Financial Planning in India: A Comprehensive Guide

  • July 19, 2023

Financial planning is an important component of personal and business growth in India. A comprehensive financial plan takes into account all relevant aspects of your financial situation and helps you develop strategies to achieve your long-term financial goals. In this article, we’ll look at key considerations for financial planning in India, the benefits of financial planning, types of financial planning services available in India, how to choose the right financial planner for your needs, and tips for establishing a successful financial plan. We’ll also discuss understanding the tax implications of financial planning in India, common pitfalls of financial planning, strategies for growing your wealth with a financial plan, how to develop a successful investment portfolio in India, understanding insurance requirements in India and how to choose the right plan, retirement planning strategies for Indian citizens, using technology to make the most of your financial plan in India, making smart decisions when applying for loans in India and achieving your financial goals with an experienced financial planner.

Key Considerations for Financial Planning in India

The first step in any financial plan is to understand your current situation. This includes determining your current income, assets and liabilities, and any other financial commitments. It’s important to understand your current financial situation so that you can make informed decisions about how to move forward with your financial planning. It is also essential to consider the long-term implications of your financial decisions, such as how your decisions will affect your retirement and other life goals.

When planning your finances, it is important to consider the tax implications of your decisions. India has a complex tax system, and it is important to understand the tax implications of any financial decisions you make. Additionally, it is important to consider the impact of inflation on your financial plan. Inflation can have a significant impact on the value of your investments over time, and it is important to factor this into your financial planning.

Finally, it is important to consider the impact of risk on your financial plan. Risk management is an important part of any financial plan, and it is important to understand the risks associated with any investments you make. Additionally, it is important to consider the impact of any unexpected events, such as a job loss or medical emergency, on your financial plan. By understanding the risks associated with your financial plan, you can make informed decisions about how to manage your finances.

The Benefits of Financial Planning in India

Financial planning helps you make informed decisions about how to manage your money and plan for the future. Some of the benefits of financial planning include reducing debt, increasing savings, developing an emergency fund, protecting assets, understanding tax implications, and planning for retirement. Financial planning also helps you develop a customized plan to reach your individual goals.

Financial planning in India is especially important due to the country’s rapidly changing economic landscape. With the right financial plan, you can take advantage of the opportunities that arise in the Indian market. Additionally, financial planning can help you navigate the complexities of the Indian tax system, ensuring that you are taking full advantage of the deductions and credits available to you.

Financial planning can also help you protect your assets and plan for the future. By understanding the risks associated with investing in India, you can make informed decisions about how to allocate your resources. Additionally, financial planning can help you develop a retirement plan that will ensure you have the funds you need to live comfortably in your later years.

Types of Financial Planning Services Available in India

Financial planners in India offer various types of services, including wealth management, asset management, retirement planning, tax planning, estate planning, and insurance planning. Depending on your individual goals and needs, one or more of these services might be right for you. It’s important to find a financial planner who is knowledgeable and experienced in the areas that are most important to you.

When selecting a financial planner, it is important to consider their qualifications and experience. Look for a planner who is certified by a professional body such as the Financial Planning Standards Board India (FPSB India). This certification ensures that the planner has the necessary knowledge and experience to provide quality advice.

It is also important to consider the fees charged by the financial planner. Some planners charge a flat fee for their services, while others charge an hourly rate or a percentage of the assets they manage. Make sure to ask about the fees before engaging a financial planner, so that you can make an informed decision.

How to Choose the Right Financial Planner for Your Needs

When selecting a financial planner, it’s important to ensure that they are knowledgeable about your particular situation and have the experience necessary to help you reach your goals. Ask for references from past clients and make sure that the financial planner is licensed and qualified. It’s also important to determine if the planner charges an hourly rate or a flat fee for their services.

It is also important to ask the financial planner about their investment philosophy and how they plan to help you reach your goals. Make sure that the planner is willing to provide you with regular updates and reports on your investments. Additionally, ask about the fees associated with their services and if they offer any additional services such as tax planning or estate planning.

Tips for Establishing a Successful Financial Plan in India

Once you’ve chosen a financial planner, the next step is to develop a customized plan that takes into account all of your financial goals. It’s important to set realistic and achievable goals that you can work towards over time. You should also consider factors such as inflation and market volatility when creating a plan. Make sure that you understand all of the potential risks associated with any investments you’re considering.

It’s also important to review your financial plan regularly to ensure that it is still meeting your needs. As your life changes, your financial goals may also change, so it’s important to adjust your plan accordingly. Additionally, you should be sure to stay up to date on any changes in the financial markets that could affect your investments. By staying informed and regularly reviewing your plan, you can ensure that your financial goals remain on track.

Understanding the Tax Implications of Financial Planning in India

When developing a financial plan in India, it’s important to be aware of the tax implications involved. The Indian government has implemented several incentives and tax breaks for those who are engaged in long-term investments. It’s important to understand these incentives and make sure that you’re taking advantage of them when possible. Additionally, it’s important to be aware of any other tax implications that may apply to your situation.

For example, the Indian government offers tax deductions for investments in certain types of mutual funds. These deductions can be used to reduce your taxable income, which can help you save money in the long run. Additionally, there are tax incentives for those who are investing in certain types of stocks and bonds. It’s important to understand these incentives and make sure that you’re taking advantage of them when possible.

It’s also important to be aware of any other taxes that may apply to your financial plan. For example, capital gains taxes may apply to certain investments, and there may be other taxes that you need to be aware of. Additionally, it’s important to be aware of any tax credits or deductions that may be available to you. By understanding the tax implications of your financial plan, you can ensure that you’re taking advantage of all the incentives and tax breaks available to you.

Common Pitfalls of Financial Planning and How to Avoid Them

One of the most common pitfalls of financial planning is failing to understand all of the implications of an investment or decision. It’s important to understand the potential risks and rewards associated with any decision so that you can make an informed choice. Additionally, it’s important to review your plan regularly and adjust it if necessary.

Another common mistake is not having a plan at all. Without a plan, it’s easy to make decisions that are not in your best interest. It’s important to take the time to create a plan that outlines your financial goals and how you plan to achieve them. This will help you stay on track and make sure you’re making the right decisions.

Finally, it’s important to be aware of the fees associated with any financial decisions you make. Many investments come with hidden fees that can add up over time and reduce your returns. Make sure to read the fine print and understand all of the fees associated with any investment or decision you make.

Strategies for Growing Your Wealth with a Financial Plan in India

There are many strategies available for growing your wealth with a financial plan in India. Some strategies include investing in stocks, bonds and mutual funds, investing in real estate, investing in gold, and taking advantage of tax incentives and deductions. Additionally, it’s important to consider factors such as inflation when developing a plan.

It is also important to consider the risk associated with each investment option. For example, investing in stocks can be risky, but it can also provide a higher return than other investments. Investing in real estate can also be risky, but it can provide a steady income stream. Investing in gold can be a safe option, but it may not provide the same returns as other investments. Finally, taking advantage of tax incentives and deductions can help reduce your overall tax burden.

How to Develop a Successful Investment Portfolio in India

Developing a successful investment portfolio requires careful consideration of your current situation and future goals. The first step is to determine your risk tolerance and identify investments that are appropriate for your situation. You should also consider factors such as liquidity when choosing investments. Additionally, it’s important to review your portfolio regularly and make adjustments as needed.

Understanding Insurance Requirements in India and How to Choose the Right Plan

Insurance is an important component of any financial plan in India. It’s important to understand the different types of insurance available and how they can help protect you from unforeseen risks. Additionally, it’s important to understand the insurance requirements in India so that you can select an appropriate policy. Some of the most common types of insurance policies are life insurance, health insurance, automobile insurance, property insurance, and liability insurance.

Retirement Planning Strategies for Indian Citizens

Retirement planning is an essential component of any financial plan in India. It’s important to consider factors such as inflation and market volatility when devising a plan. Additionally, it’s important to understand the tax implications of retirement savings plans. Some strategies for retirement planning include setting up a pension plan, contributing to a retirement savings account such as a Public Provident Fund (PPF), investing in stocks and bonds, and contributing to an annuity.

Using Technology to Make the Most of Your Financial Plan in India

Technology can be used to help simplify and streamline the process of financial planning. There are many online tools available that can help you track and manage your investments, create budget plans, and research investments. Additionally, there are mobile apps available that can help you make informed decisions about your finances on the go.

Making Smart Decisions When Applying for Loans in India

Loans can be an effective tool for achieving financial goals, but it’s important to make sure you understand all of the implications before applying. It’s important to consider factors such as interest rates, repayment terms, and fees before applying for a loan. Additionally, it’s important to compare different lenders to ensure you’re getting the best deal possible.

Achieving Your Financial Goals with an Experienced Financial Planner

An experienced financial planner can help you develop a comprehensive plan that takes into account all of your individual goals and needs. A good planner will be able to analyze your current situation and provide insights into strategies for achieving your long-term financial goals. Additionally, they can provide guidance on investments, taxes, insurance, retirement planning, estate planning and more.

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How to Become a Financial Planner: A Comprehensive Career Guide

Are you ready to take charge of your financial future? In today's world, where financial security is a top priority for individuals and businesses alike, the role of a Financial Planner has become more crucial than ever. If you have a knack for numbers and a passion for helping others, becoming a Financial Planner could be the perfect career path for you.

In this article, we will discuss education requirements and the exciting career prospects that await you as a Financial Planner in India. So, let's get started on your journey to becoming a Financial Planner and shaping a successful future for yourself!

Who is a Financial Planner?

A Financial Planner is a professional who provides expert advice on managing finances, investments, and wealth creation. They help individuals and businesses set financial goals, create budgets, develop investment strategies, and secure their financial future. By understanding market trends and analysing financial data, they guide their clients towards making informed decisions that align with their long-term objectives.

