Managing Finance by Investment

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Abstracts

The trend of investing in the financial market is an important opportunity for individuals in terms of saving and making money from their income. But the financial market is very volatilising and unfortunate with a risky environment. Thus a huge number of financial consultancy firms are growing up but a few are sustaining success stories in the market. This report would demonstrate the steps followed by the successful financial consultancy firm which are complex to practice. It also analyzes the different investors’ psychology from different sectors and points of view and suggests developing the SWOT analysis of the firm. Then it looks for the reasons for poor responses by the new investors in the financial consultant firm. The reasons for being backward in the financial market should be analyzed by comparing the firm with other successful players. In the consultancy firms the documentation needed to be maintained a confidential client profile. The difference between the professional approach and personal advising to the clients should be determined, for finding the better solution of the market and to the clients, which one is more trustworthy. The services which can attract new investors with existing investors are also being resolute. The challenges and strategies applied within the firm should be illustrated. The paper has incorporated the two real-life examples of successful financial consultant firms.

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Introduction

For every people, it’s become more important to save their money generated from their income, by various factors. Investment is one of the major factors to save money and earn profits from the portion of the invested money. The investment gives the people long term securities of their money. But the market critical conditions and stock market volatility make individuals confused in the investing of money by fear of insecurity and failure in the investment. For this reason, some financial consultancy firm has developed in the market to advise investing suggestion and stock markets analysis with a charge of little fees.

There are also some strategies to maintain a financial consultancy firm. Successful consultants can earn the faith of clients and by this; they use it as their promotion of the business. The consultant of the firm has to maintain a difficult job in modern economy. For this, they have to analyse the market information by calculating the nature of the investment sectors and the volatility of the market. The consultant firm has to make it superior in advising proper information to the investors in investment and stock market. The fundamental tasks are to advise clients in investments, market analysis and return from the investment.

Compare Infobase Ltd. (2008) stated that the consultant firm is in a complex process to address a variety of problems. To overcome a variety of problems, they have to have variety of skills and techniques in finding solutions to these problems.

In this paper, the prospective techniques of a consultant firm are analyzed with other competitive firms, making SWOT analysis of the firm, developing and implementing strategies in investment opportunities with real and successful consultant firms of the market.

Investment – Firm’s Best Way of Raising Capital

Compare Infobase Ltd. (2008) mentioned that the term Investment is mostly used in economics, business management and finance. The savings of money alone or made through delayed consumption is known as investment. When an investor is given any amount of money in any firm, the investor expects to receive some return in future. Investment can define in terms of some common sectors:

Investment in Business Management: In business management, investment means tangible assets like machineries, equipments and buildings and also intangible assets like copyrights, patents or goodwill.

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Investment in Economics: In economics, investment means the unit of producing goods, which are not consumed yet, but used for future production. Tangible goods are considered as investment here, like construction of building and intangible goods are, like job training.

Investment in Finance: Investment in finance is buying securities; monetary, financial or paper assets; liquid real assets like gold in the money or capital markets. Direct financial invests refers to stocks, bonds, and other security investments. Indirect financial investments are done by mediators or third parties like- pension or mutual funds, Insurance and other investment schemes.

Investment in Personal Finance: The implementation of money for buying shares, mutual funds, assets with the capital risk is defined as personal finance. In this, individual purpose of generating income is the main implication of investing money or other resources.

Investment in Real Estate: The utilisation of money for buying property, with the purpose of ownership or leasing involved with capital risk is defined as investment in real estate. There are two types of investment in real estate and these are commercial & residential real estate.

