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23 January 2019 Arthasarthi

Who advises you for your financial planning?

Well, you may just say – hey I do it myself and know what is needed. However, for most of the Indians, who may be well-equipped to handle their personal finances, there must have been a time when your trusted source for financial advice was someone from the list below.

Today, even if you do your own personal financial planning or may be seeking a professional advice from a financial planner, there still is “that someone” who has a role to play.

On a slightly lighter note, let us explore some of these trusted sources and see the source of their “expertise” to help you on your financial planning matters.

Bank Manager in our Family: I bet, we all had some “Bank Wale Uncle” who carried a massive respect when it comes to the financial matters. Trust us, we never bothered to check the sanity of his advice on financial planning matters, simply because he is from the bank. Even if this uncle’s role in the bank was not even remotely connected to investments, he being a “bank officer” has surely been his biggest credential.

LIC Wale Uncle or Post Office wali Aunty / Mousi: We all have one of these deemed financial planners cum investment consultants handy. They are just omnipresent, may be as a distant cousins or childhood friend of the parents. Their advice is also has wide range, right from “writing a will” or “right investments for bright future”. It’s tough to stay away from them, even though their biggest qualification for this job is just the fact that they are part of LIC or Post – which have a certain respect as financial savings instruments in our mind.

Chartered Accountant: In our minds, Chartered accountants are de-facto financial planners for generations. Well, we all know that their experience is in accounting jugglery to save taxes. Yet, investment and financial planning is a respectable by-product with a high weight for your family financial planning.

Cousin “Bhaiya” from Mumbai: This is not a new thing for B-towner, who has a cousin or friend’s friend in Mumbai. He is the one who speaks about share markets, mutual funds and NAV in the single breath. He will always have stories about few stocks that earned him a fortune. With these stories, he is by-default influencer in our financial planning. Albeit, he will rarely share any other insights with you.

Relationship Managers from “Foreign or MNC” Banks: For all who have experienced banking with PSU banks a decade back , it’s tough not to believe their “Personal Relationship Managers” from “foreign banks” . This is a breed of smart English speaking population of young MBAs with fancy designations who always go that “extra” mile for their customers. It rarely mattered if this chap has never ever managed his own money. Till one learns lessons from their advice the hard way.

So if you have all of the above available with you, let’s remember that personal financial planning is much more than investments and is a technical job to be done by well-trained professional. Financial planners can complement your “Do it yourself” financial plan or the expert advice as mentioned above. As the environment is complex and ever-changing environment, there is a merit in considering the advice from these financial planners, the Arthasarathi way. 

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