Skills Required to Be a Financial Planner

  • Analytical Thinking
  • Communication Skills
  • Client Management Skills
  • Detail-Oriented Approach
  • Adaptability
  • Ethical Conduct

Job Potential and Career Paths

As a qualified financial planner in India, various sectors offer exciting job opportunities:

  • Banking Sector: Banks hire financial planners to assist customers in making informed decisions regarding their investments, loans, and retirement plans.
  • Insurance Industry: Insurance companies require financial planners to help clients understand different insurance products, assess their insurance needs, and plan for their future financial security.
  • Wealth Management Firms: Wealth management firms specialise in managing high-net-worth individuals' funds. Financial planners help clients create investment portfolios that align with their financial goals and risk tolerance.
  • Investment Advisory Firms: These firms provide expert advice on investment strategies to individuals and corporate clients. Financial planners play a crucial role in evaluating market trends and providing recommendations tailored to clients' specific requirements.
  • Financial Planning Firms: Some professionals choose to work in specialised financial planning firms that focus solely on providing comprehensive financial planning services to clients from various backgrounds.

As you gain experience and expertise, there are several potential career paths you can explore within the field of financial planning: 

  • Financial Planner: The primary role involves assessing clients' financial situations, developing customised plans, and providing ongoing monitoring and guidance.
  • Wealth Manager: This role focuses on managing the assets of high-net-worth individuals or families, including investment planning, estate planning, tax strategies, and philanthropic giving.
  • Investment Advisor: As an investment advisor, you would research investment opportunities, analyse market trends, and make recommendations based on your clients' goals.
  • Retirement Planner: Specialising in retirement planning involves helping individuals plan for a financially secure retirement by considering factors such as income sources, expenses, healthcare costs, and estate planning.

These career paths offer diverse opportunities for growth and specialisation within the financial planning industry.

Salary Trends for Financial Planners in India

The salary of a financial planner can vary based on factors such as experience level, location, sector chosen, and the size of the firm they work for. According to industry reports in India:

  • Entry-level Financial Planners can expect an average annual salary ranging from ₹3-5 lakhs.
  • Mid-level Financial Planners with 3-5 years of experience can earn an average annual salary between ₹6-10 lakhs.
  • Senior-level Financial Planners with more than 5 years of experience can earn an average annual salary ranging from ₹12-20 lakhs or more.

Financial planners who establish their own independent practice or work as consultants have the potential to earn significantly higher incomes based on their client base and the success of their practice.

Education and Certification Requirements

To become a financial planner in India, there are several education and certification options you can consider. These will provide you with the necessary knowledge and skills to succeed in this field.

  • Firstly, obtaining a bachelor's degree in finance or a related field is highly recommended. This will give you a solid foundation in areas such as accounting, economics, investments, and risk management.
  • Additionally, there are certificate courses offered by institutions like NSE Academy and FPSB India that can enhance your skill set. A few popular certifications include the Certified Financial Planner (CFP) certification, the Chartered Financial Consultant (ChFC) certification, and the Chartered Life Underwriter (CLU) certification.
  • If you want to pursue further education in finance, you can consider post-graduate programmes like an MBA in finance. This will provide you with the advanced knowledge and skills necessary to excel in the industry.

Upskilling Opportunities and Industry Growth

In today's rapidly evolving financial landscape, upskilling is crucial for financial planners to stay relevant and competitive. Continuous learning and keeping up with emerging trends can open new opportunities in this industry. 

  • One emerging trend is ESG investing (Environmental, Social, and Governance). As an increasing number of investors prioritise sustainability and ethical practises, financial planners need to understand how to integrate ESG factors into their recommendations.
  • Digitalization is another significant trend impacting the financial planning industry.
  • Sustainable and Responsible Investing (SRI) is also gaining momentum. Investors are increasingly seeking investment options that align with their values, such as clean energy or gender diversity.

By upskilling in these areas, you can position yourself as a knowledgeable professional who can guide clients through these evolving trends.

Kickstart Your Career as a Financial Planner

In conclusion, becoming a financial planner in India offers a rewarding and lucrative career path. By obtaining the necessary education, certifications, and upskilling opportunities, you can position yourself as a trusted advisor in the field of finance. Here are some key takeaways to consider:

Remember, WIZR is here to guide you on the best courses and certifications that can help you enhance your career options in financial planning.

1. What is the difference between a financial planner and a financial advisor?

A financial planner focuses on creating comprehensive long-term financial plans for clients, while a financial advisor provides guidance on specific investments and manages portfolios. 

2. Do financial planners need a licence to work?

Yes, in India, financial planners need to be registered with SEBI as Investment Advisors (IA) or be associated with a SEBI Registered Investment Advisory (RIA) firm.

3. Do Financial Planners earn more than financial analysts?

Financial planners generally have higher earning potential due to their expertise in holistic financial planning compared to financial analysts, who primarily focus on analysing investments. 

4. Is work experience necessary to secure a good job as a financial planner?

While work experience is not mandatory for entry-level positions, gaining practical experience through internships or entry-level roles can significantly increase job prospects.

5. Who works with financial planners?

Financial planners work with individuals, families, and businesses of all sizes to help them achieve their financial goals and objectives.

financial planner business india

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How to Become a Financial Advisor in India?

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There is a huge demand for Financial Advisors in India. In this write-up, we look at how one can become a financial advisor in India along with the opportunities and challenges in this career.

Are you looking at a career as a Financial Advisor in India?

There cannot be a better time to be one. Count out the short-term headwinds and slowdown in the economy, India is often being seen as the next big powerhouse for growth. It is slated to become the third-largest economy in the world by the end of the decade and would lift millions of people out of poverty and create one of the largest middle classes in the world. Today’s middle class in India is expected to move up the ladder in the due course of time. With higher disposable incomes and savings, the role of Financial Advisors would continue to grow and become important in our lives.

Do you need a special qualification to become a financial advisor? What are the roles and responsibilities you need to fulfill in this role? Likewise, you are likely to have questions on how to become a financial advisor in India or the career options you can explore in this field. If that sounds your case in this article, we shall look at the information you must know with regards to a career as a Financial Advisor.

What Does a Financial Advisor Do?

Financial Advisors wear different hats depending upon the industry they are in. The simplest definition of the role of a financial advisor would of that of a person who helps individuals, families, and organizations make decisions related to their investments, taxes, insurance planning, retirement planning, estate planning, and money management. Financial advisors work with different kinds of organizations, and these include –

  • Banks & NBFCs
  • Brokerage Firms
  • Insurance Companies
  • Wealth Management Firms
  • Accounting & Tax Planning Firms
  • Debt Management Firms

The primary role of a financial advisor is to help clients with their financial goals based on their unique requirements and challenges. This profession has gained great interest in India over the last three decades since the opening up of the economy which has led to huge growth in cash outlay and inflow among individuals and organizations. You can work as a part of an organization as we have mentioned earlier or start your firm. The ultimate desire for most Financial Advisors in India is to chalk out their path and work with their own set of clients.

Three Must-Have Traits for Financial Advisor

There are three main traits to a good financial advisor, and a top financial advisor needs to have each of these skills. These traits aren’t interchangeable and cannot be substituted. These include  –

  • Education – Some self-trained Financial Advisors have spent years in the industry and gained insights into this trade and have done well for themselves. However, this isn’t what you are aiming for and to find your foot in the industry you will need the right kind of education. Depending on the industry you choose to start your career in there are different kinds of eligibility criteria. Some organizations require candidates to have a bachelor’s or master’s degree in finance or specialization in accounting and financial management to go with their bachelor’s or master’s degree. However, if you are looking to scale the top of the pyramid you must opt for CFP or the Certified Financial Planner Charter.
  • Experience – We had mentioned earlier you can build an independent career as a Financial Advisor. As you’d know most clients are likely to prefer seeking advice from an experienced advisor instead of a rookie irrespective of the qualification. This is where financial advisors need to gain experience before turning independent. You can take up a job with a financial firm or intern under a top-rated advisor before you turn independent. In doing so you will become well acquainted with the fundamentals of the industry and the strategies applied on a case-to-case basis. The fact is irrespective of degree and qualification there is no substitute for experience.
  • Soft Skills – The role of a financial advisor goes beyond reading numbers, interpreting them, and offering advice to clients. Numerous software and tools can do these jobs right now. Hence, along with education and experience, you also need to pick up several soft skills in the process. Communication skills are very important in this industry and in a diverse country like India proficiency in different languages is an added advantage. Apart from this you also need to pick up organizational skills and client servicing skills which would help you stay ahead of the competition.

Educational Qualification Requirements

A bachelor’s degree in the field of finance, law, business, accounting, or economics is the minimum qualification you need to be a financial advisor in India. A master’s degree in any of these streams would be a bonus. This profession requires additional licensing if you wish to get in helping clients buy bonds, securities, or insurance.

There are two types of Financial Advisors in India – Fee-Only Advisors and Commission Only Advisors. If you are joining a job with a firm, you may not have to bother with the additional certifications as either you won’t need to have all the certifications or the firm you join would help you with these certifications. As an independent advisor here are certain certifications you need to be aware of –  

  • Fee-only advisors need to be registered with SEBI certified financial advisors (Securities and Exchange Board of India) as an RIA (Registered Investment Advisor).
  • Fee-Only Advisors need to obtain NISM (National Institute of Securities Market (NISM) Series-X-A: Investment Adviser (Level 1) as well as NISM Series-X-B: Investment Adviser (Level 2) certification to become an accredited advisor.
  • Commission Only Advisors need to gain certification and take the Insurance IRDA Examinations IRDAI IC 38
  • Commission Only Advisors who wish to work in the Mutual Funds industry must take the NISM-Service-V-A Distributors Certification Examination
  • Both Fee-Only and Commission Only Advisors must earn their certification like CWM (Chartered Wealth Manager) from the National Institute of Securities Market

CFP ( Certified Financial Planner )

The career path for Financial Advisors is fast growing in India and millions of people would be engaged in one of the many facets of the industry in the coming years. The educational qualification and certification requirements that we have mentioned above would put you at the bottom of the pyramid and from there on it is your knowledge, client servicing qualities, and interpersonal skills that would define your career.

This career path is competitive and at the top level, the competition increases. However, if you are looking to start at the top of the pyramid and wish to get into the seven or eight-figure annual salary mark at the beginning of your career you should seriously consider opting for the CFP or Certified Financial Planner path.

This is one of the most coveted degrees or charters that one can have in the financial industry and there are less than 2000 charter holders in India. This certification is Financial Planning Standards Board (FPSB). An internationally recognized certification, it is much in demand in the financial consultancy career. If you hold the CFP charter you can expect to start your career as a financial advisor at the top executive level in any firm.  

