual funds from him. I again called that friend and told him the situation. I asked him to suggest me some good mutual funds. He refused to do so. How selfish is that !!

Niraj : Why is that selfish, If I may ask ?

Robbing Peter To Pay Paul _

Anurag : My Financial Advisor friend is saying that I always seek free advice from him, and give the business to Banker. Thus, he wont give me advice now.

Niraj : Oh !! So you have already done this earlier ??

Anurag : Yes, I have been doing this from last 2-3 years. I ask him names of some good funds and then invest through the banker.

Niraj : Aren’t you “Robbing Peter and Paying Paul” ?

Anurag : I didn’t get you. Can you please explain ?

Niraj : Why don’t you take advice from your banker ?

Anurag : No Way !! These bank RMs change every 2-3 years. Who will trust them ?? I don’t have an iota of trust on him.

Niraj : And why do you take advice from your financial advisor ?

Anurag : I know him from a very long time. He has been in this profession from quite some time. He is well qualified and a very trusted person.

Niraj : Well well !! Then don’t you think you should be giving business to your financial advisor friend.

Anurag : I never thought that ways. But even if I want to, I need to give business to my banker to “maintain relations”.

Niraj : Great. And why do you have to “maintain these relations”? Do you have / need any loan from the bank??

Anurag : No-no. In fact I keep getting calls if I want to take a personal loan / Car loan from the bank.

Niraj : Then why do you need to maintain relations with him ?

Anurag : As humanity , as a gesture.

Niraj : And what about the person, who has been showing this humanity to you from last 3 years ??

Anurag : But he refused me this time.

Niraj : Yes, because he might have got tired of showing this “humanity” to someone who is taking him for granted.

Anurag : So in your opinion, what should I do ?

Niraj : In my opinion, we should be very careful if our actions depict “Robbing Peter and Paying Paul”. This means, we take for granted a person who helps us, and unnecessarily favour a person who is only looking to exploit us.

So let’s reverse the equation. Let’s identify and acknowledge the person who is helping us and ensure that he gets incentivised for his good act. At the same time, let’s chuck the person out of our life, who doesn’t have our interests on priority, who is only looking to exploit us to fulfil his targets.

Anurag : Thank you so much Niraj for making me realise my mistake. I will ask the banker not to disturb me now. I will only do business with someone I fully trust.

 

We look forward to your feedback and comments on the above article.

The Author Prof. Saurabh Bajaj (BE, MBA, FRM, CFGP) is CEO with Nidhi Investments, Mumbai. His articles have a readership from 78 Countries across the Globe. He may be contacted on CEO@nidhiinvestments.com if you have any questions.

(The views mentioned in the article are personal opinion of the author. The characters used in the article are real with names changed).

