Financial Planning is the first step in the direction of a better financial future for your family. It helps you recognize your current financial situation along with your financial goals and provides a road-map. If you follow this road-map with discipline, it can empower you to live a life you want to live. If we decide to work together, I will be doing the following.
Financial Planning :
1. Assess your current financial situation.
2. Review your existing savings, investments and insurance policies.
3. Assist you in recognizing your large future goals and large ongoing needs over and above your normal lifestyle expenses.
4. Create your personalized financial plan which includes strategies to help you achieve your financial goals.
5. Assist you in implementing the agreed upon financial planning recommendations.
6. Help you avoid common investment mistakes.
7. Help you improve your knowledge of personal finance and investing.
Annual Review And Monitoring:
1. With annual review and monitoring, I will ensure that you are on the correct path.
2. I will also revise the financial plan if needed in response to the changing circumstances in your lifestyle, family needs, employment and other external factors.
Financial Planning Fee:
1st year: ₹12,000
2nd year: ₹7,000
Fee is for my availability as your financial adviser for a year and not only for financial planning or review. You can contact me any number of times to discuss anything related to personal finance and investing during the period of engagement. I will be the sole point of contact for you. I do not delegate financial planning and advice work to anyone else.
A brief about the process I follow:
If you decide to hire me as your financial planner, I will mail you a formal letter of engagement which details the terms and conditions of the engagement. If you agree with the terms of engagement, you shall transfer advance fee of ₹6,000 to the bank account mentioned in the letter of engagement. After receiving the advance fee, I will share with you the data sheet. You shall provide all the details required for financial planning in the data sheet.
After receiving the data, I usually take 4 financial planning sessions of 1 hour each.
In 1st session, I try to understand your financial and life situation, your financial aspirations, goals, objectives and your knowledge of personal finance and investing.
In 2nd session, I discuss Equity as an asset class, Equity Mutual Funds, Index Funds and product selection for Equity part of your portfolio.
In 3rd session, I discuss Debt as an asset class, Debt Mutual Funds and product selection for Debt part of your portfolio.
In 4th session, we apply basics and practicalities of personal finance and investing to your financial planning and try to arrive at a clear action plan.
In some cases, where client is already at DIY (Do It Yourself) level, 4 sessions are not necessarily required. In few other cases, if required, I take more than 4 sessions. I share a google sheet with the help of which financial planning sessions are done over phone. I do not do video calls since I find it distracting and I cannot focus completely on the work at hand. I use google hangouts if screen sharing is required in cases where I have to assist the client with online transactions. I usually mail the financial plan document in pdf format within couple of days after financial planning sessions are completed. The balance fee of ₹6,000 shall be paid after receiving the financial plan document.