CFPs are still a rare find in India and even rarer in the role of financial advisors. After earning your charter, you can provide your services in the capacity of a top consultant or represent big organizations in offering financial advice to their employees or other clients. This can open up career opportunities like no other and help you reach the greatest heights in this industry.

Opportunities and Challenges

We have so far covered the basics of becoming a financial advisor in India and looked at the job role and responsibilities. This career path offers immense growth opportunities and shall continue to do so in the future but there are challenges that you’d encounter all along the path. Let us now list the major opportunities and challenges in this field

Opportunities

  • Fast-growing investment, tax planning industry
  • No boredom with new learning opportunities
  • Good salaries and other perks of the job
  • Flexibility in work schedule
  • Ability to turn independent profession early in career

Challenges 

  • Meeting client expectations regularly
  • Being objective amidst emotions and fledging expectations
  • Sailing through rough markets when returns can turn negative
  • Staying updated with industry and government policies
  • Maintaining a strong relationship with all clients

To sum up, the role of a financial advisor is quite a challenging and at the same time an exciting one. There are few things as gratifying as helping clients make the best financial decisions and grow their investments. But this also comes with its set of responsibilities as hundreds of people would make their financial decisions based on your advice.

It is a career path that requires you to offer tailored advice to clients based on their unique goals and challenges and strictly adhere to confidentiality rules.  If you have your heart in the game and don’t mind putting in the long hours for the benefit of your clients, financial growth and job satisfaction won’t ever be an issue in this career path.

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How to Choose a Financial Advisor - Pick the Right Financial Planner for You

How to Choose a Financial Advisor - Pick the Right Financial Planner for You

Our experts answer readers' investing questions and write unbiased product reviews ( here's how we assess investing products ). Paid non-client promotion: In some cases, we receive a commission from our partners . Our opinions are always our own.

  • A financial advisor can help plan for retirement, build an investment portfolio, or budget to reach your financial goals.
  • When hiring an advisor or planner, make sure to consider their specialties and certifications.

Hiring a financial advisor or a financial planner can help you achieve your short- or long-term goals — like having a comfortable retirement, funding your child's college tuition, or buying a house.

These professionals aren't one-size-fits-all, though, and finding the right one is critical to your success. Here's what you need to know about financial advisors and planners, and how to zero in on the best one for your goals and budget.

How to find a financial advisor

To choose the right financial advisor or planner, you first need to understand what you're trying to achieve. Are you looking to maximize your retirement funds? Do you want to make more from your investments? Is planning your estate and legacy top of mind?

Financial professionals typically have specialties, so you'll want to choose one that aligns closely with your goals. Common financial planning specialties include:

  • Estate planning
  • Retirement planning
  • Business planning
  • Debt management
  • Tax planning

There are also advisors and planners who specialize in specific life stages, demographics, or even people with certain occupations.

"When looking for a financial planner, it is important to understand exactly what you're looking for," says Jay Zigmont, a CFP® planner and founder of Childfree Wealth , which focuses on financial planning for adults who choose not to have children. "You will find planners who specialize in just about every group, job, and life stage, so find one that fits you."

Choosing a financial planner who's a fiduciary is also important. This means they must avoid conflicts of interest and always put your interests first.

"A planner that operates under the fiduciary standard is required by law to always keep your financial best interests ahead of theirs," says Jason Steeno, president of financial advisory firm CoreCap Investments in Southfield, Michigan.

Find a Qualified Financial Advisor

Looking for the right advisor for you? Datalign makes finding a financial advisor specific to your needs easier than ever. Datalign Advisory's free tool matches you to an advisor based on your unique financial profile in 3 minutes. All advisors on the platform are registered with the SEC. Get started planning for your financial future!

Steps to choose a financial advisor

1. search for financial advisor options in your area.

There are many ways to find a financial advisor or planner near you. Asking friends, family members, and colleagues is often a good place to start, as they can recommend local professionals they've had personal experience with.

You can also use one of these online resources, all of which allow you to filter by geographic area:

  • Financial Planning Association : FPA's tool lets you search for CFP® professionals in your area, and you can filter by specialty, compensation type, and certification.
  • National Association of Personal Financial Advisors : With NAPFA's search tool, you enter your ZIP code and can filter planners based on their distance from you. There's also a map you can use to view all your options in one place.
  • Let's Make a Plan : This is the Certified Financial Planner Board of Standards' search tool. You can search by location, services offered, or both. All planners listed are CFP® professionals.
  • XY Planning Network : XY's tool lets you search for fee-only financial advisors (more on this below) in your area. You can look by location and filter results using various keywords and specialties.

Once you've shortlisted a few names, cross-check them on BrokerCheck.com and with the Securities and Exchange Commission (SEC) . There, Steeno says, "You can see how long they've been in business or if they've had any disciplinary history."

2. Review a financial advisor's credentials

There isn't a single "financial planner" or "financial advisor" license or certification. As Steeno puts it, "Just about anyone can call themselves a financial planner."

To ensure you're choosing an experienced and knowledgeable professional, look for professional designations like CFP®, CFA, or CIMA. These are just a few credentials a financial advisor can seek, each indicating a different specialty or skill set.

Here's a look at some of the credentials you might see:

  • CFP ® : A CFP ® is a CERTIFIED FINANCIAL PLANNER TM . These professionals must have a bachelor's degree, three years minimum in full-time financial planning, and complete a board-certification program. CFP®s also must take 30 hours of continuing education every two years.
  • CFA : CFA professionals must take a three-part exam focusing on investment tools, assets, wealth planning, and portfolio management to be certified.
  • CIMA: Professionals with a CIMA designation are Certified Investment Management Analysts. CIMAs are required to have three years of experience in financial services and enroll in a CIMA education course at the Yale School of Management, The Wharton School at the University of Pennsylvania, the University of Chicago Booth School of Business, or the Investment Management Research Program in Australia.
  • MRFC: An MRFC is a Master Registered Financial Consultant. These professionals need at least four years of full-time financial planning experience, have a bachelor's degree in accounting, economics, or finance, and complete 40 hours of continuing education every year.
  • ChFC: ChFCs are Chartered Financial Consultants. They must have at least three years of full-time business experience, complete 27 credit hours of courses, and receive 30 continuing education credits every two years.
  • CRC: This one is a Certified Retirement Counselor. They must have two years of professional retirement planning experience, pass a specialized certification exam, and take 15 hours of continuing education courses annually.

You can usually find a planner's credentials listed after their name — both in the online search resources under Step 1 and on their professional profile or LinkedIn account.

Important: There are many other designations and credentials a financial professional can hold. To look up a specific one you've seen, use this glossary from the Financial Industry Regulatory Authority ( FINRA ).

3. Review fee structures

There are many ways a financial advisor may charge you, so be sure you understand how they charge before working with them. Some services are charged based on the assets or investments the planner manages, while others charge flat fees or receive commissions. How they charge can influence how much you'll end up spending to work with a financial planner so it's always important to research this part beforehand.

Here's a look at some of the various fee structures financial planners use:

  • Fee-only : Fee-only planners are paid for the services they provide. This might mean an hourly rate, a flat fee, or a retainer of some sort. Fee-only planners do not receive commissions or kickbacks from the products and policies they recommend.
  • AUM: Assets Under Management is another fee-only approach. With this fee structure, you'll pay a set percentage of the total assets your planner manages.
  • Commission: Commissioned financial planners get compensated based on the products they sell to you. This can cause a conflict of interest, as it motivates them to recommend certain products, even if they're not best suited to your needs.
  • Fee-based: A fee-based model is a combination of fee-only and commission structures. You may pay a fee for the planner's service, and they also may receive a commission for certain products they recommend to you.

Generally speaking, most professionals recommend seeking someone who is fee-only, as this ensures they have your best interests at heart. This includes AUM-based models, which motivate the planner to grow your assets (and avoid losses).

"It ensures the advisor's interests are in line with yours," Steeno says. "They want your assets to increase in value just as you do."

Online financial advisors vs. traditional advisors

You don't have to meet with a financial advisor or planner in person to get professional help. Many financial advisors offer online services that allow you to get the guidance you need without leaving your home. These usually include phone and video calls, in which you "meet" your planner virtually over Zoom, Skype, or another similar service.

These can be a good option if you want faster, more convenient service or to work with a planner not in your geographic area.

There are also robo-advisors , which can be used for building and managing your investment portfolio. They're typically more affordable than using a real-life advisor and have low starting balance requirements, but they're also less comprehensive and personalized. Robo-advisors typically won't help with budgeting, estate planning, tax planning, or other non-investment services.

As Rob Burnette, an MRFC and chief executive officer of Outlook Financial Center in Troy, Ohio, explains, "Robo-advisors are only useful for the investment part of a financial plan."

Important: Most major investment brokerages offer robo-advisor services. Examples include Schwab Intelligent Portfolios, Fidelity Go, and Vanguard Digital Advisor.

In some cases, robo-advisors may include interactions with a live advisor (sometimes for an added fee). But it's usually not a dedicated account professional, and you may be limited on how many times you can interact with them. This means less consistency and personal guidance than you'd get with a financial planner you hired directly.

"Robo-advisors generally offer a one-size-fits-most solution," says Kris Maksimovich, a CRC and president at Global Wealth Advisors based in Lewisville, Texas. "They lack personalization and input and don't offer hand-holding during periods of market volatility."

A financial advisor or financial planner can help you achieve your long-term goals but choose yours carefully. There are many types of financial planners, and their specialty, costs, credentials, and services should all play a role in your decision.

Don't be afraid to interview a few candidates. Set up introductory meetings with two or three professionals, and use the time to ask questions, understand their processes and fees, and make sure they're a good fit before moving forward.

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Top 5 Best Financial Advisors in India (2024)

Best Financial Advisors in India

Have you ever scratched your head, staring at a screen filled with stocks, mutual funds, or tax paperwork, feeling like you’re trying to decode hieroglyphics? Let’s face it: managing money can sometimes feel like walking through a maze blindfolded.

But what if you had a guide who could demystify the complex world of finance and show you the way to a secure financial future?

