At BrilliantRead Media, our aim is to bring to our community some of the unique and compelling stories from the start-up ecosystem. As part of this endeavour, we invited passionate entrepreneur Sandeep N. Setty for an exclusive interview with us. He is a top life insurance agent in Bangalore and a trusted financial advisor in Bangalore, who has mastered the efficient strategy to provide ‘Financial Freedom’ to business owners and affluent families. Let’s learn more about his inspirational journey and his advice for our growing community!
Excerpts from our exclusive interview with Sandeep:
We are aware of your contribution to the ecosystem, talk us through your background and your journey as an entrepreneur, please;
I am Sandeep N. Setty, a financial advisor based out of Bangalore, and help business owners achieve financial freedom over the next three to seven years. I started with this entrepreneurial journey to provide long-lasting wealth and help the business owners provide the lifestyle to their families that they have always wanted. My business’s focus is to engage with the business owners for inter-generational planning for making lasting wealth.
Where did the idea to do something like this come from? Talk us through your services and how you help you, clients.
I have seen business owners churning into the traditional route of earning money and making a good amount of finances with innovative techniques. However, no one seems to work on their personal finances. A few business people do not have apt current LIC agents or financial advisors who will guide them to manage personal finances. To eliminate the complexities associated with business and personal finances. There is a huge gap and problem to be solved. That’s how I decide to plunge into entrepreneurship to help my clients.”
I have managed to provide the right insurance tools to help business owners and affluent families leverage their wealth. I have overcome the financial myths and worked on building my wealth. I realised that most business owners felt insurance to be an expense. I wanted to show them that insurance policies work as a lifetime investment by managing personal and business finances.
To articulate my knowledge to multi-dimensional aspects of business owners and affluent family’s financial affairs takes time because I masterfully showcase my expertise in small sound bites as per the conversation and need of the client priority. I would love to share my knowledge and share case studies throughout highs and lows of your financial journey.
The wealth generation idea and the modern paradigm in the insurance sector provided by me will help you unleash your cash flow and build a generous retirement plan. Moreover, I have worked on modern insurance concepts and techniques to offer tailor-made wealth plans to the families and business owners who will work as a legacy builder.
Why do you think the affluent replace their current advisors?
The dissatisfaction and complexities to poorly handle the financial stuff make the affluent or business owners fire their current advisors. Once they accumulated enough assets, they look for a top financial advisor, possessing the knowledge and professionalism to oversee the complexity of the multi-dimensional aspects of an affluent client.
Being an entrepreneur myself, having handled the restaurant business, and then came up with the modern insurance concepts and cash flow management tricks. I share many case studies with business owners and affluent on how to grow, preserve, and distribute income across multi-generation while building a meaningful legacy. Here, the wealthy or business owners can trust my financial planning programs and personalized insurance products, and cash flow methods to help them make a shift towards building a great legacy.
How do you manage yourself and keep on going despite the pandemic? What drives you?
The pandemic has made the economy very badly. In a recent survey, 66% of people felt their income has reduced due to the Pandemic in Bangalore city and 25% of business never opens after the pandemic but our commitment to our family has not changed, still, we need to provide the same lifestyle necessities. The kind of food they eat, the kind of clothes they wear, the kind of home where they live is dependent upon one variable called INCOME.
Every tree has roots. The strength of the tree is based on the strength of the roots. Your roots are your income and your trees are your assets. You are the root, your family is the source of inspiration.
My business owner and affluent clients are worried that it will take a long time to recover their profits/income. The problem with them is personal wealth and business wealth are combined. That means, everything they have is in business. A lot of my wealthy clients have 100% or related wealth in business.
If their business fails, they fail personally as well. You need to isolate personal and business wealth. I know your business requires more money than ever in this pandemic and you can’t keep business starving for cash. Pls, remember carefully, your business is a separate unit and your family is a separate unit and your family is a separate unit. Don’t sacrifice your family for business.
You need to learn to keep them separate. If your business fails, it is ok. The Government is offering cheap loans, interest waivers, tax breaks, and bankruptcy codes. If your family fails, they will never support you again for your next business. It affects your family.
I am spending a lot of time with existing clients and prospects in advising them to keep liquidity for family and business rather than investing. Protecting their family wealth in secured financial products where no creditor can touch it.
You are always positive and motivated, what keeps you going?
The most acceptable way to manage stress and pressure is to see the broad picture of what truly matters to you. I have made the mistake of giving up my regular life to form the best insurance products and set up the business.
But, in the end, I understood family and health come first. When I am stressed or under extreme pressure, I try to resolve the issues assertively instead of getting angry.
What is your advice for aspiring entrepreneurs and business owners?
If you are an aspiring entrepreneur or a business owner running a business, you must possess skills like a good understanding of the finances, leadership, and sales skills.
What are the three most important lessons you have learned building your startup?
1 – Hire or find a coach in your area who has reached a benchmark where you wanted to reach.
2 – Building a lot of liquidity cash in tax-free products which helps in acquiring the assets or opportunity at a discounted price.
3 – Spend some ‘lone’ time to review your business progress so that you can create new benchmarks or goals.
BrilliantRead is committed to bringing stories from the startup ecosystem, stories that reshape our perspective, add value to our community and be a constant source of motivation not just for our community but also for the whole ecosystem of entrepreneurs and aspiring individuals.
Note: If you have a similar story to share with our audience and would like to be featured on our online magazine, then please write to us at [email protected], we will review your story and extend an invitation to feature if it is worth publishing.
