Interview: Keval Bhanushali, Co-founder & CEO of 1 Finance

Interview with Keval Bhanushali, Co-founder & CEO of 1 Finance – Personal Financial Management Advisory Firm

In today’s complex financial landscape, Mr. Keval Bhanushali, Co-founder and CEO of 1 Finance, is pioneering a fresh approach to personal finance.

His innovative institution focuses on delivering holistic financial planning tailored to individual needs and life aspirations.

Through our interview, Mr. Bhanushali shares his insights on the importance of personalized financial strategies in empowering individuals to achieve their goals.

What inspired you to co-found 1 Finance, and what gap did you aim to fill in the financial planning sector?

Keval Bhanushali: While creating 1 Finance, we were keen to deliver peace of mind in regards to finances.

When it comes to finance, education, and medicine, people prefer experts who can show them measurable outputs for the coming future and solve the current issues, not someone who aims on adding one more financial product to the portfolio.

When Jeet and I met in 2018, we realized the advisory space had 3 gaps: most advisors were underqualified, they were biased, and they would only advise on investments. These gaps were worrisome, and so we decided to fill this with 1 Finance.

All our advisors are qualified (CFP, CFA, CWM, or XAXB), and we work with zero commissions. So, there is no bias, and most importantly, we cover all aspects of personal finance, i.e., loans, credit cards, investments, insurance, and income & expenses, not just random investment advice.

Can you explain what you mean by “holistic financial planning” and how it differs from traditional financial services?

Keval Bhanushali: Holistic financial planning is a tailored approach towards the individual’s goals while making sure it aligns with their psychology, demography, and life stage.

The traditional approach motivates more of selling products, focusing on specific products or services, like investment management or selling insurance, without necessarily considering how these fit into the client’s overall financial picture.

So, for example, we at 1 Finance consider their loans or their profession while advising on investments and vice versa.

How does 1 Finance tailor its financial planning services to meet the unique needs and aspirations of each client?

Keval Bhanushali: 1 Finance has a team of Financial Consultants, Qualified Financial Advisors and Product Experts who are ready to listen and understand your present and future needs and help you to approach in the best way towards achieving them all step by step.

Our team helps our members execute their movements to fulfill the action plan tailored in the Financial Wellness Plan.

They receive this Financial Wellness Plan after each quarterly consultation with the Qualified Financial Advisors. These actionable are/can be changed according to the life events or needs.

What are some common challenges individuals face in financial planning, and how does your institution address these issues?

Keval Bhanushali: It is witnessed very often that various products and services are mis sold or upsold to members. They are unaware of the commissions they are paying unknowingly to these brokers, and there are various other challenges that they are facing in deciding what kind of insurance, mutual fund, or credit card they should opt for.

The 1 Finance website has created a scoring and ranking model for these products so any member can have easy access to analyze and decide the ideal financial path.

How important is financial literacy in your approach, and what initiatives does 1 Finance undertake to educate clients?

Keval Bhanushali: Even though our Financial Consultants are always available for our members, we believe education is the seed. 1 Finance conducts various workshops and masterclasses on a regular basis. This educates/helps the members to learn and understand precisely and stay updated.

Recently, we introduced India’s First Financial Planning Centre which offers a dedicated space to personally meet a Qualified Financial Advisor, have an in-depth conversation about one’s finances, and attain a well-planned financial future through in-person consultation.

It is a first-of-its-kind ecosystem that offers financial planning and advisory solutions to middle-networth and emerging affluent individuals in India.

We also conduct workshops at the centre and approach various corporations, which keep the employees educated about financial awareness and understand how to, what if, when, why, where, and whom to approach.

What trends do you see shaping the future of financial planning, and how is 1 Finance preparing to adapt to these changes?

Keval Bhanushali: The core to achieving financial well-being is to understand the difference between a qualified advisor and a distributor. This is similar to knowing the difference between a doctor and a pharmacist.

Both have their individual roles and expertise that are complementary and not contradicting to each other. At 1 Finance, our mission is to achieve financial well-being for our members, keeping in mind our core values of honesty and fulfillment.

What advice would you give to individuals looking to start their journey in financial planning, especially in today’s economic climate?

Keval Bhanushali: We live in an unpredictable world where it becomes crucial to have financial security with effective planning. For a fulfilled happy life, one should ensure a prudent financial approach through qualified financial planners, irrespective of economic stage/living.

Mr. Bhanushali’s vision for 1 Finance underscores the significance of personalized financial guidance. His commitment to helping individuals navigate their financial journeys reveals how tailored solutions can lead to greater financial wellness and fulfillment, transforming aspirations into reality.

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