When you go to a financial planner you have some expectations, do you not? Let us see what are the legitimate expectations that you can have:
– he should be able to articulate your goals more clearly.
When you say “I want the best education for my daughter” he should be able to translate that to “I MUST have enough money to be able to send my daughter to an Ivy League college in the year 2022 and I expect that to cost about Rs. 2 crores”.
-he should be able to draw up a) your balance sheet as on date
b) your cash inflow and outflow statement
c) your goals statement translated for all financial nos.
then he should be able to sort out the MUST do goals, NICE to do goals, and then the others.
– he should be able to arrive at the appropriate debt equity mix of asset allocation for you to achieve your goals
-he should be able to bring out the MISSING goals. For e.g. if YOU are allocating Rs. 2 cr0res for your daughter’s education, it cannot Rs. 3 lakhs for her wedding. You obviously have to provide for your OWN retirement…etc etc…
– explain the advantages of borrowing to buy a house or buy a car
-explain the advantages of buying a house or renting a house
-explain the NEED to increase YOUR knowledge, especially if it involves some direct equity investing
-explain the conflict of interest in advising and selling (if he does not please ask him or her)
help in making the will, investment philosophy statement, investment diary, creating a ‘hand over’ document – what happens if YOU dropped dead?
etc etc etc……………….
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