Whether you’re a budding entrepreneur, a salaried professional, or someone planning for retirement , choosing the right financial advisor can make the difference between night and day for your financial well-being.

In a country like India, where the economic landscape is ever-changing and the array of investment options can seem overwhelming, a trustworthy advisor is not just a luxury—it’s a necessity.

It’s like having a financial GPS that ensures you take the most efficient route to your financial goals. Ready to elevate your financial game and take control of your wealth?

Stay with us as we unveil the Top 5 Best Financial Advisors in India who can transform your financial maze into a straight road to success. Trust us, this is a list you don’t want to skim over.

Criteria for Selecting The Best Financial Advisors in India:

So, you may be wondering, how did we whittle down the vast landscape of financial advisors to the crème de la crème featured on this list? The task was anything but easy. We relied on a holistic set of factors that we believe are the pillars of exceptional financial guidance.

First and foremost, reputation carries significant weight. An advisor with a stellar reputation has likely earned it through years of consistent performance and client satisfaction. Speaking of clients, customer feedback was another invaluable yardstick.

Who better to assess the effectiveness of an advisor than those who have entrusted them with their financial futures?

But that’s not all. The range and quality of services offered were also taken into account . Whether it’s estate planning, investment management, or tax strategies, the more comprehensive the service list, the better; we couldn’t ignore the power of credentials.

Also read: Best Banks for Salary account in India

Certifications such as CFP (Certified Financial Planner) or SEBI Registered Investment Advisor (RIA) are not just alphabets tacked on to the end of a name; they are badges of expertise that can speak volumes about an advisor’s skill and commitment to ethical practice.

Last but not least, experience counts—nothing can replace the nuanced insights and financial wisdom from years of professional experience.

So, when you browse our top picks, know that each advisor has been scrutinized through these rigorous criteria. Because when it comes to your hard-earned money , settling for anything less than the best shouldn’t be an option.

The Top 5 Best Financial Advisors in India:

Hold on to your seats because we’re about to reveal the financial wizards who are game-changers in the Indian economic arena. These aren’t just people who know numbers; they are visionaries who can guide you through the ever-shifting financial sands, be it investments, taxes, or retirement planning.

They’ve passed the acid test of our stringent selection criteria, standing head and shoulders above the rest in reputation, services, customer satisfaction, qualifications, and experience.

If you’ve ever wondered where to turn for expert financial advice tailored to the unique nuances of the Indian market, wonder no more.

Here are the Top 5 Financial Advisors in India , each a maestro in their own right, equipped to steer you towards a future of financial peace and prosperity.

Keep reading because this could be the first step toward making your money work more intelligent, challenging, and efficient.

1. Melvin Joseph

Prepare to be inspired because our first spotlight is on Melvin Joseph, a trailblazer who has not only etched his name in the history books as India’s first SEBI-registered investment advisor but is also the genius behind FIN-VIN company.

Breaking free from the chains of his 9-5 job at 42 , Melvin embarked on an entrepreneurial journey that would redefine what it means to be a financial advisor in India.

Why is Melvin a standout? He’s India’s earliest RIA to register with SEBI without relying on product commissions, a testament to his dedication to unbiased, transparent financial guidance.

Best Financial Advisors in India

He championed the concept of “fee-only” service, something quite revolutionary in a market often driven by commissions and kickbacks. Remember the days when he struggled to find trustworthy clients? Well, now the tables have turned; clients are searching to secure an appointment with him.

Melvin is not just a list of accomplishments; he’s a human being who remains as grounded as they come. Reach out to him, and you’ll likely get financial advice and life wisdom. His top financial mantra?

Stick to your field and prepare for a 3-year gestation period; watch your business soar afterward. Let Melvin Joseph be your guiding star if you’re contemplating becoming a fee-only planner.

Indeed, his transformative journey from a regular 9-5 job holder to the most credible financial advisor in India —and possibly the world—makes him nothing short of a financial guru you’d want on your team.

2. Ujwal Jaitwar

Next up on our star-studded list is Ujwal Jaitwar, the mastermind behind WealthCare Corporation, an intellectual capital firm that has become a household name in Insurance and Retirement planning.

If you’re the sort of person who lies awake at night fretting over plans, Ujwal is the man you’ll want on speed dial . His client base isn’t just extensive; it’s a living testimonial to the efficacy of his financial insights, helping people achieve retirement and financial goals without causing undue stress on their present finances.

Best Financial Advisors in India

But what sets Ujwal apart is his philosophy of client engagement. He’s not just about crunching numbers; he’s about understanding you. Through innovative strategies like “Priority Analysis” and “Thinking Process,” he helps clients understand what they truly value and need for their future.

These aren’t just buzzwords; they are tried and tested methods that have empowered his clients to make intelligent, informed decisions about their financial lives.

His contributions haven’t gone unnoticed. With an “Excellence Award” from the Excellence Institute , Ujwal has cemented his reputation as a leading figure in the financial advisory landscape.

When asked about his secret sauce, he emphasizes the twin pillars of relationship and trust, stating that these elements genuinely add value to financial planning.

If you’re looking for an advisor who combines expertise with a deep understanding of human needs and aspirations, Ujwal Jaitwar is your go-to financial sage.

3. Preeti Zende

Don’t be fooled by her relatively short stint of 3 years in the industry; Preeti Zende is a force to be reckoned with. As the owner and founder of Apana Dhan Financial Services , she’s made waves in a sea of seasoned professionals.

Often, it’s not the length but the impact of your journey that counts, and Preeti has proved this by becoming one of India’s top registered investment advisors in record time.

What makes her a standout choice? If safeguarding your financial future keeps you up at night , Preeti has covered you. She brings a personalized touch to financial advising that’s as rare as refreshing.

Best Financial Advisors in India

Her approach is far from cookie-cutter; she takes the time to work closely with her clients, offering targeted, full-fledged financial solutions that extend beyond mere advice to truly effective planning.

Preeti’s expertise spans a broad spectrum, from retirement planning and wealth management to risk management and personal finance . And if her track record isn’t enough to convince you, her educational background certainly will.

She holds a Post Graduate Diploma in Business Finance and an associate’s degree focused on Insurance from the Insurance Institute of India. With Preeti, you’re not just getting an advisor ; you’re gaining a well-rounded financial expert with the credentials to back it up.

If you want someone who offers the complete package—knowledge, personal attention, and academic prowess—Preeti Zende should be on your list.

4. Shilpa Wagh

Meet Shilpa Wagh, a name that’s synonymous with fearless transformation. Starting her journey as an IT professional, Shilpa pivoted her career to follow her true calling, ultimately becoming one of Mumbai’s most sought-after “fee-only” financial planners.

But she didn’t stop redefining her path; she’s also an integral part of the “Fee-only India” movement , actively advocating for transparency and ethical practices among investors and advisors alike.

What can Shilpa offer you? Her firm, Wagh Financials, is adept in various financial services. Whether you’re looking for meticulous mutual fund portfolio analysis, comprehensive financial planning, or estate planning, Shilpa and her team have your back.

Best Financial Advisors in India

She caters to your immediate financial needs and offers a long-term, holistic view of your monetary health.

But there’s more to Shilpa than just her professional capabilities. If you’re intrigued by the idea of carving a career in “fee-only” financial planning , she’s the mentor you’ve been waiting for.

With a keen understanding of the market’s intricacies and ethical nuances, Shilpa Wagh doesn’t just provide financial advice; she embodies the future of transparent, effective financial planning in India.

Consider her not just as an advisor but as a guiding light illuminating the path to your financial and professional dreams.

5. Suhas Harshe

Last but certainly not least, we introduce you to Suhas Harshe, a financial maestro whose resume reads like a ‘Who’s Who’ of the corporate world.

With leadership stints at prestigious companies like Godrej, Kotak Group, and DHL Worldwide Express , Suhas could have quickly settled into a comfortable corporate life. But instead, he chose a different path—becoming India’s first Money Coach and a Financial Success Strategist.

Suhas is the go-to person for small business owners and professionals lacking essential money management skills. He’s not just about advice; he’s about education.

Best Financial Advisors in India

Through his groundbreaking workshop “Sabse Bada Rupaiya” and seminars like “Paisa Bolta Hai,” Suhas has broken down the complexities of business and personal financial management into digestible, actionable advice. These aren’t just events; they’re transformative experiences, as evidenced by their massive viewership.

The proof, as they say, is in the pudding. Professionals and business owners who have had the privilege of being guided by Suhas have not just improved their financial status—they’ve become more powerful in their respective fields.

Suhas Harshe doesn’t just give you fish; he teaches you how to fish , ensuring you’re set for life. If you’re looking to supercharge your financial life with a blend of expertise and practical wisdom, Suhas is the luminary you should be turning to.

What Makes a Good Financial Advisor?

So, you’ve read about the crème de la crème of financial advisors in India, but what makes them—or any advisor—stand out from the crowd?

Is it just about impressive resumes and a long list of clients? Far from it. A good financial advisor is a mix of various qualities that go beyond mere certifications and qualifications. For starters, they’re expert communicators.

Whether breaking down complex financial jargon into bite-sized pieces you can understand or genuinely listening to your needs and fears, they make the complex seem effortless.

A great advisor also operates on the cornerstone of trust and transparency . Gone are the days when advice was shrouded in obscure terms and hidden commissions. Today’s top advisors, like the ones we’ve spotlighted, uphold the highest ethical standards, often opting for a ‘fee-only’ model to eliminate conflicts of interest.

Further, they offer a bespoke experience. One size does not fit all in financial planning. A commendable advisor assesses your unique financial situation , goals, and risk tolerance to craft a plan tailored just for you. And it doesn’t end there.

A noteworthy advisor stays with you throughout the ups and downs, constantly updating and tweaking the strategy to adapt to life’s unpredictability.

Lastly, a standout advisor is committed to continuous learning . The financial landscape is ever-changing, and your advisor should be two steps ahead, armed with the latest knowledge and strategies to help you navigate the twists and turns.

If you find an advisor who embodies these qualities, hold on tight. You’re not just working with a financial planner; you’re partnering with a financial ally who can guide you through the maze of life’s financial challenges.

