How to pick financial advisors Bengaluru like a Pro!

by Financial Planning Financial Planners and Planning

People often think that saving money is just about opening a savings account at a local bank. Well, it is much more than that. While opening a savings account takes no more than 10 minutes, saving money and growing your wealth can take decades! In fact, people often open a savings account but it is years before they are finally able to deposit some savings in it. This is because lack of financial planning often leaves them with no money at the end of the month. If you want to save money and grow your wealth, you should consider hiring a financial advisor.

Financial advisors Bengaluru can help you in your pursuit of growing your wealth. They are trained and qualified experts, who are well versed with every nuance of the finance and investment market. They are the ones who can analyze which government bonds will give you guaranteed returns and which mutual fund matches your personal financial goals. But hiring a financial advisor Mumbai is not an easy task. There are loads of sharks lurking around who want to find an easy prey! You should avoid these sharks and select the right advisor. We will help you to select a financial advisor like a Pro!

Avoid ‘Salesmen’

You might be getting a lot of calls daily from people urging you to buy so and so policy, or invest in a certain ‘opportunity of a lifetime’. These unsolicited calls are usually from well trained salesmen. Their sales skills are polished so as to convince potential clients into investing money with their company. However, they are not the kind of people you will call a financial advisor. Avoid talking to such people, because their only intention is to sell their company’s policy.

Choose an independent advisor

An independent advisor is one who doesn’t work for any firm, but rather operates individually. The positives about working with such a financial advisor is that he can give you honest insights about the best financial schemes available for you, regardless of the company that offers it. On the other hand, a financial advisor working for a financial investment firm will be restricted to selling policies and schemes that belong to his company.

Is a part of an organization!

By an ‘organization’, we mean that the financial advisor should be registered with an authority that governs financial advisors Mumbai such as the Foundation of Independent Financial Advisors, or Financial Advisors Association of India. Being a part of such an organization ensures you about their legitimacy and gives you a body to report to in case of any misconduct or fraud. Also, advisors who are a part of such organization have to swear by the fiduciary, which states that a financial advisor will work only for the best interest of his/her client.

Doesn’t have any pending cases!

There are various websites and forums that discuss financial advisors. There’s a special section where you can find the name of blacklisted advisors. Frequenting such websites might help, as you will come to know whether your financial advisor has any pending case!