Dr Sunil C. Shetty, 46, is a senior dentist in Belgaum, Karnataka. He has been a client of Pradeep Vijay Hosmani, a city-based mutual fund distributor, since 2015. At that time, Sunil was about to enter his 40s but his financial plan was not properly structured. For example, there was a lack of objective in the investments. “His investments were scattered across traditional savings products with no goal-based financial planning,” recalls Pradeep. Sunil’s overall investment portfolio needed an overhaul. “Most of his investments were in traditional products. They were not beating inflation and were also inefficient when it came to tax planning. Further, they were not goal-oriented, which defeated the basic purpose of investment,” says Pradeep. Sunil was investing but did not realise that effective financial planning can help him reach his various financial goals with ease. When he met Pradeep, who is also a registered insurance consultant, the first thing they discussed was ‘Why investment?’ “We first tried to understand his needs and...