The market is full of people calling themselves 'financial advisors', however, they might be dishing out just a part of the overall financial planning. Hence, it becomes necessary for you to understand your requirements and then choose a financial advisor who will offer you complete financial solution.
The financial advisory landscape has undergone tectonic shifts over the past decade. In the aftermath of the brutal bear market of 2008, vast swathes of the advisory industry vanished without a trace. The plucky ones who stood their ground were forced to remodel their businesses to adapt to an increasingly demanding, and often sceptical, customer base. Additionally, the far-reaching impact of multi-layered digital disruption resulted in the distinct evolution of customer preferences – from personal relationships with advisors to process efficiency, from jargon-laden investment analyses to transactional ease through seamless online platforms, and from a ‘trust-based’ model of engagement to a ‘knowledgebased’ one.
Today, the motley crew of financial advisors in India comprises of Pure Transaction Platforms (“Robo Advisors”), Wealth Managers, Private& Retail Bankers, Stock Brokers, Insurance Agents, Mutual Fund IFA’s, Registered Investment Advisors (RIA’s) and oftentimes, even your friendly neighbourhood Chartered Accountant! This smorgasbord of available options has resulted in a peculiar problem for clients – that is, how do they choose the best Financial Advisor from the available lot?
To make your decision easier, here are three things to look for in a great Financial Advisor.
Financial Planning-Led & Goal Based Investments
This story is from the February 18, 2019 edition of Dalal Street Investment Journal.
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This story is from the February 18, 2019 edition of Dalal Street Investment Journal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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