What You Should Keep in Mind Before Hiring a Financial Adviser

What You Should Keep in Mind Before Hiring a Financial Adviser

2. Fee structure Before hiring an adviser, it is important to do some research and find out about the person and his level of expertise in the subject. Next, a financial planner must be registered with the Securities and Exchange Board of India (SEBI) and should be certified by the Financial Planning Standards Board. Good financial planners will charge decent fees. If they don’t, they would be depending on commissions and could be biased in their suggestions. Discuss the fee structure with your finance planner. The fee could range between Rs 10,000 and Rs 50,000 per year. For smaller portfolios, go with a periodic fee structure rather than a lump-sum annual fee.

Here are five tips to keep in mind when choosing a personal financial advisor. Organisations such as the Association for Financial Planning and the National Association of Personal Financial Advisers help locate personal financial advisers in a particular area. But it’s up to you to check their background and other details before hiring them.

1. Credentials Domain experts, financial advisers offer their services for a flat fee or may ask for a part of proceeds from investment sales.

You should meet the financial planner you are going to hire, be it in-person or via a video link. See how comfortable you would be with the person in discussing your financial matters. But understand that all adviser-client relationships take time to evolve. Building a good rapport is something that will benefit you. 5. Reference check 4. Meeting

Try to find a financial planner who has managed assets for a few market cycles and has an idea how asset classes usually behave in different situations. A financial planner who has at least five years of experience will be a safe bet to assess risk and understand the growth potential of a portfolio. 3. Experience

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