Have you come across professionals who have helped you manage your taxes? Or suggested a mutual fund investment that helped you earn a considerable amount or otherwise? Those individuals might have the designation of an accountant or a stockbroker and will not be considered a financial planner, even if they claim to be one. That brings us to the question –
Who is a Financial Planner?
They are professionals skilled at advising clients on the choicest way to preserve, invest, and expand their capital. They can assist their clients in venturing a precise financial objective—such as preparing oneself to purchase a house—or offer the client a macro outlook of their money and the interplay of their manifold assets.
Many of them may restrict their advisory service to retirement or estate planning, while others consult on a stretch of financial matters.
Essentials of choosing the best financial planner:
Credibility: That forms one of the essential aspects of choosing a financial planner. A certified financial planner is one who comes with the credibility of being licensed and regulated. Besides, since the attainment of the certificate on the part of the professional financial planner mandates that they classes on different aspects of financial planning, it further facilitates their reliability and expertise in the industry.
Pay structure: This point is significant to ensure professionalism and your interest at the heart of the financial advice given by your planner. Since different financial planners have different pay structure, that might considerably affect the way they work. A financial planner that earns from commission rather than flat, hourly payment may depend on incentives from some plans and encourage you to opt for the same whether or not it is for your best financial interest.
Code of ethics: Professionals of all sectors should adhere to a set of codes of ethics to ensure the highest level of professionalism in their craft. It becomes all the more significant for the financial planner to secure the interest and economic well-being of their clients without affecting their standard of work.
Consider a background check: A choicest financial planner is the one that has no criminal records or has been called upon for investigation whether or not found guilty later. One should ask for client references whose goals and financial condition match their own before hiring the same for financial planning.
Do not fall for market-beating brags: Professional and reliable financial planners are aware of the fact that there cannot be a guarantee of market-beating performances as many other external factors play a decisive role in the same.
Hence are the most notable pointers to consider when selecting the choicest financial planner for oneself as observed by the in-house financial planning experts at Paisa Invest.
Do you need professional financial planning advice in Kolkata? Contact Paisa Invest today!
