5 Things to ask when hiring a financial planner

Financial advisor

The financial planning ecosystem is incredibly complex. The space is vulnerable to anyone with minimum qualifications. But, to glean out the financial planner who works best for you, make sure you are equipped with the right questions. Here are the five pressing matters you should be aware of before you hire your financial planner.

1. What are your qualifications and credentials?

The question is likely to cover how competent and knowledgeable the professional is in their field of expertise. Regulations require the person to be a Registered Investment Advisor (RIA) being licensed from SEBI. RIA regulations will ensure a certain standard of the advisor and various compliances are to be maintained. In terms of qualifications, they must ideally be certified by NISM Investment Advisor Certifications or hold a CFP from the Financial Planning Standards Board (FPSB) of India.

2. How do you ensure tracking of goals and data security?

Apart from executing a financial plan, it is critical to track your progress towards these goals. It is good to understand how the advisor tracks your portfolio, the reports they provide and at what frequency they will review progress towards achieving your goals. Further, they need to ensure that your data is secure. The last thing you want is for your confidential data to be leaked. Furthermore, with the wave of digital revolution, there are labyrinthine things that can go wrong in advertising, social media marketing, and communications. Take due note of each of these aspects before you make a decision.

3. How do you charge for your services?

Financial advisors are allowed to charge a fixed fee or a fee based on assets under management. You should focus not only on the fee, but the costs associated with their strategies like transaction costs, fund expense ratios, trading costs, and taxes.

4. How do you ensure that the engagement is aligned with my requirements?

While you are negotiating terms, it is important to find out what topics, decisions, or areas of advice are they not held to a fiduciary standard. You can ask the advisor to disclose any potential conflicts of interest. It may also help if you ask your advisor for a reference if you have not already approached them through one. You can talk to the reference yourself for a better understanding.

5. Do you have the secret ingredient?

Isn’t it ironic that transparency is the secret ingredient? It is important to be able to express your financial concerns and receive simple advice without jargons. You will need to have the negotiated terms signed in black and white and easily verifiable. It’s simple. Transparency breeds trust, two foundational experiences for a healthy working relationship with your financial planner. You can probe the advisor to get comfort on the transparency of their service.

Before you sign up, remember to knock these things off your checklist.

Ask yourself if the advisor is making you feel like your finances are too complex to be managed by yourself. The ideal financial planning professional would be one who gives you the flexibility to take back your finances into your own hands. However, be aware that professionals may be able to support you better in achieving your financial goals.

5 Healthy financial practices post-COVID

New rules for the new world order
What’s the easiest, most certain way to achieve your financial goals even in uncertain times?
Healthy financial habits.

Any goal you want to achieve is reachable through a few key habits with a little bit of time. It’s really that simple. Here are a few of these practices that you can include in your financial habits.

1. Leverage the gig economy.
On-demand contract work and the gig economy was possible even before the pandemic. But the paradigm shift in corporate culture has caused several companies to transform almost overnight. Gig economy workers have the benefits of earning money on their terms. The flight to digital and remote models of working have opened up opportunities to

2. Review expenses and savings
Even if salary budgets have been slashed, the virus outbreak has influenced consumer expenses in every industry (think cuts in expenses like fuel, travel, entertainment, shopping, dining outdoors, etc). Spending behaviors are settling into a new normal with a shift to value and essentials. You may also try to further optimize your cash flows and treat the margins as impact savings.

3. Reprice or refinance your home loans
Interest rates have also taken a plunge over the last few months. If one has home loans, check your rates of interest, and approach your bank for lowered rates. It is an opportune time for homeowners to review monthly cash outlays and ease up financial strains. You may either refinance (i.e., take a loan with another bank with lower rates of interest) or reprice (switch to a more competitive loan plan with the same bank), depending on which works for you best.

4. Review your financial plan
You may use the time to also re-visit your financial plan. Take an inventory of all your assets and liabilities and check for optimal diversification. Re-evaluate your choices. See if you have financial plans that can balance out your risks and guarantee safer and more secure returns. Re-shuffle your investments. Consult a professional if it helps.

5. Review your insurance covers
COVID-19 is a wake-up call. Very low medical covers in the past have fallen woefully short considering the number of days one is likely to be hospitalized if tested positive and serious. Check for the family floater plan of Rs 10L/25L/50L. The good news is that incremental premium is much lower for these. Protection instruments like health and life insurances can leave your savings scot-free while retaining your family’s lifestyle and long-term financial goals without disruption.

As local and global communities re-orient themselves to the new norm at a time such as this, you can re-organize your finances. The proverbial rainy day is here, and if you’ve made it this far, you can secure the future for you and your family. Even amid a pandemic, you can identify the new rules of financial planning and optimize.

Planning for my child’s Overseas Education?


* – Overseas education is becoming the first option for many people.
* – Research courses, fees, institutes and talk to other parents.
* – Start early- easier to achieve.
* – If possible, you can even have some assets overseas.
* – Plan for accommodation, apart from fees.

Talk to our certified “Financial planning advisors”.

Call us +91 98453 99780

We do encourage to use online technologies.
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Email : contactus@righthorizons.com

Whatsapp : +91 9148096684.

How do I make money quick on markets?