The Investment Process

Besley & Brigham (2007) argued that in the investment process of the firm, the firm has to ensure that the raise of funds are needed in the financial market. The investment process helps firm by two stages of decisions as suggested:

Stage 01: Raising Capital Decisions by Firm

In this stage, firm has to take some preliminary decisions of its own, like:

  1. Rising of Dollars: In this process, firm has to measure the new capital needed and how they can raise their funds.
  2. Securities Used in Firm: In this, firm has to measure what should they use as securities; stocks, bonds or a combination of both. If the firm takes decisions of issuing stocks, where should it be offered; within existing stockholders directly or to the general public.
  3. Differences between Competitive Bid & Negotiated Deal: When the firm simply offers a block of securities for sale to the highest bidder, is known as competitive bids. Some largest firms with well-known securities can only use this bidding process. And when the firm sits down with an investment firm to negotiate a deal of price of stocks, is negotiated deal. A vast majority of offerings of stocks or bonds of a firm are made based on negotiated deals.
  4. Selection of Investment Firm: When the firm has decided to be issued negotiated bid, first it has to decide which investment firm should select. If the firm has older relationship with any investment firm, whether it would continue the relationship, or otherwise choose different firms for new stocks issued.

Stage 02: Raising Capital Decisions Jointly by Firm & Investors

In the stage 2 decisions, the firm and selected investment firm both made the decisions in investment process:

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  1. Re-evaluation of Initial Decisions: In the re-evaluation process, the firm and investment firm would re-evaluate the initial decisions about the size and types of securities to be used to issues.
  2. Best Efforts or Underwritten issues: Then the firm and investment firm must make decisions on which would work best in underwriting the issue. By this process, first the investment firm buys the stocks from the issuing firm and then sells the stocks to the primary market. In the best efforts decision, the investment firm does not take the security of the issuing stocks by the firm.
  3. Cost of issuance: The fees of the investment firm must be determinable by the firm and the firm also judge the other costs related to the connection of issues including lawyers’ fees, accountants’ costs, printing and engraving.
  4. To Set offering price: If the firm is already publicly owned, then the offering price will be set based on existing market price of the stock or yield on the bonds.

Investment Strength of Firm

A firm can be considered in a position to have a strong investment capacity if the firm has a healthy amount of capital in hand. The more capital is available, the more it can earn profits, the more it can give healthy shares to the investors. From the past incidences in the world, it is experienced that, having better amount of capital provides better competitive advantages for a firm.

The dividend payment capacity of a firm is also considered a strength for firm. When firm can pay dividends timely, it will help to reduce accounts payable. Doing a better dividend related job makes free the cash for investment.

The payment of loans is also a key indicator of strength for a firm. If firms pay its loan timely, it has more cash available to invest. Loans create unnecessary burden on the control overall operations of a firm. So, reducing amount of loans payable is considered a strength for a firm also.

Investment Weakness of Firm

If a firm has huge amount of accounts payable currently, it will be a weakness for the firm. A huge amount of accounts payable; like-loans payable, will create extra pressure on the investment of the firm.

Investment sector is a sector, where the competition is higher than any other sector. The aggressiveness of the competition will become a weakness for a firm if the firm, which has few competitive advantages. Firm has to pay excess time, effort and money to win or get good position in the competition, for which the firm can lose capital and time.

Knowledge and experience of the employees’ are assets for an investment firm. Promptness and swiftness incorrect decision making are also two good characteristics needed by the employees. So, without having a perfect employee can also be a weakness for a firm.

Investment Opportunities of Firms

The opportunities of investment provide impressive combination of aggressive growth and diversified risk than the fund of the firm. The growth and risk diversification shows the best abilities of the firm’s manager by cross-sector volatility. Trading of international securities can minimize the volatile forces of securities than domestic trading of the securities.

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By global trading of securities, the diversified investment opportunities can tie funds their investors’ money to a larger and a stable system. The investors can enjoy joint benefits of growth and diluted risk at the same time.

Another benefit of investors is to stay open around the clock with the world. It is designed for whether the investors are in the world; they can connect with the firm.

The firm’s funds are designed for long term growth opportunities with short term flexibility with substantial advantages.

If any investors are looking ahead to retirement, they can take the global investment options for careful exploration.

