FREQUENTLY ASKED QUESTIONS
Your questions. Answered here.
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 – philanthrophy, 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.
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 have clients from abroad from countries like Saudi Arabia, Bahrain, Kuwait, Malaysia, UK, US, Nigeria, Kenya 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.
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.
You could talk to us over phone/ skype and understand all that you need to and get all information/ clarifications, like in a face-to-face meeting. We can even have a video chat.
What is however more important is that you need to understand whether we have the competence to create and deliver a custom-made/ detailed/ actionable plan, which would meet all your requirements. We have been delivering this to all our clients, irrespective of where they are in the globe. Most of our clients are outside Mumbai. We have clients from Bangalore, Chennai, Delhi, Pune etc.
To do this perfectly, we use a remote access software. We will be able to show you the plan made for you & explain the same, as if we are sitting by your side!
The planner assigned for the job will be one who has appropriate education credentials ( like CFP Certification ) & have experience in creating financial plans and offering advice. We only recruit those who have completed the education requirements of the Certified Financial Planner program, to ensure an excellent experience for you. In fact in our process, there will be three qualified financial planners, assigned when a plan is underway for a client.
We also have registered ourselves under Investment Adviser (IA) Regulations, 2013 of SEBI, where we have subjected ourselves to much higher levels of compliance & standards. The education and certification requirements for the IA & their representatives are again of a higher order and we comply with that standard. Hence, you need not worry about the quality of the people who will be assigned.
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 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.
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.
Financial Planners do not file tax returns. They are actually the domain of Chartered Accountants and Tax Return consultants.
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.
Also like we mentioned before we are Registered Investment Advisers under SEBI and have assumed fiduciary responsibility. We are fee-only financial planners & advisers. It is in your interest to seek us out.