This stage deals with protecting wealth. Wealth includes both non-material and material wealth. Non-material wealth consists of you and your near and dear ones.
On the path to achieving goals, there could be instances of job loss, migration, illness, disability, accidents, and death. We need to have a strategy to deal with these eventualities. Though the emotional pain can take long to come to terms with, being at our wits end can be of huge help. In order to mitigate financial stress, structured planning is vital. This kind of backing gives us confidence on a rainy day and prevents us from acting out of fear, impulse or pressure.
Protecting material wealth is also important. This consists of a house, an office, a shop, other real estate, a car or other vehicles of transport, jewellery, etc. They need to be protected from fire, theft, burglary, cyclone and many other perils.
Lastly, you need to protect yourself from liabilities as well, e.g. If a maid servant gets an electric shock while working in the house then the expenses have to be borne by the employer. The employer becomes liable to pay for her.
All these can erode wealth and hence a wealth protection strategy is the first step in any financial planning process.
Mr. Gaurav Mashruwala founded A Cutting Edge (ACE), which has been in personal finance space for more than two decades. In the initial years, ACE predominantly operated as a Direct Sales Agent to various banks and financial institutions. Back then the focus was on helping people Finance their needs and dreams.
As an authorised representative of several leading international and national financial institutions, ACE was a one stop shop for all personal finance products on assets and liabilities.
With the opening of Indian financial sector in 1990s more financial options became available to the common man; this was further enhanced by changing socio-economic pattern. As the choices increased, decision making became more complex.
In order to make wise, informed and appropriate financial decisions professional advice is required. Mr. Gaurav Mashruwala realized the need of the hour as created by the changing environment, i.e. the common man's need for sound and unbiased advice. He therefore, decided to use his expertise, knowledge, years of experience and thorough understanding of personal finance to take on the cap of Personal Financial Advisory.
No. 204, Bhagyodaya Building
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Mumbai - 400023, Maharashtra, India
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