Peeyoosh Agrawal, based in Gurgaon and an IIT Mumbai grad, was once stuck in a similar conundrum and wanted a financial advisor desperately. When he was handed lemons, what came out as lemonade was a new venture in financial planning that was named myFin advisor, a short form for my financial advisor.
“MyFin Advisor is a limited liability partnership company that was started on Nov 08, 2011,” says Peeyoosh, who founded the company along with Shipra Agarwal. Basically a financial consultancy firm, focusing on individuals based in India or Indians living abroad, the company presently caters only to retail investors. “Our focus is on Financial Planning and advising customers accordingly. We also answer immediate queries for traders. We are open anytime over mails and consult over phone calls as well,” informs Peeyoosh.
The focus areas being Retail Investors and Customer Consulting, the company offers two types of financial planning alternatives for its customers: Individual Advisory and Complete Financial Planning. Individual Advisory is where answers are provided to all financial queries in the sectors of Insurance (both health and life), Income Tax, Equity Shares, Mutual Funds and Financial Planning.
“At the same time, for complete financial planning, we also plan all the above instruments for retirement or over a much longer period.” Peeyoosh adds.
In addition to these services, myFin advisor also aids customers with filing of income tax returns and other concierges’ services.
The firm’s pricing model is based solely out of customer fee. “We don’t levy brokerage with an insurance agency or any other broker-ship fund houses, which means the user need not pay for the middle man,” says Peeyoosh. Cost feasibility and quality are definitely contradicting features, especially when it comes to the Indian customer. That’s where meeting the bigger goal is: “Educating the public on Financial Planning and teaching them its importance has come across as a major challenge,” and he rightly further adds, “Most customers just want immediate money”.
The services are priced from Rs. 99.00 to Rs. 499.00 for individual queries and Rs. 4999.00 for complete financial planning. The future doesn’t seem just limited to the national map, as the company has been imperative in trying to bring foreign investment to India as well. As the Founder and CEO exorbitantly remarks “We want to bring as much foreign investors in India as we can.”
Well, we indeed appreciate the Reverse Brain Drain! Nice work Mr. Peeyoosh.
Check out myFin advisor’s services here.