Says Sujith, “Financial planners study the personality type of a person and how it would reflect on their investment psyche. For instance, let’s take two categories of people. Category 1: Someone with a large portfolio who has a big concentration in one or two stocks. Early on, they invested a huge amount of money, say Rs 20 lakh, in a stock which over the period has generated a corpus of over 1 crore. So, these people have made money in that one mode. Category 2: People who have generational wealth and are not scared of losing money or taking a hit on their investments because of 20-30 years of experience in asset diversification. The people belonging to category 1 may want to repeat the same process to generate the same result which would not work every time. Though people in both categories require a financial plan, the former needs it the most.”