HDFC Securities launches 'e-Will' writing service

Preparing a Will is just a click away as brokerage firm HDFC Securities has launched 'e-Will' writing service.

A person can prepare a Will in an easy and hassle-free manner by registering on the website, he said, adding, a person has to give list of assets and to whom one would like to bequeath them to.

"Our legal advisor would prepare draft and send it to the creator for approval. Once it is approved, a tenable Will is prepared for the execution," HDFC Securities said.

HDFC Securities, a subsidiary of HDFC Bank, has collaborated with a partner Legal Jini to offer this service.

The affordable door-step facility would not take more than a week. Registration is insisted in case of assets over Rs 1 crore, it added.

"All this would come at a cost of Rs 4,000 with a guarantee of confidentiality of information," it said.

To begin with, he said, 'Do it Yourself Will Service' would be available to customers of HDFC Bank having customer base of 2.8 crore. HDFC Securities has 20 lakh users.

However, this service would be extended to non-HDFC Bank customers later as preparation of Will is a critical part of financial planning in the financial life cycle of every individual, it said

It is also important for customers to take a detailed look at the fine print and make sure there are enough privacy safeguards, so that their sensitive private data is not accessible to anyone but their legal heirs

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Changes in Our Business Model
 
 
25th Sept 2020
 
Greetings from Moneylife Advisory Services
 
Between financial years 2019-21, SEBI has come up with extensive changes to investor advisor regulations. On Sep 23, 2020, SEBI had issued new additional guidelines. This comes just two months after extensive changes announced in July 2020. Earlier, in December 2019 there was an ad hoc circular
 
As a result of these changes, IAs, cannot accept fees through credit cards, will have to sign a 26-clause investor agreement, have to maintain physical record written & signed by client, telephone recording, emails, SMS messages and any other legally verifiable record for five years. IAs were already asked to record the suitability and rationale for every piece of advice given, sign them and store them for five years.
 
While these extensive and frequent changes, designed to strengthen the conduct of IAs are well-meaning, these have sharply increased compliance efforts and cost. We, being online advisors, find many of changes harder to implement, compared to advisors working in the physical space. We will have to have an army of advisors, administrative and tech staff to be compliant. If we do this, we will have to divert money to these areas and the cost of our service will double. We want to remain the least-cost service in the market to benefit more and more people. In the circumstances, we are forced to change our business model from “advisory” to “research”. This will mean the following:
 
What remains the same:
  • Recommendations on insurance, investment and Lion stocks, will continue as a part of the MAS premium subscription. Our strength has always been research and this will remain available to you through our recommendations.
  • The magazine and all textual content will remain as part of the service
  • We will have to suspend the restructuring tool.
 
What changes:
  • The interactions in Ask / Handholding will offer investment advice but not specific to your situation. It will offer information on investment products and also clarify your doubts about various financial products. It will be a forum for information, not for advice. This will be implemented with immediate effect and our guidelines in Ask, reflect this now.
 
Over the next few weeks our site and our communication to you will reflect these and other additional changes.
 
We feel this will not affect you much in terms of what really matters in investing: knowing what to buy and when to buy. This is our edge and it will still be available to you.
 
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Debashis Basu
Founder