Best Financial Advisors in India

How to Choose the Right Advisor for You?

Once you’ve skimmed through the list of India’s top financial advisors, the next step is choosing the one that fits like a glove. But how do you go about making such an important decision? First and foremost, ensure your advisor is qualified with essential certifications.

They must be a Certified Financial Planner (CFP) and SEBI Registered Investment Advisor (RIA). These certifications are not just alphabet soup; they indicate an advisor’s commitment to professionalism, ethics, and expertise.

Next, dive into your own financial needs and aspirations. Are you looking for retirement planning, wealth accumulation, or debt management? Your specific needs will help narrow down the advisors who specialize in what you’re seeking.

Before you finalize your choice, you must have a candid conversation with your potential advisor. Ask important questions such as, “How do you charge for your services?” “What’s your investment philosophy?” and “Can you provide references from clients with needs similar to mine?”

These questions can be your litmus test for determining whether an advisor aligns with your financial goals and ethical considerations.

Please don’t underestimate the value of a trial period or an initial consultation , which many top-tier advisors offer as part of their package.

Use this golden opportunity to gauge the advisor’s expertise and their communication style, responsiveness, and overall fit with your personality. This initial phase can decide whether an ongoing relationship would be fruitful for both parties.

Conclusion:

As we wrap up this enlightening tour of India’s top 5 financial advisors , let’s ponder over something more profound than their qualifications and services.

These advisors are not merely service providers but navigators of a complex financial landscape, lighthouses in the foggy terrains of investment and savings. They are architects of financial dreams , sculptors of monetary stability, and stewards of a future you are yet to see.

Choosing the right financial advisor isn’t just about ticking off a checklist or reviewing a catalog. It’s about finding someone who will sit in the passenger seat, map in hand, ready to guide you through the winding roads of life’s financial journey.

It’s a partnership that extends beyond mere numbers and percentages, venturing into trust, ethical considerations, and shared aspirations.

So, as you read this last sentence, ask yourself: Are you just looking for an advisor, or are you searching for a financial ally? Someone who doesn’t just guide you towards your goals but takes the journey with you?

Remember, the right financial advisor doesn’t just make your life richer in money; they enrich it with peace of mind, confidence , and a more straightforward path to the future you’ve always envisioned. Choose wisely, for this decision doesn’t just affect your bank account; it shapes your life’s financial story.

Why should I opt for a Certified Financial Planner (CFP) or a SEBI Registered Investment Advisor (RIA)?

These certifications indicate a high level of expertise, commitment to ethical practices, and adherence to industry standards. A CFP has undergone rigorous training and examinations in various aspects of financial planning. A SEBI RIA, on the other hand, is regulated by India’s market watchdog and must meet specific criteria for professionalism and integrity. Together, these certifications offer an assurance of quality service.

What types of services do these top financial advisors typically offer?

While the range of services varies from one advisor to another, they commonly offer financial planning, investment advice, retirement planning, estate planning, and risk management services. Some advisors may specialize in tax planning, debt management, or insurance solutions.

How do these advisors charge for their services?

Many top financial advisors in India operate on a “fee-only” model, meaning they charge a flat fee for their services and do not earn commissions from selling financial products. This model eliminates conflicts of interest and aligns the advisor’s interests with the client’s.

How often should I meet with my financial advisor?

The frequency of meetings can depend on various factors, such as financial goals, market conditions, and significant life changes. However, meeting with your financial advisor at least once a quarter is generally advisable for a thorough review of your financial plan. Some advisors also offer periodic check-ins via phone or email.

Can I change my financial advisor if I’m unsatisfied with their services?

Absolutely. The relationship with your financial advisor should be built on trust and satisfaction with their performance. If you’re unhappy with the service you’re receiving, it’s entirely within your rights to search for another advisor who might better fit your needs. Most advisors will even help transition your account to a new advisor as part of their professional obligations.

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Top reasons why business owners should financially plan.

Financial planning is an essential aspect of managing one’s business and personal finances, especially for business owners. Here are some of the top reasons why business owners should prioritize financial planning:

1. Financial security: Business owners can ensure their financial security by setting up a retirement plan, emergency fund, and other savings goals. A financial planner can help create a personalized plan that takes into account their specific needs and objectives.

2. Business growth and expansion: Financial planning can help business owners identify opportunities for growth and expansion, such as securing funding for new projects or investments in the business. A financial planner can assist in creating a strategic plan that aligns with their business goals and objectives.

3. Tax planning: Business owners can benefit greatly from tax planning strategies that help reduce tax liabilities and maximize deductions. A financial planner can provide guidance on the most tax-efficient ways to structure their business and investments.

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4. Succession planning: Planning for the future of the business is crucial for business owners, particularly when it comes to passing on the business to the next generation or selling the business. A financial planner can help create a succession plan that ensures a smooth transition and maximizes the value of the business.

Overall, financial planning can provide business owners with peace of mind and the confidence to make sound financial decisions that align with their goals and objectives. It’s never too early to start planning for the future, and a financial planner can be an invaluable partner in achieving long-term financial success.

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PrimeWealth specializes in helping business owners navigate the complex world of business finances. We understand that every business is unique and requires a customized approach to financial planning. Our financial planners can provide a range of services to help you achieve your business and financial goals. We can help you with everything from creating a budget and managing cash flow to developing an investment strategy and planning for retirement.

We can also assist you with risk management, such as identifying potential financial risks to your business and developing strategies to mitigate them. We’ll work with you to develop a comprehensive financial plan that takes into account your business goals, financial needs, and risk tolerance.

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Whether you’re seeking clarity about our products, services, or policies, you’re likely to find the information you need right here. Explore the questions and answers below to enhance your understanding of our offerings.

First, it’s more than just an acronym. Unlike some designations that are worth little more than the paper they’re printed on, the CFP ® (CERTIFIED FINANCIAL PLANNER™) designation is one of the most esteemed financial certificates around. Each CFP ® is held to an extremely high standard and requires an immense amount of work. Typically nine months to two years of study. When you choose a CFP® professional, you can be assured that you’re working with a financial advisor who has demonstrated competency and made a commitment to ethics. CFP® professionals must successfully complete a multi-year, multi-step process to obtain the skills and real-life experience they need to serve your best interests, no matter what your financial goals are.

Yes , We help you reduce tax burden, plan for future taxes and also promptly file your taxes. Our In-house C.A specializes in helping service professional save on taxes and plan efficiently.

We don’t directly or indirectly hold your money in our accounts, we just help you to enable the transactions. We guide you to invest your money in various financial products according to your life goals. We provide a platform, where you will have the benefits to access to your investment accounts. We regularly mail statements to our client for utmost transparency.

We serve people from private service background. We specialize in advising IT professionals and their families as we have in depth clarity about their life stages and financial cycles. Anyone with an annual household income of more than Rs. 10,00,000 (both spouses combined) can opt for our services.

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Financial planning comes of age in India

Financial planning comes of age in India

Certified financial planning is ideal for individuals seeking professional management of their portfolios. It is a great career option, too

In the labyrinth of personal finance, a new breed of professionals is emerging, promising to guide individuals through the complexities of money management and investment strategies. Known as Certified Financial Planners (CFPs), these experts are gaining traction worldwide, including in India, as individuals seek holistic and personalised financial advice tailored to their life goals. 

Financial planning, although relatively new in India, is a well-established profession in the West, where it is tightly regulated. Globally, CFPs undergo rigorous training and certification processes, ensuring they possess the necessary expertise to navigate clients through various financial landscapes. In India alone, there are over 2,000 CFP professionals, with demand far outstripping supply, hinting at the growing recognition of their role in shaping financial futures.

So, who exactly are these financial planners, and what sets them apart from traditional financial advisors? Unlike transactional advisors who focus on selling products, CFPs operate as consultants, akin to general physicians in the medical field. They delve deep into understanding clients' aspirations, crafting comprehensive financial plans that encompass investments, insurance, tax planning, retirement planning, and estate planning. With a keen eye on adapting to clients' evolving life goals, CFPs provide ongoing support and guidance, acting as trusted allies in their financial journeys. The path to certification is demanding, requiring a post-graduate level qualification involving rigorous examinations and real-life financial planning scenarios. However, the flexibility of the certification process allows individuals from diverse backgrounds to pursue this career path. The success rate varies, but the average passing rate hovers around 55 to 60 percent, reflecting the rigour of the certification process. With their skill set honed, CFPs find employment opportunities across various sectors, including banking, insurance, wealth management firms, and consultancy organisations. Their expertise in financial planning and analysis makes them invaluable assets in today's dynamic financial landscape.

Beyond individual financial wellness, the impact of CFPs extends to broader economic prosperity. By empowering individuals with sound financial strategies, they contribute to a financially sustainable society. Moreover, by bridging the gap between financial literacy and action, CFPs play a pivotal role in unlocking dormant financial resources, thereby fueling economic growth.

In essence, the emergence of Certified Financial Planners heralds a new era in personal finance—one characterised by informed decision-making, tailored strategies, and long-term financial security. As individuals embrace the guidance of these professionals, they embark on a journey towards financial empowerment and prosperity, ultimately shaping a brighter economic future for generations to come.

In conclusion, the emergence of financial planning as a career option holds immense promise, both for the aspiring professionals and the nation at large. For young individuals seeking a rewarding career path, becoming a Certified Financial Planner offers not only personal fulfilment but also lucrative opportunities for growth and impact. With the demand for financial expertise on the rise and the potential to make a tangible difference in people's lives, financial planning presents a win-win scenario for both the country and its youth.

For the country, a growing cadre of Certified Financial Planners signifies a step towards a financially literate and empowered society. By equipping individuals with the knowledge and tools to navigate their financial futures, CFPs contribute to economic resilience and prosperity. and national development. 

The writer heads the Financial Planning Standards Board (FPSB) in India; views are personal

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Best Certified Financial Planners in India 2023

Best Financial Planners in India

Best Certified Financial Planners in India

In India, financial advice firms have gained a massive response in recent years. This area continues to mature, and the financial advisors are always working hard and better to achieve clients’ financial objectives.  People search for a financial planner in a way like they search for a doctor because they would prefer not to confront any sort of capitalist crisis.

