The moment you start thinking to hire a financial planner for yourself, it’s a half battle won.
Simply because, you are willing to use the catalyst i.e. the expert to save your time for research and for realizing your financial goals. We are sure that while you do this, your sole goal is not of return maximization, but to create and execute a financial plan that helps you gain control on your life using money flow and maximize your happiness.
If you are still not sure about this, you may our article : Financial Planning , what do I look for in a financial plan on our .
However, most of the times one may get confuse about whom to trust and what characteristics do I need to check before I engage with a Financial Planner. Here is a step by step guide
1. What is the aim and nature of your financial plan?
a. Long term financial planning: If you are looking for a 10 year + horizon where the financial plan will cover all aspects of your life, you need someone with knowledge, wisdom and lots of practical experience. Probably you need a Comprehensive Financial Planner, preferably a trained CFP with 10+ years of experience.
b. Short term financial planning: If you are looking for a 3+ year kind of plan with a specific objective say, getting debt free or improving your credit score, you need a financial planner with a specialization or specific areas of expertise.
Arthasarathi allows you to search a list of financial planners with specific area of expertise as per the area of expertise, & you can search many profiles.
2. Do you need only an advice or help in execution of the plan? Financial planners can offer an end to end service where the advisory and execution will be taken up by their teams. Alternatively, there are pure advisory services where execution is left to you. Often, your ability to devote time and your interest determines this choice. Here is a list of financial planners & you can search many profiles.
3. How much are you willing to pay? Are you willing to pay an upfront advisory fee or you wish the advice to be free? In the later case, you may choose to work with an advisor, who doesn’t take any upfront fees but earns the same from the investments that you make based on his recommendations. To know the difference between Fee ONLY Financial Planner and Financial Planner adviser, on our .
4. How many people / existing customers endorse the planner you choose? Customer testimonials and endorsements or references are probably the most appropriate way to assess a planner’s ability. s.
We try explaining through an example, Amit is 30-year-old NRI who wishes to have a long term financial plan during his 10-day India visit. He needs an advice on taxation, insurance and real estate investments. Amit may opt for a financial planner with the following attributes
Qualified CFP with 10+ years of experience
Fee Only Planner who advises
Proven expertise on taxation, life insurance and / or real estate
Customer testimonials from NRI customersIf you are worried, where do I get the financial planner of above profile, please go through Arthasarathi Financial Planners who have customer testimonials as a part of their profile. Here is a list of financial planners & you can search many profiles that will be helpful.