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Published by professorbajaj

Prof. Saurabh Bajaj is an Author, Mentor, Motivational Speaker and Wealth Planner. He has done his MBA from Narsee Monjee Institute of Management Studies (NMIMS) Mumbai, one of the top 10 management institutes in India. He holds the prestigious FRM (Financial Risk Manager) degree awarded by Global Association of Risk Professionals (GARP), USA. Till date, there are less than 15,000 professionals in the world, who have been honored with this degree. He has also been awarded CFGP (Chartered Financial Goal Planner) Certification by AAFM (American Academy of Financial Management). After his MBA, he joined J P Morgan, the second largest Investment Bank in the world. He has worked with J P Morgan as Risk Analyst for more than two years. Prof. Bajaj also holds an Advisory certification awarded by AMFI (Association of Mutual Funds of India). During his stint at Bombay Stock Exchange, he has handled Investment Management and Treasury operations of the BSE Corpus. He has set up an entrepreneurship venture in the field of Wealth Planning and Investment Consulting under the name “Nidhi Investments” and holds the profile of CEO. Prof. Bajaj sits on the Expert Panel of CAClubindia.com and MBAClubindia.com as Investment Expert. He is actively involved in investor education through his blog www.professorbajaj.com which has a readership from 78 Countries all over the world. His articles are also regularly published in caclubindia.com , mbaclubindia.com , totalca.com , charteredclub.com, bankbazaar.com and lawyersclubindia.com . He has been awarded the title of “Best Article Writer” from caclubIndia.com in Jan 2012 and has been selected amongst “Top 5 Technical Writers” from all over India in Feb 2013. He has been invited by various TV Channels like SPIN TV, CNBC TV18, UTV Bloomberg Etc for programs like "Expert Advice" , "What Markets Want ", "Budget Analysis" etc. He has been invited by Several organisations like Lions Club, Rotary Club, Agrawal Welfare Foundation, Rajasthan Mandal, Agroha Vikas Trust, Union MF, UTI MF, Arthamitra Gurukulam, Vidyalankar Institute of Technology etc for expert lecture on "Smart Investing", "Life is A Celebration", "Financial Freedom", "The Digital IFA" etc. He was ranked 8th Merit at All India level NMAT which got him selected for MBA programme at NMIMS, Mumbai. He did his MBA with Capital Markets as his specialisation. Soft Skills has become an inevitable part of every selection process and teaching learning process these days. The students from small towns and tier II cities, in spite of being talented and well equipped with technical skills, are seen struggling in the selection process. This is because of their lack of exposure to these soft skills. Mr. Bajaj has a zeal for training candidates to develop these skills and has been imparting the same on since last two years. This zeal and passion inspired him to set up his own firm called “Knowledge Circle” which aims to train candidates for soft skills. Till date, he has trained more than 5000 participants from over 220 organizations across various fields of soft skills. He has been associated with MSBTE (Maharashtra State Board of Technical Education) to conduct Soft skills training workshop for the faculties of Polytechnic Colleges in Entire Maharashtra (Mumbai Region, Pune Region, Aurangabad Region and Nagpur Region) since last 8 years. He has also been associated with ICAI (Institute of Chartered Accountants of India) for training CA Students on various topics related to Communications skills, Group Discussions etc. He was invited by Fr. Agnel Polytechnic College, Vashi for a motivational workshop for faculties. He was also invited by Vivekanad Polytechnic College for "Communication Skills and Email Etiquette" training for non-teaching staff. Apart from these, he has conducted “Capacity Building Soft Skills workshop for Faculties” at ITI Gunj, ITI Pusad, ITI Digras and ITI Umarkhed. This was the first ever soft skills workshop for faculties in the history of ITI’s in Vidarbha. He was also invited by Shivaji Education Society to conduct similar Soft skills workshops for the faculties and office staff of Shivaji Junior College Pusad, Shivaji High School Pusad, Shivaji Vidyalaya Belora and Shivaji Vidyalaya Bhojla. He has conducted training workshop on “Effective Presentation Skills” for the relationship managers of HDFC Mutual Fund, Andheri Branch, Mumbai. He has also been invited at College of Management and Computer Science, Yavatmal, College of Dairy Technology, Warud, B N College of Engineering, Pusad, B D College of Engineering, Wardha, College of Engineering and Technology, Akola, Dr.N.P.Hirani Institute of Polytechnic, Pusad etc. for the Guest lecture on “Developing Interview Skills”.

6 thoughts on “Are We “Robbing Peter and Paying Paul”?

  1. I have experienced so many people who have taken advice from me & invested by banks. We, lFAs should start first consultation fee then the people will understand importance of time & knowledge of IFAs

    1. Very True Sir.

      Most important is to respect someone’s effort and helpful attitude and not take it for granted.

      We look forward to more visits and feedback in future.

  2. See, this Problem is these so called friend zone guyz.. don’t understand how much efforts it take with Respect to Researching and Analysing Quality Funds and Hence they think that it’s easy to get advice for free from your friend who is currently practising as a Financial Advisor.

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