Investment Threats of Firm

Investors’ psychology is changing day by day. It becomes almost impossible to predict what an investor wants. For this, firms face threats of wrong selection of proposals or investment or portfolio management techniques.

Investors are also losing trust from the firms. As a result, firms are losing investment opportunities and facing threat of being bankrupted. Sometimes, firms are using fraudulent techniques to overcome these situations, which create more threats for the firm.

The introduction of mass technology in the investment sector is creating a threat also. Investment firms can not use or can use proper technology which reduces their investment opportunities. The world is becoming mechanised and technology-based day by day. For which, technological threats are increasing.

Another threat is to get global attention. The firm will face small profits, which will not make any room for investing if it fails to perform its operation globally. Many firms in other sectors get huge profits by expanding their business worldwide. But, investment firm has fewer opportunities to go outside the border for some rules and regulations.

Analysis of Investors’ psychology

The individuals’ preferences determine the investment decision, like short term trading, holding long term investments, value stock, growth stock, quality stocks, international diversification, raising investment funds etc. The styles of investors are shown in Investor psychology: Know your biases (2004) are given below:

  1. Personal objective/ Social Traits: Age, gender, income, wealth, family, tax etc.
  2. Subjective Attitudes: Emotion and belief of investors in terms of investment.
  3. Financial Return/ Risk Objectives: The rational thinking of investors.

The analysis of investors’ psychology is a very tough question nowadays. There are some factors related to the investors’ psychology, which may be harmful to both business and consultancy firms, including:

Overconfidence: it means the showing of extra confidence over a situation. Research suggests that people feel over satisfaction about their capabilities. They underestimate others and always try to show off their own. In the case of information, they tend to think the information is perfect. Overconfidence in the case of investors is harmful, because when they predict about any incidence; like prediction about stock price, research has shown that they faced loss because of overconfidence. Research has shown that women have less overconfidence than men in the case of investment. Sometimes overconfidence lowers the performance level of investors. Overconfidence tendency has another dimension when the current information gets priority over the past.

Attachment: The investor has to consider both the pros and cons of investment material. Many investors have attachment to ignore the demerits or negative consequences of an investment criterion. This tendency will lead to an increased probability of loss.

Endowment: Investors are using investment materials in many ways. A problem regarding these is the tendency of using the materials in a way that is not legal. Endowment is thus creates legal problems. For example, if an investor wants to take and use security, it will face loss.

Status quo: Procrastination is the result of the Status quo problem. Investors’ status may welcome procrastination.

Seeking Pride: Investors having likeness of pride tend to create opportunities for losses. The result of this psychological problem is to sell the materials to the winner early. This action can also lead to unnecessary loss.

Playing with the House’s Money: When investors start better business in investment; a psychological problem arises, which is to take unnecessary risks. Investors should keep in mind that, they are not going to win in all battles. So, unnecessary risk-taking tendency is often bring problems rather than profit.

Avoiding Regret: Investors are human beings, so every human being is must commit an error. There are tendencies to be afraid of taking wrong decisions by the investors. This feeling of regret will hamper the normality of the thinking and acting capabilities of investors and the result is loss of money.

Snake-Bit: There is another type of investor who always tries to avoid risks. It is not a task of an intelligent one to give up any chance without trying. Investors should assess the probability of risk and invest in a case where the risk of loss is less. Investors have to keep in mind that- No Risk no gain.

Getting Even: When investors have faced a loss; a general psychological problem can be aroused which is taking greater risk to overcome the loss. Some investors never try to give up trying rather take more and more risks, which may tend to greater loss. If the investors perceive the loss as per a normal consequence of investment, this tendency can be overcome.

Cognitive Dissonance: A wrong decision leads to many other situations. A worsening situation arises when the investors start to generate ideas that create conflict between their minds and brain. It is called Cognitive dissonance, which analyzes information, altering the feel of previous loss and hampering the investors’ capability to take investment decisions properly.

