There are Insurance and Mutual Fund distributors who give all the information required for my Investments. Do I still require a Financial Planner?
Insurance Agents and Mutual Fund distributors represent a particular company and their objective is to push the products of the company they represent and earn commissions. The Agent / distributor may try to sell the product where he can earn maximum commission, based on self-interest and may not necessarily sell a product which is most suited for your needs. A Financial Planner represents client's interest and tends to look at suitability of product in terms of benefits to client and cost involved. Financial Planners earn fees and are in no obligation to sell any products. Financial Planners will also look at a holistic picture of client and goes about planning with a long term perspective. Hence a Financial Planner is better positioned to offer qualitative advice for any individual or family irrespective of earnings and financial status.
Is Financial Planning meant for High Net worth individuals only?
Financial Planning is meant for all those who want to systematically achieve their life goals, through proper financial management. It is meant for any individual who would like to have control over their finances and not just for High Net worth customers. The only requirement is for the client to be serious in their pursuit by taking charge of their finances and adhering to the plan
What is a Financial Plan?
A financial plan is a written document which outlines your current financial position and provides a road map to the future by assisting you in achieving your life goals. A financial plan document has details of necessary steps to be taken in several areas such as cash flow and budgeting, evaluating goals, Investment planning, Risk Management, Tax planning and Estate Planning and above all a goal based approach to your finances.
Who is qualified to give advice as a Financial Planner and prepare plans?
Individuals who are certified by Financial Planning Standards Board (FPSB) as CERTIFIED FINANCIAL PLANNERCM (also known as CFPCM ) have the necessary credentials . They are well equipped to act as Financial Planners and provide advice.
I need to share a lot of personal data with a Financial Planner. Is the data secured?
A Financial Planner has a fiduciary relationship with client. Trust is paramount to the relationship and forms the core of the professional responsibility. We, at ACE will ensure complete confidentiality of your data and will share information only when authorized and for specific purposes related to your Planning. The planner will be able to provide the right solutions only when you provide complete information.
I already have a CA, who is assisting me. Do I still require a Financial Planner?
A Chartered Accountant may help you in the compliance of regulations and Income Tax. He does not advise on Financial Planning. A Financial Planner works closely with an individual or family to understand their needs and aspirations translating them into Investment goals analyzes the cash flow, income and expense projections and draws up a plan. He also takes into account, Retirement needs, Income tax and risk profile of client
Will a Financial Planner file tax returns?
Financial Planners do not file tax returns. They are actually the domain of Chartered Accountants and Income Tax Return consultants.
Through this Financial Planning, will it be possible to assure higher returns than average?
A Financial planner will not be able to provide you an assurance or guarantee for better returns. A Financial Planner will help in preparing a well constructed plan to enable you to achieve your life goals within the time frame, through proper cash flow and investment management. The aim is to improve overall Financial health of the individual which could translate into higher than average return, though it is not guaranteed.
How do you select the investments that you are recommending in a portfolio?
The Investments will be recommended based on many factors such as life goals, asset allocation, investment tenure, scheme objectives, and Fund manager's track record. We also take into account client's specific preferences
How often the financial plan should be reviewed?
The review is done annually and for evaluation of goals, income expenses, interest rates, and inflation rates, new sources of income or expenditure or changed goals. If a need arises, we will do a mid-year review
How do I get started?
Please send a mail to firstname.lastname@example.org to get started and understand the benefits of financial planning, our planning process and an overview of our Services and Fee structure.