- Is financial planning only meant for the rich ?
Financial Planning is meant for all those who want to systematically achieve their life goals, through proper financial management. There is no specific age or station in life to pursue this. It is certainly not meant for the rich alone. A good financial plan will pay for itself.
In fact, it may be even more critical for those who are less well endowed, as they cannot afford to get their money management wrong. Financial Planning works very well for all. It is for anyone who is interested in sorting out their finances. It works for all those who are serious about getting a path laid out and following that path.
There is also another school of thought that financial planning is not needed for the rich – for their basic goals are all met.But rich have their own goals – philanthropy, ensuring that the next generation learns how to handle wealth and ensure continued well-being of the family. They require sound advice even more. Ultimately, even this requires planning & wealth management.
- How can I engage with a Financial Planner who is not in my vicinity ?
You need to engage a financial planner based on their skills, experience, expertise in the area, the quality of advice and other such parameters. Since good quality financial planners/ advisors are hard to come by, it would be wise to broaden the search beyond where you live.
With telecommunication tools available today & technology, one can have audio / video conversations with an advisor in any location. We have been using Skype and other remote access software tools for years now and have been servicing clients from across the country & even abroad. Apart from Mumbai region, we have clients from Chennai, Hyderabad, Bangalore, Ahmedabad, New Delhi, Gurgaon, Pune etc. We have clients even from smaller towns like Ambala, Rajkot etc.
We are able to offer the same experience as in a personal meeting and that is why even most of our Mumbai clients opt for virtual meetings. Our clients are happy whether they are from Kolkata or Panipat. You don’t need to worry about that aspect when you deal with us.
- Why should I pay for financial advisory and reduce my capital ?
You will be paying for professional, ethical advice which will help you manage your finances better, achieve your long-term financial objectives and get better returns, overall. A financial plan gives you clarity about goal achievement, direction you need to take, interplay of the effect of various goals and the commitments required for them, choice of appropriate investment vehicles for the intended purposes etc. Also, there would be better management of funds and consequently, the possibility of better returns.
- I already have a CA, why do i need a financial advisor ?
A CA is an accountant who helps you in the compliance of govt. regulations and tax. He does not advise on financial planning. Helping people to crystalise their objectives, and drawing and implementing a plan, taking into account their investment, risk, tax, retirement and other aspects, is the work of a Financial Planner.
- Financial Services Distributor is giving me all the information required for the plans, why do I need a financial advisor?
Insurance Advisor is attached to a company and wants to sell his company’s policies. Also, he may push products where his interests lie and not necessarily ones that suit your needs. A distributor may again push schemes which give him maximum brokerage. They do this as that is the only way they are remunerated and they are from the company’s side. We are from the client’s side and look at what is most beneficial in terms of fit and costs. Since we are paid fees by our clients, we retain our independence and advise without prejudice. Apart from that, since the financial planner knows the overall picture, the advise will be a lot more specific and will fit well.
- Will a financial advisor assure me a higher return than what is normally possible ?
Financial planners do not give any implicit / explicit guarantee of returns. What a Financial Planner brings into being, is a well-orchestrated plan which will be able to achieve the goals in the time frame specified, through proper financial management. Better management of finances could incidentally result in higher than median returns – but that is incidental to the process.
- How can I disclose all confidential information to a financial planner ?
A Financial Planner is like a doctor. Only when you make a complete disclosure would a planner be able to come up with appropriate solutions. Half information given would ensure that the plan is inaccurate. Trust is important in this relationship. Confidentiality of data is assured with us. Hence, in your best interests, you should disclose full & correct information.
- Will a financial planner file tax returns ?
Financial Planners do not file tax returns. They are actually the domain of Chartered Accountants and Tax Return consultants.