Representative-ness: it is the tendency to group some consequences which have some similarity in nature. Investors often face the problem. Investors try to decide on experience when they perceive that the situation is almost similar to the previous one. But every situation is unique. So, considering a situation similar to another may increase the risk of investment. Critical analysis of situation can overcome this type of problem.

Poor Response of Individuals in Becoming Investors

The Response of investors to a firm is the most important factor to be considered for a consultancy firm. If the investors get less benefited from the advice in investment, they can not become an investor at all. There are some factors related to failure of creating investors of the financial consultancy firm eventually for two years, which are:

  1. Level of Tariff and Cash Flow Discipline: The unsustainable retail tariff is unavoidable for the investors, which is selected by the Government of any state. The assurance of this tariff is not so comfortable for both the investors and consultants. The level of tariff also should be high without any financial support.
  2. The Adjustment and Disputes of Tariff: The regulations set up by the Government and consultant firm can not meet up the need of investors. The regulations tend to change the decisions of investors.
  3. Control of Operation and Freedom of Management: The investors always want to invest in an economic and cost reduction way. But the operational partnership is not so important for investment.
  4. Regulations Maintained in Long Term Contract: A contract is a contract that must look comfortable to investors. But the investors can not find the economic and financial ground of the contract.

Comparative Analysis with Other Successful Consultants

Bodie, Z., Kane, A., and Marcus A., J., (2005) argued that the comparative analysis of financial consultancy firms with other successful firms is important factor to be considered in the determination of comparison in the financial market. The reasons for getting less response than other competitive firms are important, which are:

  1. Other consultant firm can respond faster with the help of enhanced services.
  2. Change in appointment is easily maintained.
  3. Investors can make time of meeting inconvenient period without losing working hours in their personal life.
  4. Availability of documents on the web of these firms.
  5. The consultant and client make stronger relationships rather than using professional approaches.
  6. The proper training of consultancy’s employees on unified messaging, office outlook in mobile and faster web access in office outlook is required to maintain the work smoothly.
  7. The reliable, easily maintainable and less administrative works are used as integrated solutions.
  8. The team on Information Technology spend more strategies rather than on help desks.

So, the comparative analysis of the market of investment can be determined by the following ability consultant of the firm, which are:

  1. Understand Investment Securities: The consultant should understand the clients’ investment securities with the associated risks. The skill of diversifying the discipline and sensible selection of market security prices should be managed to produce stable and predicted cash flow from the investments.
  2. Decision Making on Security Plan: Three important decisions have to take in the time of security planning; buying decisions, selling decisions, and holding decisions.
  3. Managing Market Cycle: To evaluate the market cycles like interest rates are important to understand the nature, policies and other concerns for the securities.
  4. Evaluating Performances: The performances of individual and mutual fund growth in market should be judged based on the long term movement of the market.
  5. Filtering Information: The decisions are made for the investing, should have healthy inputs, filters and simplify to take decisions in investment.

Confidential Client Profile – used as a Document for Clients of Consultant

In the building of relationship with the financial consultancy firm, the clients or the investors need to maintain a document in previous, before making the relationship, which is known as confidential client profile. It holds all information of clients. It can be varied from one firm to another. There is a questionnaire, which holds the personal and financial information of a client. The information is given by clients are strictly maintained. With the filled up copy of this profile, client should give the current original passport or license of driving form to the firm.

The questionnaire should be completed and given to the firm before the initial consultation. If any client feels hesitant in providing information, the firm ensures security by privacy policy. The firm needs accurate and meaningful answers to the questionnaire.

Some required information should be attached with the original form of questionnaire. The client should complete it in my writing or sign it.

Difference between Professional Approach & Personal Financial Planning

Professional Approach: Stanley, (2007) argued that in the professional approach of financial consultancy-firm they work as big families with high net worth of individuals. They work for clients’ helping in the build, protect and transition of wealth by multi-generational planning and careful investment management.

