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Michael Taylor CFPCM, Co-founder & Director - OMNIMax India

Michael Taylor CFPCM has practiced fee based financial planning in New Zealand for twenty years. One of the key components of the success of his practice is the OMNIMax Financial Planning Platform. Michael commissioned OmniMax software specifically to capture his successful business process and the DNA of Financial Planning. OMNIMax Software Solutions Ltd. was formed to make the OMNIMax platform available to other advisors. Various modules of the Platform are used in USA, NZ and India. System Integrators in India work alongside OMNIMax to customize and integrate OMNIMax into Enterprise Wealth Management Solutions worldwide.

Michael has a special association with India and is Promoter Director of his Indian Subsidiary OMNIMAX India Pvt. Ltd. Michael envisages OMNIMax could change the way financial advisors conduct their business in India and could help in scaling the business with the powerful combination of domain and technology.

Those who succeed in Financial Planning have both technical skills and people skills. It is blending of those skills in an ongoing relationship with a client that creates a positive outcome for both.

An Individual’s needs vary significantly, and tracking them over a projected lifetime is challenging with so many inputs. Planning tools are vital for matching Goals with Resources and monitoring that relationship dynamically overtime.

The regulatory bodies in India have the advantage of seeing what other countries have done; and they are learning from both - their mistakes and remedies. Hence, change is not so much organic as reflective. This is leading to a very fast rollout of best practice, much faster than in the countries they are observing.

Financial Planners are dependent on industry participants creating good product solutions. This was compromised during the Credit Crisis. Countries that have strong regulatory bodies to monitor and take effective action against those who fail the quality test will create investor confidence. All regulatory bodies are now aware that they have to be proactive, and not just reactive. The jury is out on who will do this best.

Convincing a client that you are genuinely working in the best interests, establishing a relationship based on trust and having a good grasp of how to blend a range of solutions at work for the client.

There is a high commitment to Financial Planning rather than to just Wealth Management.

One leads to the other. It is working with clients that define the need to develop appropriate tools to provide a good outcome for them and having found a solution is great to share with colleagues. I need to be a good Financial Planner to be a good software provider. "Necessity is the mother of invention!"

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