Question to Ask a Financial Advisor before Making

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When it comes to our hard earned money, it is always difficult to tell how well our investments would perform. However, it is up to us to choose who would be handling it for us. And for that reason, it is important that you search and vet the candidates very carefully, whether they are personal or online financial advisor India. Here are a few questions you would want to ask the financial advisors during your initial interview.

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Question to Ask a Financial Advisor before Making a Decision

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Making financial decisions is a very hard and it is even harder to search for the right financial planners or advisors who can help you do so. It is very important that one appoints a financial planner so as to secure your life after your retirement and secure the future of your family as well.   Here are the steps to choose a  financial planner in Bangalore .

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When it comes to our hard earned money, it is always difficult to tell how well our investments would perform. However, it is up to us to choose who would be handling it for us. And for that reason, it is important that you search and vet the candidates very carefully, whether they are personal or  online financial advisor India . Here are a few questions you would want to ask the financial advisors during your initial interview.

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1.   How are your services charged for and how much ? You may find this information on the financial advisor’s website, however if it is unavailable there, you may ask if they charge initial planning fee, a set percentage on assets under management, or make money through selling you some specific product .

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2.   What credentials, certifications, or licenses do you have ? Generally, financial advisors are of four main types. The CFP or certified financial planner is a designation that is much harder to achieve compared to the chartered financial consultants ( ChFC ). The reason being that, to become a CFP one needs to clear a comprehensive board exam. ChFC , on the other hand uses the same core curriculum as the CFP. A RIA or a registered investment advisor is a good choice if you are looking for someone who can manage your money. For a person with a high income a CPA or certified public accountant would be suitable.

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3.   What services does the firm provide ? While some of them are simply financial advisors and provide nothing but some useful advices, others are comprehensive and skilled planners who will help you with financial planning for retirement, estate planning, insurance and tax planning. So better ask them the services that they or their firm would be offering.

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4.   What is your client specialization ? Various financial advisors specialize in specific types of people and have a niche such as socially responsible investments, charitable giving, or someone who is recently wed or divorced. You would need to find the advisor that specializes in what your area.

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5.   Could I have a look at a sample investment plan ? A financial plan is prepared very specifically keeping in mind the set needs, requirements and future expectations and aspirations of a particular person. There cannot be one set plan that would fit the requirements of everyone. And a sample financial plan can help you to the extent that you can look at it and say that you would like to have that kind of in-depth analysis done for yourself as well.

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6.What approach do you follow regarding investment ? Your philosophy for the investment plan must match with the advisor or the planner. If you have a preferred philosophy, then ask the advisors for theirs as well. For example, if low-cost funds are what you prefer, you may ask the advisor whether they consider using passive investment or actively managed investments. You may want to make a lot of money by trading stocks, but the planner might have the philosophy of making investment consistent with the goals and risk tolerance you have. I that case, you must look for someone else.

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