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After losing a loved one, a family often struggles to cope with the loss of steady income and short term financial challenges. Many times the deceased may have accumulated wealth but still, successors struggle with the paperwork. The large sum of unclaimed money lying across the financial sector is also an indicator of it. For example, Rs 24,000 crore is lying as an unclaimed mutual fund amount. Similarly, 3,78,000 amount of physical shares are still lying as physical shares and Rs 48,000 crore as unclaimed PPF money.

Realising the need to highlight the importance of nomination, the Association of Registered Investment Advisors (ARIA) recently launched #ARIAtrulycares an initiative to help investor families on financial matters based on specific challenges or situations, such as the processes related to transfer of assets on the death of an investor. The initiative is also focused on leading advocacy for the standardisation of these processes. In addition to providing authentic investor-relevant information across all asset classes in one place, the initiative also provides an asynchronous helpdesk – ariatrulycares@aria.org.in, to answer specific investor/ investor advisor queries through ARIA volunteers.

Speaking at the inauguration, K.V. Kamath, former president, New Development Bank, said, “#ARIAtrulycares is a commendable initiative by ARIA in these difficult times, when it is really crucial to help people who, after losing a loved one, are struggling to seek assistance in financial matters. I am confident that by evolving into an authoritative resource for investors and investment advisors, ARIA is fulfilling a big need that today’s exponentially growing retail investor ecosystem needs.”

Lovaii Navlakhi, chairman, ARIA, “With our #ARIAtrulycares initiative, we are committing to help people get information and assistance on financial records, transfer of assets, and beneficial nominee processes. In addition, ARIA members will volunteer their expertise pro bono to help the investors through this helpdesk. ARIA recognises the important role it needs to play in ensuring the development of a robust support ecosystem for investors in India. Together, we will make investment rewarding and convenient for India.”

ARIA also released its first investor advocacy white paper titled ‘Reimagining Nominations-Making Succession Smoother and Simpler. The white paper, written by Pramod Rao, group general counsel, ICICI Bank, showcased a 15-point comprehensive policy for making the process of nominations and successions simpler and easier.

Speaking at the release of his White Paper, Pramod Rao, Group General Counsel, ICICI Bank, said, “I am delighted to be a part of this important initiative by ARIA which aims to support the investor community at large. This white paper attempts to outline the policy objectives focuses on nomination facilities agnostic of any financial asset category and proposes measures for enhancing, improving and upgrading these facilities for the financial consumers and their successors. The accompanying spotlight papers focus initially on bank accounts, banks safe deposit lockers, demat accounts and mutual funds, and will focus on other asset classes going forward in subsequent series as released by ARIA.”