In this approach, the current mortgage, insurance policies, and estate plan is judged based on the liabilities of clients. They also provide access to complicated investment tools based on clients’ assets size. The stocks, bonds and mutual funds of clients are managed with equity, accountability and hedging funds. They always believe to earn ongoing trust with wealth management services, long term relationships, and enlarging clients’ experiences in investment.

Personal Financial Planning: Pandey, I. M. (2007), mentioned that when a client works together to earn benefit from investment by personalised advice, guidance and dedication is known as personal financial planning. In personalisation, clients’ expectations are much higher. The clients also have to give undergo extensive and ongoing training with necessary licences and certificates. This training enables the investors in looking total financial picture with access to world-class resources. In the simple financial solution of personal financial planning, they give more strengths and resources, like:

  • Global Research
  • Proper Money Management
  • Diversification in global incidences.

The superior performance of these two groups can arise by the active investment decisions, like:

  1. Responses in market timing to overcome the market fluctuated prices.
  2. Measure the portfolio on investments depending on some factors, like size, leverage, price of market, fair book value, and yield in market towards the investment decisions.
  3. To select proper stock based on availability of information of investors.
  4. To maintain large funds of the investors successfully.

Acquire Attraction of New Investors

Every consultant firm wants investors to ensure the successful operation of the business. There are some strategies for getting new investors to look at the firm, which are:

Helping Investors to Startup Business: When the firm helps the client to start up any business as investors are called angel investors. This investor should provide detailed plan of business with goals, suppliers, potential customers, analysis of market, and a detailed marketing plan for the investment.

Getting Investors to Look in Business: The publication of business is a must to attract new investors and also the success of the firm. Well known and highly established stocks can attract clients for high promise of success in investment business.

Reforming Well Managed: By the increased ability of utility in generation of internal cash for investment can make sure by cost reduction, cost of supply recovery and efficient collection of tariff of the firm is must.

Keeping Financial house: The firm may improve its debt financing situation considering the domestic and international market would make profitable operations with the clients.

Risk Reduction and Regulation in Healthy Environment: The firm can create and maintain structure of investment, regulate the legal environment by minimization of risk of investors.

Investment Challenges and Strategies in the 21st Century

Some principles should follow by a financial consultancy firm, which may create challenges in staying in the market (Zaheer, 2006):

  1. To create well-defined goals with identified areas of interest.
  2. To establish and define each goal of the firm.
  3. To establish best tools and approaches in business, and
  4. To ensure the sustainability of firm.

The challenges of a financial consultancy firm can be different which is varied by situations faced by the firm. Some challenges include:

  • To maintain the funds of clients
  • Insufficient funds to maintain business
  • Lacked basic business plan.

Every year, the major financial entities take advantage of foreign currency exchange as a unique investment opportunity because of having a global market. By diversification, most hedge funds offer cross-sector or cross-national diversification in the market. The investment strategies now apply the emerging wisdom of the Internet age in the 21st century. By the internet, it has 24 hours capabilities of having accessibilities, which is impossible for the traditional financial market. By this, long term investment can also adjust with too short term concerns of investments. The firm has to have the capabilities of combining traditional wisdom and next-generation capabilities. The investors select the internet options to save time and careful search. By this, the firm’s dividend would become larger than imagination. There are lots of investments strategies that can be maintained by a consultancy firm. At first, it has to make profit and achieve financial stability by successful consultation in investment. They also have to reduce the risk factors of investors by investment portfolio. Some strategies are:

Funding Approach: The firm can develop its business based on funding approaches like taxes and user fees.

Financing Strategies: Financial strategies can be provided with the flexibility of the firm; including the traditional approaches to meet the demand level of the clients.

Money Making Strategies: In the investment options, nowadays, the proper system of the firm can lead clients to become successful investors. Trading the currency of investments actively not only domestically, but also in international sector, is good money-making decision.