Fee-only Financial Planner

A fee-only financial planner is a registered advisor who has the authority to give advice on finance to his clients. They earn compensation for their services only and help clients in making informed decisions on money. They have a fiduciary duty always to help you in finance-related issues. The sole purpose of the fee is only financial advisors not to convince clients to purchase products and services but to help them in achieving financial goals.

Role of the Financial Planner

A financial planner is a well-educated and experienced investment & financial advisor who helps individuals and corporates to achieve short term and long term financial goals within the expected time. They create a balanced plan and request individuals and corporate businesses to follow sincerely to get stability in the market.

The role of financial planners in India varies from clients’ objectives to objectives. Below we have mentioned the most common roles of certified financial planners –

  • Financial Coach : They keep eyes on the individual’s financial objectives and guide them to make their personal finance stable.
  • Financial Doctor : They understand and analyze the individual’s financial crises, make an effective financial plan, and instruct them to avoid investment mistakes.
  • Financial Instructor : They educate individuals to achieve their financial goals in the right way—they also aware individuals about wealth management and the importance of assets.
  • Financial caregiver : To help individuals at every stage of life. Whether it is millennials’ financial planning or retirement planning, they give advice and remind you to follow in the right way.
  • Financial Nutritionist : They strengthen the individuals’ finances by growing the value of their assets.

Types of Financial Planner

There are several types of financial planners in India are available in the market. Every financial planner’s roles and job responsibilities are different. Below we have mentioned the most common types of a financial planner.

  • Investment Advisor: An investment advisor is a financial planner who advises individuals and companies on securities like (shares, stocks, bitcoins, mutual funds, commodities, and cryptocurrencies. These financial planners help individuals in building assets.
  • Certified financial planner: The certified financial planner job to analyze the investment portfolio of the investors and also offer advice on personal financial status and helps you in making smarter financial decisions.
  • Accountant: Accountants offer you advice on tax matters and also helps you in filing the tax returns on time. Many firms hire independent accountants advisory firms to prepare and submit tax returns.
  • Attorney: You may be thinking that the attorney is the one who sits in the courtroom and works hard to give justice to his client. But their work is more than that; they give you advice on buy/sell home, write or update a will, divorce settlement and so forth.
  • Insurance agent: Insurance agents are also financial planners. They give you advice on which insurance plans suit your needs and affordability. And also recommends the best insurance company’s name, which gives you a better return of the investment at a maturity period.
  • Debt counselor: Debt counselors are much needed financial planners who help individuals in bringing out from the hole of debt. They manage your money, give you the right advice on savings and spending, and also help you in dealing with debt when everything goes out of control.

How to choose the best financial planner

  • Always choose the certified financial planner who has gained great credibility in the market.
  • A financial planner must be licensed, experienced, and know every aspect of financial planning.
  • Look for the financial person who acts as a fiduciary because a fee-only financial planner is the only one that gives you genuine advice on personal financial planning and resolves your financial crises.
  • Choose the financial advisor who helps you remain sincere and disciplined about your financial plans.
  • Before hiring a financial planner, it is advisable to read his reviews online. Some clients share their real experience on the review platforms.

My List of Popular and best financial planners in India

What happens if your doctor prescribes a drug that ruins your health only to gain commission on selling drugs. What if your financial advisor is doing the same? Scare you! That’s why it is always advisable to opt for the financial planner which has a great reputation in the market and achieved 100% of clients’ satisfaction.

Below we have mentioned the list of four top reliable, experienced and trustworthy fee-only personal financial planners in India-

Abhishek Kumar – SahajMoney.com

  • Is he a Fee-only Advisor?  : YES
  • Type of his firm : Practicing as an individual RIA.
  • Firm Registration : SEBI
  • Year of Starting his firm : 2017
  • Brief Profile: Abhishek Kumar is one of the trustworthy fee-only financial planners in India. Who Pursued an MBA from the Indian Institute of Management. His clients’ feedback and reviews are the biggest referral program for him because the level of professionalism they have gotten in the work of Abhishek Kumar is remarkable. The sole purpose of Abhishek Kumar is to work towards simplifying the investment journey of the clients and help them to remain disciplined about their financial goals.
  • Brief about his firm : He started his financial planner career by advising friends and family for almost 10 years. And for 2017, he started a firm Shajmoney, which deals with personal financial planning services. Over the past few years, this firm has gained huge credibility in the market by simplifying the investment needs of individuals and corporate businesses. His company also provides comprehensive FP services. When you get in touch with his firm, you will get the entire gamut of investment planning services like insurance claim processing, portfolio management, wealth management, estate consultancy, NRI taxation matters, and so forth.
  • Number of FP clients: 100+
  • What is the mode of service (Online/Offline)?  : ONLINE
  • Types of services offered : Investment advisory services across the spectrum.
  • Do they receive commission from financial products : NO
  • Website/Blog : www.sahajmoney.com

Gursimran Singh – ParamAsa Wealth Advisory

  • Is he a Fee-only Advisor? : Yes
  • Type of your firm : Individual.
  • Firm registration: SEBI
  • Year of Firm Starting : 2018
  • Brief Profile: Another renowned and reputed fee-only financial planner in India is Gusimran Singh. Sharing knowledge of personal financial planning and advising people on managing money is the childhood passion of Gursimran Singh. You won’t believe it; he started investing in the market at the age of 14. He has a total of 20 years of experience in financial advising. He offers comprehensive financial planning in which everything is covered related to finance like insurance claim processing, portfolio management, wealth management, estate consultancy, NRI taxation matters, and so forth.
  • Brief about his firm: Currently, Gursimran Singh is running a boutique firm, in which all the financial decisions are taken, and strategies are planned by Gurismran Singh. Clients can get financial advice via offline and online modes. Writing articles and blogs on personal financial planning is also part of his job. He has written hundreds of articles on fee-only advisory. His financial planning services are customized and personalized for the clients. The passion to serve the right advice and tips on personal finance is the core job of Gurusimaran Singh and his firm.
  • What is the mode of service (Online/Offline)? : Both Online & Offline
  • Types of services offered : Comprehensive financial Planning for Both Resident Indians and NRI
  • Do they receive commission from financial products : No
  • Website/Blog : http://paramasa.com/

Deepesh Raghaw – PersonalFinancePlan.in

  • Type of your firm : Individual
  • Firm registration: SEBI (Individual)
  • Year of Firm Starting : 2015
  • Brief Profile: Deepesh Raghaw is an experienced and trustworthy SEBI registered one of the best financial planners in India. He has done MBA from IIM Lucknow and also cleared three levels of Chartered Financial Analyst. Deepesh is not only good in financial advising, but he also has a great knowledge of software and banking. Here he advises individuals and corporate businesses remotely and online on personal financial planning. Deepesh started his financial planning business by advising his friends, family, and colleagues.
  • Firm Brief: After quitting a private bank job Deepesh Raghaw started PersonalFinancePlan. To improve financial literacy in India, he spread information about the importance of personal financial planning through his blogs. Many of them are also published on renowned platforms like CNBC.  He has had the immense pleasure of helping individuals and businesses in achieving their financial goals within the expected time. If you search the most reliable financial advisor near me, you will surely get the name of Deepesh Raghaw in the search engine result.
  • Number of FP clients : 80+
  • What is the mode of service (Online/Offline)? : Both
  • Types of services offered : Personal Finance services across the spectrum.
  • Website/Blog : www.PersonalFinancePlan.in

Soubhagya Kumar – Succinct FP

  • Type of your firm : Pvt Ltd
  • Year of Firm Starting : 2011
  • Brief Profile: Last but not least. Soubhagya Kumar Sharma is one of the most trustworthy and reliable fee-only financial planners in India. He started his advisory services in July 2011, intending to help individuals and businesses in achieving financial goals. The major finance areas where he mostly works are comprehensive FB, taxes, investment planning, and NRI services. He offers both online and offline advising services. He provides every kind of tax service like IT returns filing, salaried, business and profession, and partnership. You can officially connect to him by simply click on this site www.succinctfp.com. Before becoming a fee pay only planner, he worked in many wealth management and insurance companies to gain experience and know-how these companies work.
  • Firm Brief: After gaining experience and knowledge of the finance field, Soubhagya Kumar started his own financial advising business. The clients and their satisfaction are the strength of Soubhagya Kumar, and he always tries hard and works better to improve his strengths. If you are actively looking for the fee pay only planners in India who offer your comprehensive financial planning services, then feel free to contact Soubhagya Kumar.
  • Number of FP clients : Undisclosed
  • Types of services offered : Comprehensive FP, Investment Advisory & simple to complex tax matters
  • Website/Blog : www.succinctfp.com

Questions to be asked before hiring a financial advisor

If you want the right advice from the right financial advisor then questions to a financial planner that we have mentioned below-

Q.1 What qualifies you to be a financial advisor? A.  The very first question you have to ask your financial advisor near me is his qualification. If he graduates from the renowned university of India or he has done some certified financial planning courses of the NSE and BSE, then you can consider him as your financial planner. But, if he just started his career by blogging or selling financial products, then avoid him.

Q.2 Do you have relevant experience? A.  Experience matters the most. Only an experienced financial planner can help you in making smart investment decisions because he knows how the market works and remains disciplined about the financial plan. The reason why we prefer you to choose an experienced financial planner over a newbie is that he is expertise in wealth management and always suggests to you the financial plan that suits your financial objectives. So, if you are actively looking for a certified financial planner, then you should opt for the financial planner who has relevant experience in your query.

Q.3 Can you give references from your current clients? A. There are plenty of financial advisors in the market who are running their firms to sell financial products or bluff people. In order to protect your capital from these fraudsters, you should get some references from his current clients. If he is able to give your reference instantly, then he must be a genuine and reliable financial planner. In case if he refuses to provide you with reference, then stay out of him.

Q4 Will, you draw up a service agreement? A. Asking to draw up a service agreement gives you surety that a financial planner will always be there for you until you achieve your financial goals. That’s why it is important to draw up a service agreement before hiring a financial advisor near me.

Q.5 Will the advice be given in writing? A. Many financial advisors give their recording on advising via emails or notes to their clients. So that the clients can read whenever they want, just for an as surety before hiring a financial advisor, ask him will he provide advice in writing or not.

