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Things you must know about your financial planner

When someone hires a financial planner or an IFA/RIA, most of the time they do not know what to expect. Most advisers do not tell them what they should expect either.

Published: 29th March 2021 11:24 AM  |   Last Updated: 29th March 2021 11:24 AM   |  A+A-

India Rupees

For representational purposes (File Photo | Reuters)

Express News Service

When someone hires a financial planner or an IFA/RIA, most of the time they do not know what to expect. Most advisers do not tell them what they should expect either. This is not a good situation for a good relationship to develop.. so go  on and ask them this:

  • Which is your best communication mode SMS, Phone, WhatsApp..? And what is your usual turn-around-time? 

  • Will you immediately respond and calm me? I may be worried about something silly, but I do not know it is silly!

  • How often will YOU communicate with me?

  • Will you have my portfolio in front of you in a jiffy or will I have to send this to you? 

  • Is there any website you own, or somewhere I can maintain my portfolio and share my login and password with you? 

  • How often will you monitor my portfolio and talk to me about it even to maybe say ‘no action is needed’? 

  • Will you communicate with me for all things, or will you have some assistant assigned to me? 

  • Is there any specific time for us to communicate or should I just call you on your cell?

  • I assume that when some of my funds are not doing well and action has to be taken, YOU WILL CALL ME.

  • If you maintain my portfolio, will you give me a login and pwd so that I can have a look at it when I want?

  • If there are products that are good for me (our joint view) will you help me execute, EVEN if you do not have them? 

  • When I wish to shift from a remunerated asset (mutual fund) to a non-remunerated asset (real estate) is there a conflict? 

  • When I need capital gains statements for my tax purposes, will you send it to me automatically? 

  • How do I compensate you for the direct shares advice? I know you are not a broker. 

  • If you are not registered with a fund house with whom I wish to deal—how will you handle the compensation? 

  • My wife likes to read things slowly, so I would love all communication to be in writing on email is this too much to ask? 

  • I am of course assuming that all your credentials are updated, if you have a conflict of interest you will tell me about it.

PV subramanyam writes at www.subramoney.com and has authored the best seller ‘Retire Rich - Invest C 40 a day’



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