A good advisor is a rare animal. And obviously very difficult to find. So you should ask him the following questions:
1. When was your last vacation?
If he says he went to….(destination does not matter)ask him who paid for it. If he mentions a fund house or an insurance company, he is not an advisor, he is a salesman.
2. Are you in the Gold, Silver, Platinum or a Higher Club in any fund house?
The Higher the club to which he belongs, the greater the chance that he is a salesman.
3. If I were to pay you a fee, would you just do the planning for me? How much will you charge?
Based on whatever yardstick you have to decide whether it is worth hiring him. I have seen planners charging Rs. 2500 for a plan. I have also seen planners charging Rs. 25,000 for a plan. It is your call.
4. May I speak to 3 clients of yours, GIVE ME THE LIST IN 3 SECONDS FLAT.
This is normally a good test. However in India surnames can be deceptive. A Subramanyam can be younger brother of a Gopalan and a cousin of a Subramaniam – be careful of how you pick the list. Tell the planner I will talk to them 3 times each over the next one year….this reduces chances of fibbing.
More will follow….
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