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Have you experienced such situations? How do you tackle them?Neepa Khatri, Finnovators Services, Pune

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Neepa shares some real life examples where MFDs need to tackle sensitive issues when dealing with family finances.

She always counsels couples to share their home EMI burden. Wife paying for home expenses while husband pays EMIs works only until there is no rift in the family. When there is a rift, the asset goes to one and the other is left with nothing.

When women receive inheritance money or gifts from parents and ask the MFD not to disclose this to the husband, how should the MFD tackle such a situation? How to protect client confidentiality without damaging the relationship?

When an MFD is dealing with 2 generations of family clients and the younger generation does not want parents to know what’s happening with their finances, how do you maintain client confidentiality? Especially when you know that the younger generation is not making wise choices and the older generation is looking to you for updates, what do you then do?

Have you encountered similar challenges? How did you address them?

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Comments Posted
Mohsin Bijepuri ARN NO :33913 Chennai , 26 Sep 2023

I have an example of a family where the son, daughter in law & mother in law(son’s mother) are my clients. The mother in law always used to inform me separately that the daughter in law should not know of the extent of her portfolio size etc., Neepa is right, these are issues to be delicately handled.

Nayan Halai ARN NO :3377/162510 Satara, 22 Sep 2023

This is wonderful insights, even we have been facing such situations , would like to interact with you and brainstorm over all these situations , in many cases we have been dealing with 3 generations of clients so can understand the predicament at times

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