Watch expert Financial advisor – Anil Rego, Founder and CEO of Right Horizons Financial Services give his views on making quick money in the market.

– Get Rich quick – Lose it quick.
– What is great about the market is that in the long run it delivers well.
– Speculating can also result in quick money.

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Call: +91 98453 99780

How do I teach my children value for money?


How important is it to teach your children value for money? Watch Anil Rego, Founder & CEO of Right Horizons Financial Services, discussing how you can instil a value for money within your child.

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Whatsapp : +91 91480 96684

Call: +91 98453 99780

How much of term cover should I take?


What is the ideal term cover to be financially secure? Watch Anil Rego, Founder & CEO of Right Horizons Financial Services, highlight how much term cover one should take and why.

– Human Eye Value
– Replace your income stream
– At a minimum, take care of expenses of family.
– Corpus can be deposited or invested by the family and live off of it due to inflation
– Can reduce to the extent of liquid assets.
– 50,000 per month will require 3.5 Lakhs.

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Facebook : https://www.facebook.com/Righthorizon…

LinkedIn: https://www.linkedin.com/in/right-hor…

Twitter : https://twitter.com/Right_Horizons

Whatsapp : +91 91480 96684

Call: +91 98453 99780

The Ultimate Secret Of FINANCIAL PLANNING

We all knows the game called Kahn Banger Crorepati 

Show Host – Amithab bachan !  

And crorepati cheque has taken by only one women in India I.e Binita Jain

She won final cheque in episode and is planning to utilise the winning amount to set up a dental clinic for her son.

Do You know KBC ?

KBC( Kaun Banega Carorepati)   was launched for the first time in July,2000. It is a  show which provides  healthy entertainment and also helps in enhancing knowledge. 

Every one loves to be their in hot seat and try to ans all the Questions and get the big cheque from the hands of film star

Now let u also know this one more person who withdrawn Rs 2.3Cr   with a small investment like 1 lakh now his bank got 230 times more from what he just invested.


Hey Woman! Take Charge Of Your Finances To Be Truly Independent

Take charge of your finances

Some Facts and Stats

  • Lack of sufficient funds and home responsibilities largely come in the way of women’s aspirations to start their own business/venture as per a study conducted by Nielsen for biscuit major Britannia.
  • A whopping 4% of women do not have a medical cover as per a survey conducted by Economic Times. Many separate studies across Indian states and cities have shown that women are wary of investing in the equity market.
  • On the positive side,
    • The number of Indian women investing in mutual fund schemes and stocks is on a rising trend which is a good sign.
    • 27% of the stock market investors are women.

 

Indian women have come a long way in terms of education, independence and self-identity. But the tendency to leave financial decisions in the hands of the men in their lives – son, husband, father is still quite prevalent. Though this has been changing, it is important that more women take charge of their financial life as there are many indicators that women are good investors – Why?

  • Indian women are historically and culturally well-versed with saving. Women save more and therefore can invest more.
  • Women are more risk-averse as compared to men. Therefore they perform in-depth research before investing their money. They stay away from risky products.
  • Women have more self-control. They are less prone to impulsive trading and over trading. Overtrading usually results in reduced performance portfolio.

 

But on the other hand, there are certain weaknesses that are inherent in women investors –

  • They are very conservative investors and this can lead to reduced overall portfolio returns.
  • On an average, women earn less. They also take breaks in their career. This leads to lesser funds available for investment. Since there is a smaller kitty, they prefer to invest in debt products which are secure but give less returns
  • They are busy with too many responsibilities of family and work that they do not find time to manage their finances.
  • Women are not part of discussions related to financial matters in social realm as some feel they do not know anything. Sometimes they are not included as it is assumed they do not know much. These discussions are sometimes closed men’s clubs or informal networks; which are not easy to get into.
  • Women are hesitant to ask for raises in salaries. They underplay their skills and achievements while negotiating for a pay package.
  • Women let emotions rule and end up helping friends and family financially without considering the dent it would do to their financial portfolio. It is of course good to help others in need but not at the cost of putting yourself in financial peril.

 

Women  have to play to their strengths and overcome their weaknesses and gain financial independence. Here are some steps that you can take to get involved in matters of personal finance –

  1. Get involved in the finances of the household by managing a budget. It is the simple task of tracking income expenses and savings. You will get an idea of how much is the monthly expenditure and if you can cut back on some expenses.
  2. Read up on personal finance. There are many personal finance websites and books that can be referred to.
  3. Start investing small amounts in different financial products with the guidance of an experienced investor or financial planner to understand how investments work, the returns and tax implications and tax saving opportunities.
  4. Set up financial goals and work towards achieving them. You will be really proud of yourself when you achieve it and gain confidence in financial matters.

 

Make your financial resolutions this Women’s Day to be truly independent

Key takeaways:

  • Women need to participate actively in financial matters. 
  • Personal financial freedom should be every woman’s goal.

 

This women’s day, Right Horizons offers a FREE financial planning session for women at Dialogues cafe, JP Nagar on March 9th, 3-5pm. To register, write to us at contactus@righthorizons.in or 9845399780.

Welcome to Waltonville, Where the World’s Richest Family Reigns test

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Americans Still Aren’t Saving, Despite the Booming Economy

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