Necessary Source of Information: Several sources should be followed carefully in consultation of investment like financial market news, journals, internet etc.

Determinants Desired Return of Investors: Previously, the firm has to determine the desired return of investors considering the suitable factors and amount of risks associated with investment.

Alternative Investment Opportunities: The foreign currency exchanges become an attractive alternative decision of firms for the investors. Here, the investors are performed with significant premium on customized investment strategies.

Real-Life Example of Financial Consultant

Abacus (Financial Consultants) Ltd: It is a UK established company, which advises full range of debt resolution options. There are 10,000 clients, who find the appropriate solution in debt and investment financing by 40 employees. Their experienced, free of charge and impartial advice with diverse range of debt can attract more people to this firm.

It also provides customer compliant procedures about the company. The company take the fee after success of invests of its clients. They also ensure a timely manner. If any client makes compliant, it has fair and quick treatments to satisfy them.

Debt Management of Abacus: This Company mainly works with debt management, which is an arrangement between clients and any business firm to negotiate the debt, income and outgoings. It is an affordable payment distributed to creditors by existing payment. There are some advantages in using debt management, like:

  1. Lower Payments
  2. One Payment
  3. No Contact with Creditors
  4. Flexibility
  5. Without Charge in Missed payments
  6. Free from Legal Proceedings
  7. Keep Home Free from Risk

This company uses debt management since 1974, with 1000 enquiries per month in debt solutions. As the term of loan is longer, the interest can also be higher day by day. It also gives chance to homeowners with the facilities of housing associations. This company also can help in:

  • Clarification of Mortgage and secured loans
  • Amount of unsecured loan
  • Help to get the legal rights of the clients.

Trust deed of Abacus: Trust deed is a voluntary arrangement that offers debtors the removal of bankruptcy. Trust deed should be kept by investors for some specific reasons, which are also proved as beneficiaries to clients, like:

  1. Reduction of Debt up to 90%.
  2. Allow clients free from Debt in 3 years.
  3. Stop freezing Interests on Debts.
  4. Stop Harassment of Clients
  5. Avoid Appropriation

Online Tools & Calculators of Abacus: There are many online tools in this company, which can help clients at any time, including:

  • Advice Model
  • Calculator of Income and Expenditure
  • Calculator of Mortgage and Loan
  • Tool of Mortgage and Loan Overpayment

IFA Promotion (unbiased.co.uk) Ltd

This is also a UK based company. The unique feature of this company is to introduce the “Individual financial advisors” service. They are not only a financial consultant but also work as a link between their customers and other individual consultants who have no organization to run their business. The sectors in which people are being served by IFA promotion to help:

  • to find independent financial advisor
  • to saving a portion of income
  • to in finding the situations to get financial advice
  • to prepare budget for other firms
  • to find the right way to invest

Finding IFA: IFA stands for Independent financial advisor. There are about 9000 IFA locations in the UK. The help IFA promotion Ltd provides to the customers is a new offering in financial market. The offering is to find out the most attractive IFA to invest in.

Saving: People, who are earning through their business or job, may face problems that how they can save the excess portion of their income. This firm is helping to say whether to save the amount in ISA or to easy-to-access savings account. Independent savings account is famous for its simplicity, flexibility and tax efficiency. ISA is simple in the sense that anyone can open an ISA through telephone or the internet. There are certain types of ISAs. These have some upper limits of investment.

In the case of savings, the firm helps to identify the ways to beat low-interest rates and risks. The firm said to its customer about some general tips. This is:

  • To invest in ISAs.
  • To invest in stock markets on monthly basis.
  • To increase unit trusts to get benefit from pound cost averaging effect.
  • To save more when the market condition is low.
  • To diversify the investment, for example, investing some portion in a fund and the rest portion on the share.

There are different types of saving options for an individual. The firms always try to select the best saving options. Bank accounts, saving accounts, cash, society friendly savings account, National savings account, bonds, gilts, stock and share etc are some of the famous types of savings.

