3 C’s to consider while hiring a financial consultant Bengaluru

by Financial Planning Financial Planners and Planning

We all envision a life inspired by Hollywood movies. Our forthcoming years will be spent vacationing every summer at a beach island; we will have loads of bank balance that will enable us to buy a swanky home and a plush car; and our retired life will be spent socializing with childhood friends at their grandchildren’s weddings! These are the things that we often day dream about. Sadly, it is not all that easy to arrive at such a position all by yourself. If you haven’t been able to reach the financial apex yet, chances are that you need assistance.

Assistance is a critically important facet of becoming wealthier. One needs the assistance of a financial consultant Bengaluru because only a consultant can advise them on everything good and bad there is about finance. But choosing a good financial consultant is a tough job! Due to the unprecedented rise in the demand for financial advisors, every Tom, Dick, and Harry out there is trying to pose as a financial advisor Mumbai in order to capitalize upon this situation which they feel is good money making chance for them!

In order to help you in choosing the best financial advisors Mumbai, we’ve outlined 3 C’s! Let’s take a look at them –

Credentials

Credentials include the educational qualification and the forte of a financial advisor. Educational qualification is very important because you wouldn’t want just a B.Com graduate to handle your financial investments, or advice you regarding the stock market. These days, those interested in becoming financial advisors or consultants usually pursue a post graduate or master’s degree and specialize in a special area of interest.

That’s why you have a CA to assess your taxes and help you save money, a CFA to analyze your investments, and a CFP to help you in planning all kinds of finances. Avoid people without an educational specialization unless they have an excellent track record.

Cost incurred!

Usually, there are two modes of payment prevailing in the industry – commission, and fees. A financial advisor is remunerated by these two methods only, but a mixture of both might be an acceptable way at times. None the less, you should ask the financial advisor about his mode of payment upfront. Make sure that the financial advisor quotes a specific percentage in case he wants to be remunerated on commission basis. Do not bother to go ahead if the advisor doesn’t give you a specified percentage because he might change the figure any time!

Clients

Knowing about the previous and present clients of a financial advisor can help you out in knowing about his competence, skill, and conduct. While interviewing a financial consultant/advisor, ask them for the contact details of their past and present clientele and make sure that you call a couple of them after the interview gets over. It is basic human nature to criticize a service if you are actually dissatisfied or unhappy with it, so if the clients are not happy, you will know the answer in a short while!