Outlook Money
Financial advisors offer advice on various aspects, including investment, insurance, estate planning, portfolio construction, and goal setting. They assist in aligning financial objectives, ensuring balanced asset distribution, and helping in retirement planning.
Monitoring income and expenses is a crucial aspect of assessing the financial situation. In addition to this determining investment risk tolerance can help in determining an investment strategy and choosing a financial advisor if needed.
It is suggested that households with a starting fee of Rs 12,000-15,000 should consider hiring an advisor. Early guidance from an advisor can set individuals on the right financial path from the outset, helping them make informed decisions.
It is important to choose a financial advisor after doing a financial self-assessment. This helps one to identify the financial needs. In addition to this one should also check the qualification of the financial planners.
Other factors include the experience of the advisor to be appointed, checking the fee structure, checking for fiduciary duty and assessing the communication style.