Situation of financial advice: The firm always suggests the sources to get financial advice. The most common confusion investors’ face is to find out advice about where to invest. The firm uses its IFA utility to overcome these kinds of situations.

Preparing budget: This firm also helps the individuals and firms to make budget for them. They introduced the interactive budgeting tool named-save fast Budget- to help out this customer. Their interactive analysis of different financial statements is always helpful to the customers.

Making right decisions about investment: The firm also assists and give directions to select investment way. There are different types of investments. Direct investment, Bond and gilt investment, pooled investment, Unit trusts and Open-ended investment companies (OEICs). The firm assesses the present conditions of the customer and advice the suitable sector to invest in.

Recommendations

To become successful as a financial consultant in the competitive financial market, the firm has to be careful about making decisions in investing the clients’ assets. It also has to have clear knowledge about taking the right decisions of investments, with the comparison of fair market value and market interest rates related to the investments. To create lots of investors another strategy could follow to attract the market by providing their success stories. These would work as promotion of the investment from the firm. Not only having huge investors are good sign of the firm, the consultant has to give advice and tools in such a way that, but investors can also earn a handsome return from the investing money.

Conclusion

Every investor is dreaming of being a market super investor, but predicting the market scenario and critical conditions are impossible. For this reason, individuals are afraid of spending money and resources in risky environments. To overcome this circumstance, the magic of such financial consultancy firms give strength and proper knowledge to their clients in making investment decisions. They can make average investors superior investors in the market. A successful financial consulting firm has to have the stock-picking abilities for investors to make them wealthy.

From this report, the argument of becoming a successful consultancy firm with some investment strategies must be designed. The philosophy of investors should understand, and treat them as their nature of investments in the market. The investors should be made with the strategies to overcome the market obstacles and the value of investments. The risks associated with the investment opportunities are also another major factor to be considered by the firm. Finally, having faith of clients toward the firm is major strengths of consultants to being progressive in the market. Another important issue to be considered for the financial consultant is to manage time in market. When the firm can successfully manage time, it will provide higher return for their clients from the invested money. Thus, it is seen that a highly successful consulting firm has to have proper management on investments of their clients, making profits and greater return from the invested money, and being competitive compared with other financial firms.

Bibliography

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bankrate.com (2004), Investor psychology: Know your biases, Web.

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Bodie, Z. Kane, A. and Marcus A. J., (2005), Investments, 5th Edition, Tata McGraw-hill publishing company limited, New Delhi.

Brigham, E. F., and Houseton, J. F. (2004), Fundamentals of Financial Management, 10th Edition, Thomson south-western, Singapore.

Brealey A Richard & Myers, Stewart, (2006), Principles of Corporate Finance, New York: McGraw Hill. 6th editions.

Compare Infobase Limited (2009), What is Investment. Web.

Holt, H. H., (2002), Entrepreneurship New Venture Creation, 6th Edition, Prentice- Hall of India Private Limited, New Delhi.

Pandey, I. M. (2007), Financial Management, 9th Edition, Vikas publishing house PVT LTD, New Delhi.

Ross A, Wererfield R, Jaffe J., (2006), Corporate finance, 8th edition, ISBN: 0073105902, McGraw-Hill.

Stanley, M. (2007), Our professional approach, 4th edition, Thousand Oaks: Morgan Stanley & Co.

Unbiased.co.uk., (2008), Finding the right ISA, Web.

visionsfcu.org (2008) Visions Federal Credit Union: Confidential Client Profile, Web.

Wood, F., and Sangster, A. (1999), Business Accounting 1, 8th Edition, Pitman Publishing, China.

Zaheer, S., (2006), India Power Sector: Challenges & Investment Opportunities, New Delhi.

Zikmund, W. G., (2003), Business research methods, 7th Edition, Dryden Press.

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