Are you looking for services on financial planning in India? Do you know what is personal financial planning? Do you know what fee-based financial planning is and that in India, most of the planners and advisors are either product or commission-based?
To help you answer these questions, let us delve a bit deeper into the basics. You can then decide for yourself why we are the right people for you.
Financial Planning is the process of achieving your future financial goals or aspirations through efficient and risk-free management of your finances. The primary goal of financial planning is to provide financial security to you and your family by achieving all your financial goals. Goals in this context are those occasions in life when you need a lump sum amount of money that your monthly income cannot cater to.
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The Process of Personal Financial Planning in India |
The financial planning process encompasses the following areas.
1. Assessing your current financial situation
Your current financial standing is of great significance to how easy or difficult it will be for you to go from where you are today to a rich and prosperous future. The financial planning process helps you in drawing up your balance sheet and assessing how your finances stand today.
Financial Planning Service – WealthWisher Financial Planners & Advisors
2. Cash-flow Management
Your income and expenses are some of the basic pieces of information that go in making a financial plan. The financial planning process helps you manage your cash flow intelligently by tightly coupling it with your future financial goals.
3. Fulfilling your Aspirations (Goal Planning)
A prudent financial planning exercise helps you right from finalizing your short-term, medium-term and long-term goals in life to achieving them with the least amount of heartburn. Some of your aspirations can be as follows :
- Children’s Marriage
- Children’s Education
- Your Retirement
- Buying a House
- Going to your Dream Vacation
- Funding your hobby
- Starting a Business
- Many More.. (Remember … the GOALS are Personal)
Financial planning in India includes advice on Investment Planning and suggests you invest your hard-earned money into the right instruments based on your risk-taking capacity.
4. Tax Planning
The financial planning process should plan your investments in such a way throughout the year that tax planning is taken care of automatically and investors are saved from the trouble of making last-minute undesirable investments to save tax. A prudent financial plan should be able to achieve this for you with ease.
5. Protecting your assets or insurance planning
Leaving behind enough money when you are not around is one of the most important but basic needs for a healthy financial life for every family. Ensuring the primary earning member of the family for the right amount and via the right product is an important pillar of every financial plan.
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Do I NEED a Financial Planner? |
Personal Financial Planning in India is a must for anyone who is looking to lead a healthy financial life.
Only a financial planner is capable of assessing your financial health across the areas of retirement, insurance, investments, and tax, which form the four basic pillars of a financial plan.
A financial planner is a storehouse of knowledge. He is capable of assessing your current financial situation and your future aspirations and connecting the two. His knowledge of various financial products and tools equips him to offer advice that is suitable for you and your family.
Every investor has a day job to go to. This leaves very little time for investors to plan for their future and research on products best suited for their profile. It is best to hand over the responsibility of planning your future aspirations to financial planners who have the time and knowledge to plan them for you for a small fee.
Is financial planning in India for the rich ONLY
Financial Planning is meant for everyone, starting from the low-income earner to the rich and affluent investor.
Middle and low-income earners need financial planning so that their financial assets and earnings can be used efficiently to live a happy and contented life and meet all their future aspirations. A middle-income earner cannot afford to waste away his earnings with costly yet inefficient products as he is not going to receive that money back nor does he/she have a cushion of money to fall back on. So it is very important that he/she starts with the right footing.
Rich investors might think they have enough wealth and financial planning is not meant for them. However, a lot of rich people have made unwise financial decisions which have left them poor and their wallets a little light.
Irrespective of whether you are a middle-class investor or a wealthy individual, financial planning is a must for everyone and the right to financial freedom should be exercised by all.
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Fee Based Financial Planning in India |
Fee-based financial planning is a concept wherein you pay your financial planner a fee for his Plan. Since the advice is paid for by you, fee-based financial planners are less likely to be influenced by any personal benefits. As a result, their recommendations are honest, sincere, and meant to benefit only you.
There are no hidden costs attached as well. All these works to benefit you, the investor.
Since the TheWealthWisher Financial Planners are fee-based financial plan makers, we do not :
- engage in any product selling
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push a product for a financial organization
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focuson commissions
We offer advice that is best suited for your financial health and financial freedom.
So what are you waiting for ? Make sure you try our comprehensive financial plan to secure your and your family’s future ! Financial Planning in India could never be so commission-free and product free and solely for your financial health !
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