Finvestor.in provides services under three categories – Query, Detailed and Comprehensive. Let’s understand what is a Comprehensive is and what does the customer get when asking a question under a Comprehensive category.
Who should ask under Comprehensive Plan?
- Age 30 +
- Married or Single Parents
- NRI, Salaried or Self-Employed
Once you hit the 30 year age limit, a lot depends on you. Your parents may be dependent on you, so you need to take care of their health insurance package and expected medical costs. You may also have just married or already have kids or plan to have. It is imperative to plan ahead and start investing in the right financial products. You also need to ensure that you have to take adequate insurance for yourself and your family. It is a lot of work and it is best left to SEBI RIAs.
Most RIAs already provide comprehensive plans. When financial planners or investor advisors say they provide comprehensive plans, what they mean is that apart from creation of a portfolio based on risk profile and savings/expense ratio, what you get is a peek into the future. How? Simple, RIA would ask you several questions regarding your future goals – which could mean, education of children, vacation plans, plans to buy a house, or sell one and buy a new one. All these may not be happening in the next 12 months, and many of your goals may not be even clear. With several years of advisory, the RIA can easily forecast many plans and provide the financial road-map for achieving several of your dreams.
What should you put as a question? There is nothing much to ask! Yes, because in comprehensive planning, ideally the RIA will ask you everything. As a customer, you may not know what to ask and hence it would be futile to even document your financial wishes/goals. Of course, you may wish to jolt down as many points as possible as this provides a place to start the discussion.
As with any kind of financial advise, the RIA will conduct a risk profile, know your financial condition, and provide you with a 360 degree view of your financial future. Rest assured, many IAs already provide this and they have several clients who are extremely happy. What you may think of a one time Rs 13,000 expense is actually to get the insight of earning and enjoying several times that amount.
Sample Plans
If you wish to see what you get as as a comprehensive Plans please download the sample plans from the RIA websites
1. http://www.maxsecfp.in/images/comprehensiveplan.pdf
Smrutirekha Bhoi