“The times are tough. The global financial world is in turmoil. Yet, as the saying goes, life must go on. You can not stop investing, taking a loan, buying a house or taking an insurance. But you can be careful.”
I couldn’t agree more with what is written on the back cover of bestselling author, chartered accountant and personal finance editor of Web18; Deepa Venkatraghvan’s latest book, What Your Financial Agent Will Tell You…And Why You Shouldn’t Listen.
The nicely packaged hardcover book is a comprehensive guide to help you understand various financial agents, advisors and brokers. It covers a wide array of agents dealing in real estate, stock markets, insurance, credit cards, mutual funds, loans and even recovery agents!
There are several case studies of how people got duped and cheated by their financial agents. Besides that, the author also gives suggestions and strategies to avoid being duped and cheated.
It is one of the few rare financial books that also looks at rulings from the consumer courts and also has a list of various bodies that consumers/investors can approach if they are in trouble.
Personally, I liked the glossary at the end that defines various terms used by agents. Terms like ‘annuity’, ‘balloon payment’ and ‘IRR’ are all defined.
Several times people follow their financial advisors blindly because they are ignorant about what is being told to them. This can be a great reference guide; almost like a financial dictionary meant to be used every time you interact with your financial agents and advisors.
I’m sure you will be able to connect with a lot of the points addressed in the book; for instance your mutual fund agent or stock broker telling you to constantly buy and sell so that he can earn a commission and your bank offering you a supposedly ‘free’ credit card!
And here’s a word for those of you who might be working as financial advisors. I would just like to say that this book doesn’t belittle financial advisors, even though the title might make it sound that way.
In fact, the book tries to improve awareness and bring about the right practices in the industry. In fact I feel every good financial advisor should probably gift a copy to each one of his/her clients!
It will be a nice addition to your library of reference textbooks and guides. Go ahead and get your copy!
ABOUT THE BOOK REVIEWER:
Yogesh Chabria is an investor, educator and bestselling author of Invest The Happionaire™ Way. You can find out more by visiting www.happionaire.com.
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