Financial advisors are those who create comprehensive plans covering retirement, taxes, estate planning, insurance needs and also major life transitions. They act as a guide, assistant and educator of clients and help them to stay on track with their financial goals. They provided different services like portfolio management, Debt management, retirement planning, long-term healthcare planning, estate planning, tax efficiency strategies etc. The growth of the business of the financial or insurance advisor increases rapidly in India and their demands are also increased due to the higher demands of clients and rapid expansion of the insurance market in India. The insurance sector has attracted FDI amounts of nearly US$6.5 billion and the growth of this market is being supported by different initiatives by the Indian government, strong democratic factors, product initiatives and also vibrant distribution channels. The insurance market in India is expected to reach US$ 222 billion by 2027 as it shows strong growth in the first quarter of FY25 with the first premium surging by 22.91%.