Q.6 Is my fee your only source of income? A. Though it is a very offensive or awkward question to ask. But, many financial planners earn a commission from selling third financial products to their clients. Whether the product matches your financial objectives or not, they just convince you to purchase it. But if you hire a fee pay only financial advisor, then he only earns from your fee.

Q.7 Do you get the commissions for the product you sell? A. If he says yes, then never hire him for financial planning. Because just to earn a commission, he will recommend the worst financial products that can even ruin your financial health as well.

You May Also Like to Read: List Of Personal Finance Blog in India

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How NRIs Can Choose The Best Financial Planner in India?

Why financial planning.

Planning is bringing the future into the present so that you can do something about it NOW.

These days NRIs have seriously started looking for trusted Financial advisors in India to have a secure future. Earlier most of the NRIs considered their banker a Financial Planner but the way banks mis-sold products – NRIs have lost huge money & also trust.

But will their hunt for the best financial planners in India take them to the right advisor or they will be hunted again by a quack.

Financial Planner in India

Read – Complexities in the case of Financial Planning for NRIs

How NRIs Can Choose The Financial Planner in India

Sometime back when medicine was at its initial stage in India there were many quacks that used their half-baked knowledge to treat people & people were exposing themselves to huge risks. Even now you can find such quacks in smaller cities or towns. These quacks mushroomed as there were loose regulations and checks.

In another Industry, a financial advisor in India is facing a similar situation… anyone can make a claim about himself/herself being a financial planner. Now there’s SEBI regulation that regulates financial planners but as an NRI you know how Indians make a mockery of rules. So even without registering with SEBI – a lot of agents claim themselves to be financial planners.

Agents sell financial products like Washing powder or Soap. Wrong washing powder or soap may not cause too much damage… but you cannot say the same thing about financial products; wrong financial products have the power to ruin your family’s future.

There are lots of Madoffs & Puris in India who can easily destroy your financial life.

How NRIs Can Choose The Best Financial Planner in India

Check – 5 Financial Must-haves for NRIs

Why do NRIs Need a Financial Planner?

Most of us have many questions regarding our financial life –

  • Am I saving enough for the future?
  • Have I done the right investments?
  • Will my money be enough for my family?

If you are an NRI, there are additional things to worry about –

  • Which products can i invest in India?
  • What are the tax implications of my investments?
  • Am I paying the right amount of tax ?
  • How to manage money in India and place of residence effectively?
  • How do I bring back my savings to India in the most efficient manner?

You, of course, can plan your finances on your own. But you can opt for your wealth to be managed by an advisor in India if –

  • You do not have time
  • You don’t think you can invest so much effort in financial planning
  • You are not sure of your knowledge
  • You cannot keep up with changes in rules and regulations as you are living abroad or
  • You feel you need an expert to manage your finances

Must Read – Common Financial Mistakes Of NRIs

In this case, all you need to do is choose the right financial planner. It is not an easy task as there are many financial planners in the market.

I have created a short Video – Importance of Financial Planning for NRIs. Must check…

Basic Requirement for Choose Financial Advisor in India

There are many financial Advisor in the market. To shortlist you should make sure that your Financial Planner should fulfill 2 basic requirements – he should be a Certified Financial Planner AND SEBI Registered Investment Adviser.

Here are some factors NRIs can consider to choose a Financial advisor –

Experience in NRI services

A financial planner might be competent, but it is important to verify if he has expertise and experience in handling financial planning for NRIs. More importantly, check if he has managed the finances of people living in your country of residence. The regulations governing NRI investments and taxation are different in different countries and you might land in a soup if you make mistakes with respect to them. For example, NRIs from the US and Canada have restrictions on investments in mutual funds whereas NRIs from Singapore or UAE do not have these restrictions. NRIs are not allowed to invest in some public sector bonds. The financial planner should be aware of these pieces of information.

Must Check – 5 Financial Planning Moves for NRIs in 40s

Product Knowledge

There are many avenues of investment – Equity, Mutual Funds, Corporate Deposits, etc. There are different types of bank accounts for NRIs. The financial planner must plan the investment portfolio such that it is diversified, correct and makes the NRI earn optimum returns. You can ask for references from other clients or information on annual returns made for clients. Ask questions about different products and investment processes for NRIs, to access if the financial planner has the requisite knowledge and experience.

Expert (or at least aware) in NRI Taxation

Taxation is a whole different ball game. The financial planner in India must know how to handle taxation across countries. He should be aware of –

  • Double Taxation Avoidance Agreement (DTAA),
  • Income that is taxable in India and tax-free in India
  • Regulations and Tax implications for bringing money in India and taking money abroad .
  • Taxation on the purchase and sale of investments, real estate, etc.

If the financial planner does not have relevant expertise, he should make services available of a tax expert for you and both of them should be in sync about your financial matters.

Investment Philosophy and Investment Process

Getting the maximum returns is not the most important aspect of a financial plan. There are many other things to consider –

  • It should be easy to contact the financial planner. There should be a communication plan in place.
  • The financial planner should have a systematic process for making a financial plan and executing it. There should be provisions for regular review of the financial plan.
  • The financial planner should be knowledgeable about micro and macroeconomic factors that affect NRIs and also have some knowledge of currency movements. Nope… by mistake, I added this point 😉
  • The financial planner must know the efficient process of investment. He should be able to add value in the process in some way.

Some questions to ask your financial planner

  • Does the planner have experience in handling clients in your residence country?
  • What is the communication plan? Will there be regular meetings (online/offline)? How often will reports be given?
  • What are the various services provided and then, you can check if the services will fulfill your requirements?
  • What are the fees and how is it calculated?

The right financial planner can bring improvements to your financial plan. Returns will be optimized and there will be a significant increase in your wealth.

financial advisor in india

Read – Benefits of Early Financial Planning for NRIs

Red Flags For Your Existing Financial Planner

These can be some of the troubles that a fake financial planner can bring to you:

  • If he doesn’t suggest you build a 3-6 months emergency fund – you will always dip in your long-term investments & that can be disastrous in a situation like a bear market.
  • If he doesn’t advise you to repay your expensive debt before starting investment – you will always be in danger if the tide goes out.
  • If he misjudges your insurance requirement or suggests an expensive endowment or ULIP policy as a solution rather than a term plan – you will probably not be able to achieve your financial goals.
  • If he suggests you trade-in equity or take a leveraged position in the markets – the high probability is that your capital will be wiped out.
  • If he is showing you the moon about how he can generate the highest returns by churning your Mutual Fund portfolio – actually he is just fooling & your fund will not even be able to achieve market returns.

There can be n number of examples that can be quoted here but before we publish this there will be a new list ready.

“If you choose the right Financial Planner, you will have peace of mind and an optimum financial plan. The wrong one can lead to sleepless nights and even financial losses.” wiseNRI

NRIs should check these points before & after hiring a financial planner in India:

  • Trust but always verify.
  • Always take advice in writing.
  • Ask what he will be earning from implementing a plan.
  • Do not sign any blank document or cheque & always ask for a copy of the final documents submitted.
  • While taking insurance always fill the form rightly – don’+  t allow the agent to just play checkers in the form.
  • Never give unlimited access to your money to an advisor that includes full power of attorney.
  • Be suspicious of pressure selling techniques like the best investment & that will not be available after a few days.
  • Always ask for the negative side of every product – if there is nothing negative better don’t invest as you are going to get shocked at some later stage.
  • Always check that any product fits or helps you to achieve any of your goals – just don’t invest anything for the sake of investment.
  • Consider the timing of the proposed transaction. Maybe the product manufacturer is motivating the advisor – be it month-end, year-end, or some trip that he will get if he achieves his targets.
  • If you don’t understand something ask again & again – put your hard-earned money only when you have clearly understood that thing.
  • Always take a second opinion – every 3-5 years get your advisor’s recommendation audited by someone.

It’s always Buyers Beware & Buyers Be-aware.

Would you like to share your experience with your existing financial planner in India? If you have any questions feel free to add them in the comment section. 

best certified financial planner india

Hemant Beniwal

Hemant Beniwal is a CERTIFIED FINANCIAL PLANNER and his Company Ark Primary Advisors Pvt Ltd is registered as an Investment Adviser with SEBI. Hemant is also a member of the Financial Planning Association, U.S.A and registered as a life planner with Kinder Institute of Life Planning, U.S.A. He started his Financial Planning Practice in 2009 & is among the first generation of financial planners in India. He also authored Bestseller book "Financial Life Planning".  

i need financial planner in chennai

We need to know how to repatriate our funds from NRO account to UK account

Do u have service for pip in canada

I would need a second opinion on my existing advisor’s recommendation. Hope you will be able to help.

Sure we will get in touch with you.

I would like to be introduced to a financial planner..I am in Dubai planning to return

I would like to talk to a person qualified to work as my financial planner.

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63% women aspire to be entrepreneurs, seek financial independence: Study

The fourth edition of the paynearby women financial index finds more women are seeking financial independence, adopting digital payments, and seeking better financial planning.

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Illustration: Binay Sinha

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Financial Planning Careers Are Open for Business

Thanks in part to the Great Wealth Transfer, jobs in financial planning are expected to grow in the next decade.

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A financial planner smiles as she looks out the window of her office.

In preparation for the post-college scramble for jobs, students often migrate toward familiar professions. But many students searching for a career in a prominent field pivot to something else before they graduate. How many students walk onto campus as pre-med majors only to switch to another discipline after one semester of organic chemistry?

Today’s students seek a balance that combines financial success with a fulfilling lifestyle and the chance to make a positive impact. Recent data from the National Center for Education Statistics reveals that business disciplines award more undergraduate degrees than any other field, with some of the most lucrative opportunities for new graduates.

However, many of these jobs lack the desirable work-life balance , schedule flexibility, sense of personal impact and other perks found in financial planning careers. Jobs in financial planning are anticipated to grow more than 10% in the next decade, making it an attractive field for those seeking a well-rounded and prosperous professional life.

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The growing need for financial advice

The current macroeconomic environment and evolving demographic trends are key factors contributing to growth in the profession. Rising interest rates and a volatile stock market continue to create investor unease, and the Great Wealth Transfer means $84 trillion of generational wealth will reallocate by 2045 — giving many people a reason to hire a financial adviser for the first time.

