Money is important – that much we all realise. We work 35-40 years of our lives to earn money. We want to ensure that our goals are met and our family is well taken care of. We plan for everything in life – from birthdays, anniversaries to picnics.
Yet, most people leave the most important thing of all – money – to chance. We seldom think much about it. Do you have the time, inclination, knowledge or skills required to manage our money, efficiently? Do we have a cogent vision of what needs to be done for securing our future?
If the answer is a No to these, we would need professional help – post haste!
Don’t play with finances, plan ahead
Money lies around in the bank account as we don’t have time to look at it, evaluate options and deploy them properly. Finance is not an interesting subject & most of us detest it. Hence, investing money becomes a low priority subject. People invest based on what a friend has done, what they have read in the papers or based on the “advice” given by their agent! That’s financial planning for a lot of people. This results in haphazard investments without understanding what actually needs to be done. A lot of times, the actions we may be taking may actually be leading us away from the goal. Due to all these, there is complete chaos in one’s personal finances due to a blizzard of investments without any pattern.
This poses uncertainties with regard to goal achievement and a distinct sense of unease, about the future. To avoid all these, personal financial planning becomes important.
What is Personal Financial Planning?
Financial Planning (or Personal Financial Planning) is achieving cherished goals of the family through skillful & appropriate management of available financial resources. Many of us wrongly assume that a higher income can solve a lot of problems.
As Financial Advisors/Planners, we have seen that while income is important, expenses, lifestyle & goals are the ones that really need looking into. Our experience suggests that these are the items which can make all the difference between a well-funded financial future and one filled with worries.
Why is Personal Financial Planning important?
Goals don’t get achieved automatically. One needs to plan for them. Since finance is central to most things we want to achieve in life, we need to give careful attention to it.
Irrespective of how much money one may earn, it needs to be managed properly. Money inflows and outflows, cash flows over time & their management, goal funding, risk assessment & management, appropriate asset allocation, liquidity & contingency funding etc. are aspects that need looking into. A comprehensive financial plan considers all these while building a framework for the client to follow, to ensure smooth progression in life. A detailed financial plan makes projections into the future, to see if the client would be well funded for their entire lifetime. This is very important to know, as the retirement phase should be carefree, blissful & free of money worries.
For all these reasons we need a comprehensive financial plan, which becomes the blueprint to create a fulfilling future.
Are you dealing with a true Financial planner?
The problem today is that people do not know whom to turn to for conflict-free, unbiased financial advice. Agents & distributors represent their Principals and do their bidding. Their commissions come from the companies they represent and their loyalties would lie with them. Also, being salespeople their knowledge base would be rather limited. They would not be able to offer holistic advice, even if they wanted to. This is the typical problem most people face.
A financial planner one can trust
There is a new class of Financial Planner/Advisor who is registered with SEBI, who are called Registered Investment Advisers (RIA). These SEBI registered financial advisors are tasked with offering unbiased, conflict-free advice.
We at Ladder7 Financial Advisories are fee-only financial advisors, fiduciaries, Independent & represent only our clients. We are consultants to you in the area of personal finance – not product sellers. We are also qualified to offer proper advice, as per SEBI Investment Adviser Regulations 2013. Suresh Sadagopan from Ladder7 is Registered with SEBI as an Investment Adviser. There is a team of financial advisors working under his guidance as Investment Adviser Representatives as per SEBI guidelines.
Our advisors have the appropriate education, experience and the certifications ( CFP ) as required by the SEBI Regulations, to advise the client correctly. We do not receive commissions & have no vested interest in recommending any products to clients, which does away with conflicts of interest. We have your best interests at heart. We have been in the field of financial advisory, since 2004.
From a customer’s standpoint, a SEBI Registered Investment Adviser ( RIA ) is the best kind of financial advisor/planner to have.
Earning well is not enough. We need the right planners who will work in our best interests & help us reach our goals. After all, we are spending so much time & effort to earn money. We need reliable, trustworthy financial planners, to advice and manage the money we earn that will shape our future. We need to choose wisely!