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Advice for financial planning

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SEEKING expert advice, particularly while making a financial decision, doesn't necessarily compromise your own abilities to handle money matters. In fact, whoever isn't approaching a financial adviser for ideas in such situations, considering it needless expense, is probably making a mistake.

Although there's no fixed rate of fees for financial planners or advisers, it always pays to have a fair idea of what sort of advice should cost how much.

There can be a mutually agreed fixed fee, which is negotiable. There can also be a fee as percentage of the size of the portfolio or quantum of the asset. This percentage can be as low as 0.05 per cent, 1 per cent or as high as 2.5 to 3 per cent, even higher in some cases. Some financial planners or advisers also ask for management mandate (at least partially) for the asset/wealth/funds along with planning mandate.

There can be conflicts of interests in such cases and one should take adequate precaution and care. Sebi too is addressing this issue of conflicts of interests by way of stricter, stronger and wider disclosure norms.

There are times when an individual voluntarily offers both advisory and management mandates to his adviser to feel relaxed. That may not be wise.

One also should be doubly sure that one's financial planner is the person who has done the certification and is thus an authorised professional who has learnt strategies and has that indepth knowledge to understand how a common man's financial mess must redistributed.

You may come across individual financial advisers or organised sector institutes offering financial advisory services. In both cases, it is advisable to stay away from 'know-all' advisers and those who aren't coming up with enough alternatives.

You should be clear in your mind that you need a planner who would actually help you achieve your own financial goals.

But the individual fund or asset owner would have to be very particular on his part about certain things.

The whole idea of seeking professional help would be defeated unless you can communicate fully to your adviser the facts about your assets, liabilities, incomes, expenditures, habits, ambitions, aspirations, financial goals, crises and so on. You need to be crystal clear to get the best results.

And that's not just once or at the beginning of your association with your adviser. You must keep him posted all through it. Further, whenever there is a change in your income-expense level, plans and aspirations, you must keep your financial planner in the loop.

Happy Investing!!

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

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Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

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