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Choosing Financial Planner

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To sum it up in one line - A Financial Planner puts client's interest first, before his own interest; since he is getting paid for giving financial advice.

 

While choosing a Financial Planner you should consider some of the points below:

 

Licenses, credentials or other certifications:

 

Anyone who charges fees for giving investment advice needs to be registered with SEBI under Investment Adviser Regulations, 2013. Already few financial planners have got their registration certificate from SEBI. So, if your financial planner is charging fees, he should be registered as Investment Adviser with SEBI. You should also ask if the planner has additional certification like CFP (Certified Financial Planner), or any other similar certification or degree relating to this field.

 

Services offered:

 

You should know what kind of services the planner offers. Services can be goal based financial planning, estate planning, mutual fund distribution, insurance agency and PMS, etc. If the planner provides distribution services, then it is easy for you to implement the financial plan. But, on the other hand there can be bias in the recommendation given by the planner since he earns commission on the investment / insurance product you implement through him. So the planner must disclose the commission that he will earn if you implement the plan through him.

 

Fees:

 

Financial Planner charges fees for preparing a goal based financial plan for your financial future. Average fees for a financial plan ranges from Rs.15,000 – 25,000. The planner may charge additional fees for estate planning (preparing a will or incorporating Trust). You should also check that the planner does not have differential fee structure if you implement plan with him and if implement by yourself from a third party. The fees paid usually covers planning and review of the financial plan for a period of one year; so you should also ask about it before entering into a contract with the planner.

 

Basis of recommendation and research:

 

You should know on what basis the financial planner is recommending particular investment or insurance instrument. You should ask if the planner has a research team or he outsources research. This is important because the planner cannot recommend any investment / insurance without studying or knowing the investment / insurance product. Also, you should ask whether your risk profile would be assessed and considered for recommending investment.

 

Client Planner interaction:

 

During the initial stage of data gathering and analyzing the financial situation, there is a lot of interaction between you and the planner. Apart from that, in the later stage after the plan presentation and implementation; the planner should review your portfolio and your goals periodically. You should ask how often your portfolio and the financial plan would be reviewed. Review is the most important part of the financial planning process.

 

These are the some of the points, which you should consider and know about the Financial Planner before choosing one for you. Some of you may not be aware that what is there in a Financial Plan and how does it look, so you can ask for a sample financial plan from the planner. Looking at the sample financial plan, you can get an overview and brief idea of what are the components of a financial plan. Since, now all Investment Advisers are under SEBI's eye; and thus they are obligated to comply with the regulations.

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