In the initial years of practice, by accident/co-incidence (whatever you call it), I’ve come across quite a few NRI/PIO families who were at sea on making a decision to return to India & how to plan their finances appropriately so that the transition is smooth. I helped them out with tax compliances, FEMA regulations, citizenship & residency issues, & even worked out how much it cost to re-locate home belongings from US to India.
I’ve seen that those clients start earning well outside, but due to distance from India & losing touch with dynamic changes in Indian regulatory & investment landscape, they quickly lose their confidence in making right decisions & entrust their money to agents of product manufacturers whose only motive is to deploy the funds with an aim to extract maximum commission rather than even asking about client’s needs and life goals. And as a result, by the time client is back in India, I’ve seen portfolios loaded with toxic endowment policies, ULIP policies, Fixed Maturity Plans, Guaranteed return plans and all that non-sense.
After finding such assignments intellectually challenging and given by CA background which gives me an expertise in international taxation and FEMA and which is not taught in the CFP program that well, I think I am best positioned to match the needs of this target segment & hence the niche.
Over time, I want to extend myself & develop an in-house team of competent professionals like CA, Lawyers etc. to research and advise clients on cross border issues to add value to my clients.