He walked into our office quietly. 62 years old. Recently retired. Polite. Dignified. Calm.

Like most retirees, he had a simple wish: “I want my money to give me regular income, protect me from inflation, stay liquid, be tax-efficient… and I don’t want complexity.”

A lifetime of discipline showed in every word he spoke.

We explained that retirement money has to do two things at once: One part must protect you. Another part must grow for you.

So, we suggested a simple structure:

One-third in growth assets to beat inflation. Two-thirds in safer, predictable instruments like debt funds and government schemes.

He listened carefully. Then his eyes lit up a little: “What if I take more in equity? I could get higher returns, right?”

It was an honest thought. A very human thought. That’s when I asked him a question that had nothing to do with markets: “In your entire 62-year working life… how much of your money was ever in equity?”

He didn’t hesitate: “Nothing. Zero.”

In that one word was hidden his true risk profile.

A man who had never seen his money fall 20–30%.

A man who had slept peacefully for decades because his savings never frightened him.

And now, in the phase of life meant for peace, he was thinking of inviting volatility.

Here is where the difference between selling products and giving advice becomes very clear.

If we were distributors or commission-based agents, we would have smiled and said: “Yes sir, equity is the best. Let’s increase the allocation.”

More products. More churn. More commission.

But we are fee-only advisors. We don’t earn more if you take more risk. We don’t earn more if you buy more products. We earn only if you stay with us for years. And that happens only if you sleep well at night.

So, we asked ourselves: Will higher returns really make him happier? Or will they only steal his sleep? Because the first big market fall will not feel “temporary” to him. It will feel like his life’s savings are melting away. And fear in retirement is far more expensive than inflation.

So, we told him: “We will keep only one-third in equity. And even that, we will reach there slowly… over 3 to 5 years.” Not because markets are dangerous. But because sudden emotional shocks are. You cannot change a person’s financial DNA at 62.

And then I told him something I deeply believe: “Sir, human beings are not spreadsheets.”

They have memories. They have fears. They have habits built over a lifetime.

At Naveen Rego Capital, a fee only SEBI Registered Investment Adviser, we don’t sell products.

We don’t chase commissions. We don’t push what is fashionable. We represent only one side: the client. That is what being fee-only truly means.

Because a portfolio that looks perfect on paper but keeps you awake at night… is a bad portfolio.

Happy Financial Planning!

Naveen Julian Rego – CFP®

MD & Principal Officer

Naveen Rego Capital

SEBI Registered Investment Adviser

Reg No: INA000019211

BSE Membership ID: 2178

Date: 13-01-2026

Disclaimers:

1. Investment in the securities market is subject to market risks. Read all the related documents carefully before investing.

2. Registration granted by SEBI, membership of BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

3. Financial products recommended by us which are under the jurisdiction of other regulators are beyond the scope of SEBI’s grievance mechanism.