At the same time, nearly 4 in 10 advisers are expected to retire within the next 10 years, according to Cerulli Associates , leaving wealth management firms with more clients and a smaller pool of advisers to serve them.

Financial planning employers recognize these conflicting trends and are taking action. According to data from CFP Board Center for Financial Planning , total job postings increased 65% in the first half of 2023, including a 203% increase for roles requiring one to four years of experience. What’s more, internship listings have increased 55% year over year.

This uptick in demand is well documented. Data from the U.S. Bureau of Labor Statistics projects employment of personal financial advisers to grow 13% by 2031, which is much faster than average across all occupations. But today’s young professionals want more than growth opportunities and a steady income. They want a sense of professional purpose as well.

A career with purpose

The need for additional financial planning professionals aligns with many students’ desire to pursue a purpose-driven career. Nationally, according to a survey from Gallup and Bates College , nearly all four-year college graduates (95%) consider a sense of purpose at least moderately important in their work.

Many young people say they want a career that helps people. Enter financial planning, often known as a “helping profession.” Financial planners, such as CFP® professionals, work closely with clients to understand their goals and develop a financial plan that meets their needs. Through pro bono work, planners also make a meaningful difference in the lives of those facing barriers to reliable financial guidance.

The path to becoming a CFP® professional

Aspiring financial planners can pursue different paths in college. Young professionals in wealth management, financial consulting, operations or business administration often transition seamlessly into financial planning roles. CFP Board Registered Programs train college students who aspire to become CFP® professionals, who enjoy benefits like remote work, flexible schedules and a median salary of more than $95,000, which grows substantially with experience.

CFP Board Center for Financial Planning provides scholarships for students entering the financial planning field, with a focus on building a talent pipeline that reflects the diversity of the U.S. As of December 2023, the Center for Financial Planning has awarded 317 scholarships to women, 45% of whom are currently enrolled in education programs and working toward CFP® certification. Additionally, of the 317 female recipients, 50 have become CFP® professionals.

With nearly 40% of financial advisers expected to leave the workforce in the next decade — and the Great Wealth Transfer increasing the need for competent and ethical financial advice —demand for financial planners is soaring. Pursuing a career in financial planning offers recent graduates a purpose-driven, fulfilling option and a lucrative and flexible professional path.

Interested in learning more? Prospective financial planners can consult the CFP Board Career Center to explore internships and careers in financial planning.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA .

Kevin R. Keller, CAE, is CEO of the Certified Financial Planner Board of Standards Inc. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services and one of the few accredited financial services designations. He leads CFP Board to benefit the public by granting CFP® certification and upholding it as the standard of excellence for competent and ethical personal financial planning.

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Planning to renovate your home? Here are your financial options

House renovation adds value to your property. however, it’s essential to carefully consider your financial options and plan your renovation project accordingly..

Planning to renovate your home? Here are your financial options

Housing is one of the basic needs and it is essential to keep your property in the right shape to increase its age. Often when the house becomes old, it needs repairs and sometimes you also need renovation to enhance the true value of your house. This is when the house renovation loan comes to your rescue.

Is your house in need of a makeover? Whether it’s a new flooring, or a complete overhaul, renovating your home can breathe new life . However, a renovation project requires careful planning, especially when it comes to financing. There are various financial options available for homeowners looking to renovate their houses.

financial planner business india

House renovation involves making improvements or alterations to an existing residential property. These improvements can range from cosmetic upgrades to structural changes aimed at enhancing functionality, comfort, and aesthetics. Renovations can include remodelling kitchens and bathrooms, adding additional rooms, replacing outdated fixtures, or even extending the living space. Let’s understand the key considerations for borrowers.

Key housing trends driving realty sector’s growth in Tier 2 cities

Also Read: How to maximise credit card reward points without overspending

Securing a Loan

Many banks and financial institutions offer specialised home improvement loans tailored specifically for renovation purposes. These loans typically come with competitive interest rates and flexible repayment terms. Borrowers can use these funds to cover renovation expenses such as materials, labour costs, and contractor fees.

Personal Loans

Another option is to apply for a personal loan to finance your house renovation. Personal loans offer quick access to funds without the need for collateral. However, they may come with higher interest rates compared to home improvement loans.

Loan Against Property (LAP)

If you own property with substantial equity, you can leverage it to secure a loan against the property. LAP allows you to borrow a larger sum of money at lower interest rates compared to personal loans. You can use the funds obtained through LAP to finance your renovation project.

Adhil Shetty, CEO, Bankbazaar.com, says, “ Besides other options,if you have an existing home loan, you may be eligible for a top-up loan. A top-up loan allows you to borrow additional funds over and above your existing home loan amount. These funds can be used for various purposes, including house renovation.”

Key Considerations for Borrowers:

Before taking out a loan, borrowers should keep the following considerations in mind:

* Assess Your Renovation Needs

Start by evaluating the scope of your renovation project and estimating the associated costs. Determine which areas of your home require renovation and prioritize them based on your budget and preferences.

* Budgeting and Affordability

Set a realistic budget for your renovation project and ensure that you can afford the monthly loan repayments. Factor in not only the cost of materials and labour but also any additional expenses such as permits and contingencies.

* Compare Lenders and Loan Options

Take the time to research and compare different lenders offering home renovation loans. Consider factors such as interest rates, loan terms, processing fees, and customer service. Choose a loan option that best suits your financial situation and requirements.

* Check Eligibility Criteria

Before applying for a loan, verify the eligibility criteria set by the lender. This may include factors such as income requirements, credit score, employment status, and property ownership.

Shetty explains, “Thoroughly review the loan agreement and terms and conditions before signing on the dotted line. Pay attention to details such as interest rates, repayment schedules, prepayment penalties, and any additional charges.”

House renovation adds value to your property. However, it’s essential to carefully consider your financial options and plan your renovation project accordingly. By understanding the various loan options and keeping key considerations in mind, borrowers can make informed decisions.

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A study showed that closing the wealth gap could take 200 years — but Black financial planners say we can do better

Our experts answer readers' investing questions and write unbiased product reviews ( here's how we assess investing products ). Paid non-client promotion: In some cases, we receive a commission from our partners . Our opinions are always our own.

  • Bringing about significant change for Black Americans goes beyond simply addressing financial literacy.
  • Directing funds to Black-owned banks and providing reparations can bring tangible financial change.
  • It's important to focus on what does work — like the increase in investing by young Black Americans.

Insider Today

In the summer of 1963, Martin Luther King, Jr. delivered one of the most famous speeches in American history. A line that is often forgotten still rings true for many African Americans today: "America has given its colored people a bad check, a check that has come back marked 'insufficient funds,'" King said. "But we refuse to believe that the bank of justice is bankrupt."

In the following six decades, the wealth gap has stagnated. " No progress has been made in reducing income and wealth inequalities between black and white households over the past 70 years," said authors Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins in their report for the Federal Reserve Bank of Minneapolis analyzing inequality in America from 1949 to 2016. Between 2019 and 2022 the racial wealth gap increased by nearly $50,000 .

Economic inequality for Black Americans goes back to chattel slavery, but one doesn't need to go back 400 years to encounter obstacles to wealth creation. A 2003 study by the National Bureau of Economic Research confirmed that Black applicants are less likely to receive callbacks and get hired . When controlling for age, gender, experience, and other factors, the Economic Policy Institute found that Black employees were paid 14.9% less than white employees.

These discrepancies cascade into Black Americans' access to the real estate market; it impacts the money available to invest in the stock market ; and it makes it harder to pay down major debts like student loans . But what can be done to address this? Three leading Black financial experts shared their insight.

1. Go beyond financial literacy

"Gone are the days that we can hide behind the illusion that more financial literacy is enough," says Rahkim Sabree , AFC, financial therapist and counselor. Currently, 25 states require financial literacy education for students; however, rarely, if ever, does financial literacy address larger systemic issues that exist.

"We've tried education," says Kristin Afelumo , owner of HerPlaninng. "We're wildly well educated with a ton of student loan debt and underpaid for the amount of debt that we took out."

Black students owe an average of 188% more than what white students borrowed by the fourth year after graduation. By 2016, the wage gap for Black Americans compared to whites was larger than it was in 1979, according to the Bureau of Labor Statistics.

2. Introduce special programs and remedies

In response to a wave of protests in 2020 and 2021 around racial justice in America, many organizations, including major companies like Netflix , announced programs to help address inequalities. In 2021, Netflix announced that it would move nearly $100 million into "Black banks and other Black-led financial institutions."

The desired impact was that Black-owned banks could provide more home and small business loans, thus providing more opportunities for the Black community. The same year, Evanston, Illinois, became the first city to pay reparations to Black residents. "You have to solve an unfair disadvantage with an unfair advantage," says Afelumo.

3. Adjust the perspective

"The narrative is that we can't [build wealth], and clients feel that, but we are equal and capable," says Lazetta Rainey Braxton , MBA, CFP, founder of Lazetta & Associates. The wealth gap was not created overnight, and will not be solved overnight.

One 2016 study found that if current trends continue, closing the wealth gap would take more than 200 years . Stats like this can feel overwhelming, but it doesn't mean there aren't areas and opportunities to make meaningful gains.

Younger Black Americans have now become the fastest-growing demographic of new investors in the stock market. During the Great Recession, the lack of assets in the stock market was cited as one of the primary reasons African Americans did not financially recover at the same rate as whites. "Focus on what you can control and set effective strategies behind it," Braxton says.

Watch: Report says black families would need over 200 years to match the wealth of today's white families

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    July 19, 2023. 5:09 pm. Financial planning is an important component of personal and business growth in India. A comprehensive financial plan takes into account all relevant aspects of your financial situation and helps you develop strategies to achieve your long-term financial goals. In this article, we'll look at key considerations for ...

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  26. Planning to renovate your home? Here are your financial options

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  28. Black Financial Planners Have 3 Steps to Take to ...

    A study showed that closing the wealth gap could take 200 years — but Black financial planners say we can do better Written by Kevin L. Matthews II ; edited by Avril Ayers 2024-02-28T12:57:01Z