With recession hitting globally, people have seen a slowdown in business and the only place they’re looking forward to for returns is financial schemes! The finance industry is booming so much that every second or third advertisement on television is about a mutual fund, insurance scheme, personal loan, personal wealth management in india etc. As a result, a lot of people are training to become financial advisors or opening up their own financial firms. In the process, there are a lot of street smart people who’ve set up their offices. They don’t possess any degree in the field of finance nor have any experience in this background. It’s advisable to be wary of such people!
A lot of financial planners like these can lure you with attractive investment schemes and mutual fund policies. They might also offer ‘free consultation’ in the lieu that you’ll get trapped in their web! However, if you’re smart enough, you should carefully assess what each financial planner has to offer you before you hire them. Here are our tips on assessing and evaluation financial advisors:
- Do a background study: If you’ve shortlisted several financial advisors, carefully assess their background. Do they possess the relevant degree? Do they have experience handling big as well as small clients? Such things can make a lot of difference since a well-educated and experienced advisor can take your investment to greater heights.
- Do they know their schemes well? – Financial consultants need to know all the schemes well. When you call them over for a discussion, check whether they know about various policies in the market, the top mutual funds in india, the best insurance plan and other wealth management solutions. If they are glued to their laptops, it means they don’t know the schemes well. However, occasional glance towards the laptop to confirm the figures is pretty much acceptable.
- Do they have their calculations in place?–Since most financial advisors are well educated in their field, they should be able to calculate really fast and show you what each plan stands for. They even have all the charts ready in their laptops in case you want to have a look. Be it giving you figures from the home loan emi calculator or the insurance policy maturity period calculator, they need to know how to read each calculation and explain you the same with ease.
- Do they talk politely? – It’s not really a part of their educational qualification or their experience, but politeness counts equally. The person might be good at giving you advice on an investment plan but if they talk rudely, would you want to work with them?
After doing a careful assessment of all of the above, you will be able to arrive at a conclusion.
Financial planning is something that requires the consent of the entire family. Make sure you involve your immediate family members, however big or small, so that they are kept informed about various decisions being taken. After all, these decisions are being taken for the good of your family only.
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